The Wealth Elevator Podcast: Real Estate, Taxes, Investing Why You Need to Protect Your Assets | Tax Audit With Clint Coons
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Sep 27, 2022 
Clint Coons, an attorney from Anderson Law Group specializing in asset protection, joins the discussion to emphasize the importance of safeguarding your assets as a real estate investor. He shares real-life examples of risks property owners face and outlines effective strategies, like using LLCs, to shield personal assets from lawsuits. The conversation dives into navigating K-1 forms, IRS audits, and the complexities of tax filings, stressing the need for tailored planning and transparency to mitigate financial exposure in high-liability scenarios.
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Investor's Near Disasters Warning
- Clint Coons shares how two houses he owned faced severe damages but luckily no injuries occurred.
- He emphasizes that without proper asset protection, such incidents could lead to lawsuits putting investments at risk.
Use One Property per LLC
- Clint advises putting one property per LLC to protect income streams better.
- Losing one property's income is preferable to losing income from multiple properties in one LLC.
LLCs Shield Property Assets
- Use limited liability companies to shield real estate investments from personal lawsuits.
- This limits a creditor to the equity in the LLC-held property, protecting other assets and income.