595: How to “Layer” Legal Protection So Lawsuits Won’t Touch Your Wealth w/Brian T. Bradley, Esq.
BiggerPockets Real Estate Podcast
BiggerPockets
4.8 • 16.5K Ratings
🗓️ 12 April 2022
⏱️ 70 minutes
🧾️ Download transcript
Summary
Most investors assume LLCs for rental properties are the way to go in terms of asset protection. From a novice’s point of view, LLCs seem to provide everything you would need?—anonymity, simple tax filing statuses, and legal protection. But, an LLC in reality isn’t as airtight as most real estate investors think. And the worst time to learn about the limitations of an LLC is during a lawsuit, where your wealth (and sanity) is at risk.
To stop you from guessing when it comes to asset protection, we’ve brought on our go-to expert and heavy hitter asset protection lawyer, Brian T. Bradley, Esq. Not only is Brian well versed in the realm of asset protection, but he’s also helped numerous clients protect their real estate wealth, making him the perfect person to ask about LLCs, limited partnerships, trusts, and more.
Brian walks through the different types of legal “layering” that real estate investors can set up to protect themselves from lawsuits and angry creditors. He defines exactly how each type of real estate investor should set up their assets as their net worth expands, and what to do BEFORE you get served with a lawsuit. While Brian may not know your personal situation, he does speak with years of experience serving high-net-worth investor clients and can relay their mistakes (so you don’t make them too).
In This Episode We Cover:
What is asset protection and why is it crucial for real estate investors in particular
The “layers” of legal protection that real estate investors must have
What an LLC really protects you from and why it may be different than what you think
“Piercing the veil” and why most investors need to go a step beyond LLCs
Limited partnerships and trusts that give you the best asset protection
Financing hiccups when keeping your rental properties in trusts
And So Much More!
Links from the Show
Rookie Podcast 106: Asset Protection for Rookies: 7 Wealth-Saving Answers from an Expert
Connect with Brian:
Email Brian: [email protected]
Check the full show notes here: https://biggerpockets.com/blog/real-estate-595
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
Transcript
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| 0:00.0 | This is the Bigger Pockets Podcast Show, 595. |
| 0:07.0 | And so as you go up through and evaluate how good an asset protection plan is, just remember |
| 0:12.2 | that acronym ECCC, Effectiveness Control Cost. |
| 0:24.4 | What's going on everyone? |
| 0:25.4 | It's David Green, your host of the Bigger Pockets Real Estate Podcast. |
| 0:29.1 | The show where we teach you how to build financial freedom through real estate. |
| 0:33.8 | Look, if you want to grow your wealth, if you want to improve your life, if you want to |
| 0:36.5 | get your time back, if you want to travel world, if you want to spend more time with family, |
| 0:39.3 | if you want to have a better overall life and you know that real estate is what you want |
| 0:43.0 | to do it, you might frame during the right place. |
| 0:45.4 | Bigger Pockets is a community of over 2 million members. |
| 0:49.4 | All strong, all walking the same journey as you and we at Bigger Pockets are committed |
| 0:53.9 | and dedicated to helping you achieve that goal. |
| 0:56.6 | You do it through providing a forum where you can ask questions and agent find your service |
| 1:00.2 | where you can find real estate agents to help you with your deal. |
| 1:03.8 | Blogs with articles written by people that have done well and this podcast where we bring |
| 1:07.4 | in experts in the field that are relevant to what you need like we have today. |
| 1:11.9 | Today's a fantastic show that I can't believe we're actually going to be able to give |
| 1:15.4 | you for free because it's awesome where we dive deep into asset protection with our |
| 1:21.9 | guests Brian Bradley. |
| 1:23.9 | Now in our show today we cover a lot of topics about how to keep yourself safe as real |
| 1:28.3 | estate investor as well as how to grow to the point where this would become relevant. |
... |
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