#519 How The Rich Make Their Assets Invisible

Main Street Business

Mark J Kohler and Mat Sorensen

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

4.8 • 584 Ratings

🗓️ 13 August 2024

⏱️ 18 minutes

🔗️ Recording | iTunes | RSS

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Summary

Join Mark J. Kohler in this latest episode of the Main Street Business Podcast as he explores the fundamentals of asset protection and privacy. Learn about the essential structures, from LLCs to the advanced "Trifecta Strategy," and how regular reviews and professional advice can boost your financial security. Here are some of the highlights: Mark emphasizes how asset protection is about implementing strategies to protect financial assets.Create entities without personal name/address, use mai...

Transcript

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0:00.0	Welcome to the Main Street Business Podcast with your distinguished hosts, Mark J. Kohler and Matt Sorensen.
0:05.5	Both are best-selling authors and have over 25 years of industry experience with 10,000 client consultations,
0:12.3	making them the leading tax and legal experts in the nation.
0:16.1	Together, they'll unpack the most complex tax, legal, and financial strategies,
0:20.6	crucial for saving more,
0:22.1	stressing less, and building generational wealth. Today, they're your personal advisors.
0:28.1	Ready to break it down for you and make the tax and legal game easier than ever. Here is Mark and Matt.
0:34.1	Welcome back, everybody. Today I'm going to break down how you can make your assets
0:39.1	invisible from potential creditors and those blood-sucking lawyers, as many of the wealthy do. Ironically,
0:44.3	I am a lawyer and a registered CPA, an author of multiple books on asset protection and privacy,
0:50.4	but most importantly, a founder of a law firm that has helped thousands of clients around
0:54.6	the country with asset protection. Many mistakenly believe they have asset protection and
0:59.5	privacy until something happens that leaves them completely exposed to losing everything
1:04.9	they've been working to create. Today, not only am I going to walk you through why asset
1:08.9	protection and privacy is so important, but give you some
1:11.4	actionable strategies to protect your hard-earned assets.
1:17.4	First, what is asset protection? Asset protection is simply implementing steps or strategies based on your
1:24.5	situation to protect those financial assets you've worked so hard for.
1:28.0	It could be equity in your home. It could be a business. It could be an investment. It could be
1:32.2	raw land. Something that you've worked so hard to create, we don't want to lose it to a potential
1:37.3	creditor. That's what asset protection is all about. Now, how do we couple this with privacy?
1:42.8	Because really, it's two different things.
	...

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