Safeguarding Your Assets and Equity with Legal Protection with Scott Royal Smith
Before diving into property deals, have you secured the legal protection your investments need?
On this episode of Zen and the Art of Real Estate Investing, Jonathan discusses safeguarding assets with Scott Royal Smith, founder of Royal Legal Solutions in Austin, Texas. As an attorney, Scott emphasizes the significance of legal protection to prevent the vulnerability of losing hard-earned wealth through inadequate safeguards.
Jonathan and Scott delve into the nuances of LLCs and series LLCs, outlining the differences between the two. Scott reveals common errors associated with living trusts and provides insights on sidestepping these mistakes by seeking professional assistance. Stressing that wealth-building can be mundane most of the time, Scott shares the routine practices of the wealthy and provides a comprehensive understanding of LLCs and series LLCs.
Their conversation touches on Scott’s approach to California real estate using Delaware Statutory Trusts (DSTs) and what led him to found his law firm dedicated to real estate. Scott concludes by revealing the asset classes still performing in the current real estate market, the entrepreneurial skills essential for investors, and the use of skilled professionals to safeguard your assets.
Some important points Jonathan and Scott cover include:
One of the biggest mistakes people make in estate planning is forming a living trust but never transferring all their assets into it. The living trust only works if your assets are held in its name.
Wealth-building is a series of predictable steps. It’s boring 95% of the time. Only 5% of wealth-building is doing something differently.
If you’re going to start investing in real estate as a wealth-building activity, Scott recommends everyone have at least a two-company structure to protect themselves.
Well-versed in both real estate and wealth management, Scott Royal Smith offers savvy advice that can help both new and experienced investors make the most of their wealth-building strategies.
If you want to learn more about Zen and the Art of Real Estate Investing Podcast, check out http://www.trustgreene.com/podcast/zen/092.