The Art of Passive Income How To Protect Your Assets While Savings On Taxes And State Fees
This week’s guest leaves both Mark & Scott scrambling for the sign-up button after he talks about his unique asset protection strategy—the Series LLC.
Scott Smith, founder of Royal Legal Solutions, joins the guys to talk about this strategy that will not only protect your property to the greatest extent possible but also save you money in taxes and state fees.
Scott was an aggressive litigator who brought suits against major insurance companies. He knows first-hand the tactics that plaintiff's attorneys use to win lawsuits. He is now combining this knowledge when setting up business structures to protect your assets.
Mark describes Scott Smith as a combination of F. Lee Bailey, if he was only interested in protecting assets, and Sam Zell—an amazing real estate investor.
Scott fell in love with real estate investing after buying his first property in college to pay off debt. After litigation burn out, Scott went back into real estate investing and learned everything from the ground up.
Then, after he had acquired his first 10 properties and had gotten into commercial and multifamily, Scott discovered that a lot of investors were good at finding the deals but knew nothing about how to do taxes, accounting, LLCs or bookkeeping.
So he combined his knowledge and experience as a litigator with his knowledge and experience as a real estate investor and started Royal Legal Solutions.
Scott’s clients range from first time investors to seasoned real estate investors with a broad portfolio of properties.
Both Mark & Scott Todd, a little skeptical that this strategy is a good fit for land investors, try to poke holes in it. But, Scott Smith pokes back with a wealth of information that leave both the guys with their minds blown!
Today, Scott Smith delves deep into this strategy and why no investor should go without this asset protection!
A question that gets asked often in this business is, should I be in an LLC, S Corp, C-Corp?
Listen in as Scott Smith answers that question along with:
- The worst advice he’s seen or heard given in setting up business structures and asset protection
- Why the Series LLC is so unheard of
- Does it have the same tax benefits of an LLC structure
And, so much more!
Scott Smith does not hold back as he shares all the details of this unheard of and unique asset protection plan and even shares a “hot secret.” Also, find out how Scott Todd takes this podcast to a creepy level.
*We are not responsible for anyone’s head that may explode while listening in to today’s episode of The Art of Passive Income.
TIP OF THE WEEK
Mark: Join us in our irrational exuberance about Scott Smith and how he's going to protect us. Because literally, he's the only one that we've talked to that has a practical, viable, affordable solution for our needs and that is at RoyalLegalSolutions.com.
Scott Todd: Check out Reply.Ninja—a Chrome plugin for inline replies in Gmail.
Scott Smith: If you text Royal, R-O-Y-A-L, to 474747, you will get a link to the top 10 things you need to know to protect your assets with Scott’s top 10 strategies. If anybody has trouble with text, just email Scott@RoyalLegalSolutions.com and he will send the top 10 along with other resources on how to save money on taxes using 401K.
Isn’t it time to create passive income so you can work where you want, when you want and with whomever you want?