Epic Real Estate Investing - How to Protect Your Assets for Life | 332

Episode Date: January 9, 2018

Tax Hacker Tuesday is back with more on how to protect your assets for life. Tim Berry leads the charge as you commit to treating your real estate investing as a business. Protect your assets! Listen to Tim Berry and Tax Hacker Tuesday for the financial and asset protection strategies you need. ______   The free course is new and improved!  To access to the two fastest and easiest strategies to a paycheck in real estate, go to FreeRealEstateInvestingCourse.com or text “FreeCourse” to 55678. What interests you most? • E.ducation • P.roperties • I.ncome • C.oaching Learn more about your ad choices. Visit megaphone.fm/adchoices

Hey Matt here, it's Tuesday. And as you know, as you're starting to learn, Monday, we show you how to make money. Tuesday, we show you how to keep it. And today, we're going to show you actually how to keep your assets as well. Think of your real estate investing as a business because it is a business and that makes it an asset. And you want to protect that just in the same way that you'd protect your properties. You know, my idea for this show was to level the playing field for the average person. So they have the same advantages as the wealthiest people in our country.

And as Tim puts it, stick right here because he's going to, that playing field in your favor. And today is no different. Tim's going to share something with you today that most people have no idea that they could do how to protect your assets and how to protect them for life. And I'm talking about your business. And regarding all the stuff that Tim talks about and that you're going to continue to hear him talk about, there are nuances that are slightly different or going to impact each person a little bit differently just based on their current situation. And that's why I've asked him to come out to the Epic Intensive to meet you so he can address those individual questions for your situation. If you haven't got your ticket yet,

please go to epicintensive.com. There's not many left. They're going really, really fast, especially since word got out that Tim was going to be there. Go to epicintensive.com, and we will see you there. Otherwise, enjoy the show or both. This is Terrio Media. Did you know that up to 50% of your lifetime income will be wiped out by taxes? What if you could stop this madness? Isn't it a about time you play on a level playing field with the wealthiest 1%? Now you can. Tim Berry, attorney at law, shares here each and every week current tactics and strategies that anyone can implement to hack the tax code. Protect your assets and keep what's rightfully yours. It's time for Tax Hacker Tuesday.

We're going to cover something and I'm going to have to speak very quickly because there's a lot to cover. Tim, let me lay the groundwork for that. Sure. The Supreme Court unanimous decision indicated that IRAs, inherited IRAs are not protected, let's say, into the bankruptcy code, etc. So what you have is you have mom and dads that are making lots of money and put IRAs together and their children may be not doing as well as they and the money could be gone, poof. Okay. Now, a lot of times what we say is let's develop a trust so that mom and dad can get the trust set up so they can get control the distribution for the children. But you know what? I started thinking about something. What about, oh, that's great with IRIS

and severance, but what about a business? What about mom and dad working their business and they want to pass it on to the children? Is there a way to use trust, like we use trust to do the IRA protection, is there a way to use a trust for a business to protect what mom and dad work so hard on for so long and to make sure that it's insulated for the children? Would that make you happy? That makes me happy if you can tell the people how to do that. Yeah, absolutely. And here's the thing.

Yesterday, I was gone. I went up to the Bay Area. I was hanging out some of some people in Silicon Valley. Listen to all the various Valley speak. It's funny how they talk up there. I visited somebody who has a big old warehouse, and inside the warehouse, they have about, I don't know, 30 separate little offices. And it says each one of these offices is a brand new startup company. They're a little incubator there.

And what was going through my mind is the legal aspects is these people probably have their heart, their soul, their life savings inside these brand new startups. And now if one lawsuit comes around, that could take away their life savings. So as Bernie said, the smart thing to do to give these people asset protection, for their business to give them asset protection for life for this massive asset, because these things can spring to be hundreds of millions, if not a billion dollars or so, is what they should do is in the very beginning, place that business inside of a trust. Now, they can still get paid their salary. They can still get their perks, their benefits, all that other good stuff.

But if they get hit with the lawsuit, the business is protected. And the same thing with the current business. If they already have the business up and run, no big deal. we can either sell it to the trust or we can transfer it into the trust depending upon the situation. But there are ways, Bernie, how we can create a trust, give it asset protection. So it's protected for life. It's protected for mom and dad's life. It's protected for the kids' lives.

It's protected for the grandkids' lives. It's protected almost forever. And so now if they run into creditor issues, if they run into IRS issues, it's protected for life. You know, the reason why I brought this up as a subject matter is, is that, You and I have been doing lectures and everything across the United States for many, many years. And we talk about these things. And the more I interview clients that have other people giving them advice and everything, the concept of setting the business up through a trust never comes up.

Never. Never comes up. And I'm sitting there and all of a sudden the light went on, I'm saying, because of an interview I had with somebody the other day, and I'm sitting there going, wait a minute, why don't we talk about that? because this is something that most people do not understand. And one would say, you can't put a business in a trust? You know, nobody says you can do that.

Well, the answer is, yes, you can, but people don't know you can, therefore they don't talk about it. Is that a correct statement? Absolutely. You just hit it on the head. People don't know you can and they don't talk about it. And also for a lot of the professional advisors, they're not aware of it. And they might think it's beneath them or they might think it's uncouth to do.

such a thing. And in my opinion, whenever on a daily basis, I see people in trouble. And if they would have just had that business and a trust to begin with, there would have been no trouble. I think, you know what? And I don't want to use the line. It's borderline mail practice not to do this. Every attorney says that garbage. But it's going to give a lot of peace of mind to a lot of people. If you have your business, if you have your financial affairs done within a trust, as opposed to in your personal name, because the cardinal rule of asset protection and collections work is, is if somebody owns it, you can take it away. Whereas if inside of a trust, there is no true owner.

The trust owns it, so it really can't be taken away. Protect your business, protect your children, protect your assets. And in movie land, unless you have something else, I think that's a wrap. A rose is a rose by any other name. So that is a wrap. A rose by any of the name still stinks. So anyway, this is Bernie Garland, Tim Berry. We'll see you next time.

Bye, bye, everybody. Bye. That's it for today. as we dream of a tax system that works just for you. But until then, you have Tim Berry. See you next Tuesday for another episode of Tax Hacker Tuesday. This podcast is a part of the C-suite Radio Network. For more top business podcasts, visit c-sweetradio.com.