September 4, 2018

LLCs and ASSET PROTECTION

Episode 225:

Attorney Lee R. Phillips will teach you how to reposition yourself in the law so that you can go out and make more money than you have ever thought possible. You will be amazed at how a good knowledge of the law will actually let you make more money. In today’s lawsuit happy society, making it isn’t enough. You also have to know how to protect your wealth, or someone will take it away from you. It might be your tenants, the IRS, the government regulations (like lead paint) or some greedy lawyer. Unless you are shielded, everything you have can be lost.

Lee is a counselor to the Supreme Court of the United States and an engaging speaker. He will walk you through how to make it and how to keep it using the tools of wealth. Nobody ever gets rich without an understanding of the tools that create wealth and protect it.

What you’ll learn about in this episode:

  • The difference between making a good living and being a multimillionaire
  • How to effectively set up operating agreements
  • What “asset protection” actually entails
  • The reason the majority of bankruptcies happen and how to stop if from happening to you
  • Legal pockets: what they are and how many of them you should have
  • The history of limited liability companies (LLCs) and how they function
  • Different ways you can have an LLC taxed and the benefits of each option
  • Advantages of small businesses and real estate in terms of taxes
  • What above the line and below the line accounting is
  • The biggest asset protection threat
  • Ways you’re paying more to the government than you realize
  • How to control your taxes
  • An illustration showing how 40% tax can really take a dip in your income
  • What the reverse compounding effect is and how it can mean more money in your pocket
  • Legally playing the tax game to maximize your money
  • The history behind a charging order protection
  • How the charging order protection aspect of an LLC can save you if you get into trouble
  • Why many states have laws that don’t allow single member LLCs to have charging order protection
  • The reason having an operating agreement is essential
  • How Lee can help you make sure you have your LLC set up the right way
  • Setting up your LLC and why small details that seem trivial can actually be really important

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