132: Asset Protection Strategies to Secure Your Wealth

White Coat Investor Podcast

Dr. Jim Dahle of the White Coat Investor

Medicine, Health & Fitness, Business, Investing

4.9 • 2.3K Ratings

🗓️ 14 November 2019

⏱️ 75 minutes

🔗️ Recording | iTunes | RSS

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Summary

Our guest this episode is an asset protection attorney. See the full transcription here https://www.whitecoatinvestor.com/classic-blog/ A lot of readers and listeners had questions about the cost to value for asset protection. We discuss the cost of asset protection and the value of proactive asset protection planning with Brian Bradley of Bradley Legal Corp. He shares tips and questions to ask as you are identifying an asset protection attorney to work with. The first line of defense is insurance and then reducing your liability as much as possible. After that we start looking at asset protection strategies of what exemptions you can receive in your state and then jurisdictions in regards to trusts, whether that is domestic trusts, offshore trusts, or a hybrid bridge trust. This won't be for everyone but certainly as your financial life becomes more complicated, as you become more wealthy, as you take on more risks with businesses and investments, it may behoove you to find an asset protection attorney.

This episode is sponsored by Sofi https://www.whitecoatinvestor.com/sofi . Hundreds of white coat investor readers have refinanced their student loans with SoFi over the years for two reasons. One, they make it really easy with their great tech solutions online so you can find out your rates very quickly and get through the process with minimum pain. Two, they give great rates. People compare them to a lot of their competitors, and they end up going with SoFi because SoFi so often the lowest rate out there.

If you apply at https://www.whitecoatinvestor.com/sofi, not only will you get paid $300 if you close the loan, but you will get a lower interest rate as well. They also have a fantastic medical and dental resident program, with $100 monthly payments. If you’re worried that you can’t refinance your loans because you’ll end up with a huge payment, SoFi has a program to help you during your residency, that you still get those low payments just like you would get in an income-driven repayment program but save money on the interest that is accumulating.

Transcript

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0:00.0	This is the White Code Investor Podcast, where we help those who wear the White Code get a fair shake on Wall Street.
0:06.0	We've been helping doctors and other high-income professionals stop doing dumb things with their money since 2011.
0:12.0	Here is your host, Dr. Jim Dolly.
0:18.0	Welcome to White Code Investor Podcast number 132, asset protection.
0:22.0	I just got back last week from two speaking engagements. One was here pretty close to local down in American Fork Utah.
0:29.0	That's between Salt Lake City and Provo for those who have no idea where American Fork was.
0:34.0	Actually, the town I was married in many years ago.
0:37.0	There's a hospital there and I met with the medical staff and talked for them with them for about an hour about financial literacy and all the kind of usual stuff you hear on the podcast.
0:46.0	It was great because I had a few people that actually refer patients to that were in the audience that were great to meet face to face.
0:52.0	That was a lot of fun.
0:54.0	My second trip I flew out Detroit for, which the trip would flylessly.
0:58.0	I had perfect flights. The hotel was great and everything.
1:01.0	But it's always a little bit more work when you've got to spend 30 hours to give a similar presentation.
1:05.0	You're there an hour or two or three hours talking with docs and answering their questions and signing books and hanging out afterward.
1:12.0	But you've gone from home for 30 hours and so it's obviously a little bit more work.
1:17.0	But I like to do it because I like going to different parts of the country and getting to know docs and what they're worried about and what their struggles are and what their questions are.
1:26.0	Because I take all that information and pour it right back into the podcast and the blog and the courses and try to meet your needs.
1:33.0	That's partly why the White Co investors become so popular over the years is just because I am literally reaching out finding out what your problems are and trying to solve.
1:41.0	And so it's wonderful to meet you in person. It's wonderful to help people individually.
1:46.0	I wish I could come see all of you, but honestly I am just not going to travel that much.
1:50.0	It's too much work to do. And so we'll reach as many people as we can with the blog and the podcast, but probably never going to do very many more speaking gigs and I'm already doing right now.
1:59.0	Our sponsor for this episode is SoFi and hundreds of White Co investors readers have refinanced with SoFi over the years.
	...

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