You spend your energy building up your business, your real estate holdings, and finally you are set. Except for perhaps one thing. The thing about having money is, there are unscrupulous people out there who spend time trying to figure out how to get their hands on other people’s money. If you don’t think they will come after you, think again. And then there are things that just happen. That’s called “life.” You do not want bad news in one of your properties to affect your other properties and businesses, right? Protect yourself. Today we have Brian Bradley coming along to talk to us about how to put together a plan that includes LLCs, holding companies, trusts, and off-shore companies. It can get a little complicated, but it’s also something you can understand when your life situation warrants this.
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News:
Topic: Asset Protection, Brian Bradley
- Bradley Legal Corp.
- www.btblegal.com
- brian@btblegal.com
- 1. What really is asset protection?
- 2. What has changed in the legal system over the decades that has made asset protection so important?
- 3. What are asset protection trusts and what are the pros and cons of setting them up Domestically vs Offshore? And can you actually combine the both together for a “best of both worlds”?
- 4. What are common misconceptions and problems you see people are doing or have?
- 5. With your clients, what are some real world results that you have seen?
- Gross is vanity, net is sanity cash is king.
Questions:
- Arlene, Villages of Ocala, FL “My husband and I retired and moved here from Milwaukee five years ago. We have 14 rental properties up there. We live off of our pensions and the income from those properties. He passed away a year ago and I don’t know what to do. A friend said I should tune in to your show so I did on WAMF 97.7. I hope you can help me. Michael my husband did most of the work concerning the rentals. I don’t really know anything about them and don’t want to. I get a nice income from them, but I worry about making repairs or hiring a handyman. One tenant is having a problem with their furnace and called me a lot over the past few months. Do you have any suggestions?”
- Luther, Long Beach, CA “I’ve heard about the 1% rule - even heard you talking about it. It’s just not possible here. A decent 3br house costs more than half a mil and rents for about 2500-3000. I can afford to buy one, but I don’t think it will make money. What do you recommend?”
- Alyssa, Birmingham, AL “When you buy rental properties, do you stick to your own neighborhood where you know the values or do you branch out to other parts of town where the homes might be cheaper but the neighborhoods sketchier? We live in a part of Birmingham called Homewood and the homes are more expensive here.”
Motivational Thoughts for the day
“The pessimist complains about the wind; the optimist expects it to change; the realist adjusts the sails.” William Arthur Ward
