393: Asset Protection Level 1 - The Basics

Main Street Business

Mark J Kohler and Mat Sorensen

Tax Reform, Entrepreneurship, Business, Irs Updates, Tax Tips, Legal Compliance, Business Structure, Tax Prep, Accounting, Tax Strategies, Management, Financial Reporting, Estate Planning

2.4 • 584 Ratings

🗓️ 4 August 2022

⏱️ 56 minutes

🔗️ Recording | iTunes | RSS

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Summary

In this weeks episode of the Main Street Business Podcast, Mark and Mat break down the basics of level 1 asset protection. This is the first episode in a three part series, covering levels 1-3 in asset protection. Level 1 might not be what you think! Believe it or not, they don't even cover entities. These are essential basics that everyone building wealth should know and understand. To learn more or submit a question for our next Open Forum show, visit: https://mainstreetbusiness.com/ Gra...

Transcript

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0:00.0	Welcome, everyone to the Main Street Business Podcast with Mark Kohler and Matt Sorensen.
0:14.7	We're delighted to be with you today because we have a trilogy, the trilogy series we're about to drop today on asset protection.
0:22.8	Yep.
0:23.1	Not that many of you aren't familiar with trilogies as Hollywood can't come up with a decent new
0:28.8	movie concept sometimes, oftentimes.
0:31.3	So we're joining ranks.
0:34.5	Now, some of you may have caught the bait.
0:36.5	You know, can't beat them, join them you know, can't beat him, join them.
0:39.4	Yep, can't beat him, join them. So, some you may have also caught the beta version of this.
0:46.6	We shot round one of the asset protection level one last week. And the audio just wasn't up to par. And so if you caught it and we're like,
0:55.7	what's freaking going on? Well, we're re-recording. And you know what? It just gets better the
1:00.1	second time around. Better insights or info. It's good stuff. So please, if you listen before,
1:06.7	listen again, the jokes might even be better too. So definitely. Yep. I even have a client
1:13.9	testimonial that I've been carrying around for 10 plus years that I'm going to read. Wow. I love that.
1:21.3	It's good. Man, that was like incursive. That incursive? It's in cursive. Pencil pencil and the wear and care i can't believe i've
1:29.7	i haven't lost this i can lose my passport in a matter of months but um i cannot lose this for some
1:35.4	reason so yeah now we're talking about asset protection there we're going to do three parts on this
1:43.1	okay this is part one we want to get the foundation laid. Make sure everybody knows where they need to start when they're thinking about asset protection. A lot of people start at the end. No, no, no, no, no. Don't get ahead of yourself. Set up a million entities. Unlimited LLCs. No, let's start at the beginning all right like a good book
2:02.8	start the beginning what do you need to know no love it okay so we're going to get into it now it may be
2:08.4	seven eight nine 10 matt and i have two different lists here and we're going to see how it comes together
2:16.9	uh so ultimately be formulated into a blog article so that and we're going to see how it comes together.
2:21.0	This will ultimately be formulated into a blog article so that those that enjoy good read at night and can't sleep,
	...

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