253: Scott Smith: Asset Protection for Entrepreneurs and Real Estate Investors
Release Date: 06/05/2019
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info_outlineScott Smith, Esq., founder and CEO of Royal Legal Solutions, is a real estate investor and asset protection attorney in Austin, TX. He is no stranger to high stakes litigation and has spent his career deconstructing asset protection structures and developing strategies that serve both to protect what you own, as well as leverage your income and maximize your tax savings.
With experience in entrepreneurship, starting several successful companies and owning real estate in 10 states, Scott pulls from his expertise as a lawyer to put a new and valuable perspective on business ownership. He is a regular expert contributor to www.BiggerPockets.com and other real estate investment communities, and is currently writing an eBook on asset protection strategies to help educate the public. Though his work with clients across the USA, Scott's clients discover new levels of insight into insider knowledge regarding umbrella policies, building and scaling a business, LLCs, trust funds and more.
In today’s conversation, Scott explains asset protection and shares his personal experience in learning how to do the right things to scale your business and influence change. Scott emphasizes the importance for everyone to have an LLC (see link below for a free LLC) and clarifies when it is time set up an S-Corporation.
As the leader of a fast-growing team of 40 people, many of whom work virtually, Scott also shares how he has learned to effectively lead and maintain high performance in a virtual environment, and points out the value of frequency of interaction every day in order to keep people focused, connected, and engaged in their work.
Key Takeaways
- Everything in your business that’s not related to the 1-3 things you need to focus on to move the needle forward is only detracting you from your success.
- On your team you need a visionary, a CPA and an attorney.
- Everyone needs an LLC to protect yourself from a catastrophic life event.
- Over $50,000 in profits per year is when you transition to an S-Corporation.
- S-Corporations should never handle real estate investments and holdings because of the tax implications. S-Corporations are for your active business, where you are taking in income year after year.
- A lawsuit against you, even if you don’t have a lot of money, destroys your credit.
- Litigation goes up as the economy goes down because people start looking for anyone who has any money.
Episode Show Notes: https://leadersoftransformation.com/podcast/business/253-scott-smith-asset-protection
Check out our complete library of episodes and other leadership resources here: https://leadersoftransformation.com
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