838: How to Not (Accidentally) Lose Your Portfolio to Lawsuits w/Brian T. Bradley, Esq.

BiggerPockets Real Estate Podcast

BiggerPockets

Education, Business, Investing

4.8 • 16.5K Ratings

🗓️ 31 October 2023

⏱️ 55 minutes

🔗️ Recording | iTunes | RSS

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Summary

Without asset protection, your wealth is as good as gone. One slip and fall from a tenant, one angry ex-spouse, one jealous onlooker, and you could have your real estate relinquished and your bank accounts drained. And as the economy continues to get even more rocky, lawsuits that threaten your hard-earned nest egg are becoming more and more common. So, how do you build a legal fortress around your fortune? Brian T. Bradley, Esq., our go-to asset protection expert, is back on the show with news that could affect all real estate investors. A recent case surrounding LLCs (limited liability companies) has completely changed the landscape for investors, businesses, and anyone who operates within an LLC. Now, the LLC you so carefully set up could mean nothing if you eventually get sued. But there is something you can do about it. In this episode, Brian goes over the changes in this new LLC law, how you can start protecting your assets (even if you only have a couple of properties), how to NOT commit “accidental fraud,” and the rise of “Robin Hood” lawsuits you MUST protect yourself against. In This Episode We Cover: The asset protection “layers” anyone can use to protect themselves from lawsuits A new court case on LLCs that could change the way business is done “Piercing the veil” and mistakes you’re probably making that could cost you everything The “accidental fraud” actions MANY investors make when protecting their assets Why you NEVER want to put your rental properties into an S-Corp The rise in “Robin Hood” lawsuits that target wealthy, successful investors And So Much More! Links from the Show Find an Agent Find a Lender BiggerPockets Youtube Channel BiggerPockets Forums BiggerPockets Pro Membership BiggerPockets Bookstore BiggerPockets Bootcamps BiggerPockets Podcast BiggerPockets Merch Listen to All Your Favorite BiggerPockets Podcasts in One Place Learn About Real Estate, The Housing Market, and Money Management with The BiggerPockets Podcasts Get More Deals Done with The BiggerPockets Investing Tools Find a BiggerPockets Real Estate Meetup in Your Area Davids's BiggerPockets Profile David's Instagram Subscribe to David’s YouTube Channel Rob's BiggerPockets Profile Rob's Instagram Rob's TikTok Rob's Twitter Rob's YouTube How to “Layer” Legal Protection So Lawsuits Won’t Touch Your Wealth Don’t Lose Your Portfolio to Lawsuits! Here’s How to Protect Yourself Asset Protection for Rookies: 7 Wealth-Saving Answers from an Expert 10 Landlord-Tenant Laws Every Landlord Should Know Books Mentioned in the Show: Pillars of Wealth by David Greene Connect with Brian: Brian's BiggerPockets Profile Brian's Website Click here to listen to the full episode: https://www.biggerpockets.com/blog/real-estate-838 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email [email protected]. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	This is The Bigger Pockets Podcast Show 838.
0:03.6	What's going on everyone, it's David Green your host of The Bigger Pockets Real State Podcasts,
0:07.3	the biggest the best, the baddest real estate podcast on the planet,
0:10.3	every week bringing you the stories how-tos and the answers that you need
0:13.6	to make smart decisions in this current market.
0:16.4	Today is all about protection, and I will be joined by the honorable Rob Abasolo.
0:21.6	I hold myself in contempt.
0:24.1	Today's show is all about protecting yourself from potential lawsuits,
0:27.4	as well as dispelling so many of the myths that you may have built your foundation of knowledge on
0:32.8	that are not true.
0:34.0	And we get into that today with returning guest Brian Bradley.
0:37.7	Brian was previously featured on The Bigger Pockets Rookie Episode 106
0:42.0	and 107 as well as our show The Bigger Pockets Real State Podcast Episode 595.
0:47.4	He is an asset protection attorney, and he brings the heat today.
0:51.1	Rob, what were some of the things that you think people need to look out for to protect their will?
0:54.8	Listen, we're going to get into some pretty technical stuff,
0:57.2	but we really make it digestible for everybody at home.
1:00.4	And so whether you've been investing for 20 years, 15 years, or you're just getting started,
1:04.8	we're going to lay out the blueprint for how to protect your assets,
1:08.2	and we get into that towards the end of the episode,
1:10.2	so you're definitely going to want to stick around.
1:11.7	That's right, no matter where you are in your journey,
	...

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