This is Part 2 of an interview with our speaker at Traction REIA this month who is both a Tax Attorney & Certified Public Accountant.
TOM ZEEB:
What’s another example of how a properly constructed trust can protect us from the crazy things that can happen in life?
BILL NOLL:
Here’s an example.
Bob Bernstein had over a million dollars in assets including real estate.
He is single with two teenage children – Bob, Jr. and Roberta.
After receiving bad health treatment Bob Sr. became 90% paralyzed (incapacitated) for nine months.
During this period his children – Bob Jr. and Roberta (who had access to dad’s funds) got swindled by a con artist with a Ponzi Scheme for $486,000.
When Bob, Sr. recovered he realized to do two things 1. Avoid unproven medical practitioners and 2. Use a trust.
Number 1 would not have happened with better medical judgement, and number 2 (our focus), this substantial loss would not have happened with a properly structured trust.
The personal assets that should be held by the trust are:
— The ownership certificates (shares) of your LLC, corporation and other entities (Investment real estate is not placed in this trust but instead in a properly structured LLC with the shares of the LLC in the trust)
— Your home, second home
— Your vehicles – car, truck, RV, boat, plane
— Bank accounts, brokerage accounts, securities, annuities, life insurance, etc.
— Other personal valuables – Jewelry, antiques, precious metals, rare collections, etc.
These assets have value and are therefore subject to attachment.
While a properly structured Revocable Living Trust (RLT) will protect the above assets from probate upon your demise, it does not give you asset protection and privacy.
—————————————————————-
Want to learn more and be able to protect yourself properly?
Bill is doing 2 events for Traction REIA:
#1. IN-PERSON: Washington DC Main Monthly Meeting
TOPIC: “The Power Of The Right Structure: The Foundation For Keeping What You Make and Protecting Your Assets Without Expensive Lawyers”
SPEAKER: Bill Noll, CPA & Tax Attorney
Thursday September 16th IN-PERSON
Marriott Dulles Airport
6pm to 9pm
#2. IN-PERSON: Full Day Training Event with Bill Noll, CPA & Tax Attorney
TOPIC:
“Total Wealth Protection for You and Your Family”
Saturday September 18th IN-PERSON
Marriott Dulles Airport
9am to 4pm
See you there!
Tom Zeeb
President
Traction REIA:
12+ Year Recipient of the National REIA “Honors of Merit”
and the “Award of Excellence”
For Best Real Estate Investor Association!
