127 - Estate Planning and Asset Protection with Lawyer Andrew Howell

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________Here are the Show Notes________

Estate planning

Guests I have are giving insights but always hire your own person because these things require personalization

I try to bring guests on and ask the questions that I think you folks would ask.

I believe you need to have a basic level of knowledge before engaging with a professional

For those of you who are in the Mastermind and my current investors you will hear about my Fort Knox strategy which makes LLC enitites creation look like childs play

Email me any questions to feature on the next ask Lane podcast or monthly email newsletter

Andrew L. Howell is the Co-Founder of the law firm, York Howell, with a focus on asset protection.

Many useful tools out there, but where do you as an investor fall on the asset protection spectrum?

Two fundamental risks: 1) Asset-based risks 2) Direct-based risks

Real estate considered as "hot" assets because liability risks are greater - more than equity.

Liabilities both inside and outside the asset.

Typically form a holding company to hold limited liability companies to abate asset- and direct-based risks.

Holding properties in one LLC basket is good, but still risks if something happens in one property.

Concentrate on family protection first (trust, wills, etc.). Then move to next level of asset protection planning.

If own property out-of-state, advise on setting up a parent LLC in states with charging-order protection.

Tough LLC rules and taxes for poor California residents!

Need to do your due diligence on reviewing PPM's - especially who you are doing business with.

Asset does not create liability risk for LP's; only GP's.

If you get personally sued, can go after your MFH syndications and other assets even as LP.

6% of current generation feels obligated to give back to kids. Instead of giving, create a bank.

Create purpose when setting up your trust.

Please reach out to teamandrew@yorkhowell.com and visit www.yorkhowell.com.

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