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Have you ever wondered how to set up your business entities in a way that not only protects your assets, but also allows you to build long-lasting wealth for your family? If so, today’s show is for you! We’re welcoming back Andrew Howell, a founding member of the estate planning law firm, York, Howell, and Guymon.
Andrew Howell is also a co-author of the incredibly insightful book, Entrusted: Building a Legacy That Lasts, and he is our personal estate planning lawyer. On this episode of Investing in Real Estate, we’re diving deep into business entity structure for investors!
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On episode 167, which is part 1 of this interview, Andrew explained how to structure basic estate planning in order to build wealth. But today, he is sharing the intricacies of estate planning for real estate investors. In his law practice, he explains that estate planning is the first piece of structuring a real estate investing business.
When you purchase a piece of real estate, there are two huge liability risks. First is the piece of real estate itself. In the event of a natural disaster, an entire investment can be lost. There is also the risk of a person becoming injured on that property.
That’s why an LLC is so important. As you might know, this entity protects the individual’s personal assets. Since the entity itself owns the property, the LLC is liable in a lawsuit.
An LLC also protects a person’s ownership interest if set up correctly. In a business' operating agreement, its owners can agree to not transfer their interest unless all parties agree. Doing so protects the business owners from losing their business interest in a lawsuit; it adds an extra step in an already long and costly process.
On today’s show, Andrew is sharing all the details about passing down real estate to descendants in a meaningful way. We’ll discuss why asset protection planning is so important, and how to think about generational wealth building. Don’t miss episode 170 of Investing in Real Estate!
If you’re ready to begin building a passive income through rental real estate, book a FREE call with our team today. We’re ready to talk about your goals and want to help you learn more about earning legacy wealth for you and your family.
On this episode you’ll learn:
- How do estate taxes work generationally?
- What is a hot asset, and how can you cool it down?
- Where was the LLC first created?
- How often do estate taxes change?
- How can you think of asset protection as a game?
- And much more!
EP167: Basic Estate Planning for Legacy Wealth Building – Interview with Andrew Howell
Entrusted: Building a Legacy That Lasts by Andrew Howell and David York
Provision Wealth Strategists
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