Maximizing Asset Protection and Tax Savings with Scott Royal Smith The REI Diamonds Show-Real Estate Investment Podcast

Episode 220: Maximizing Asset Protection and Tax Savings with Scott Royal SmithGuest: Scott Royal Smith is a real estate investor, attorney, and founder of Royal Legal Solutions. He shares his background in real estate and law, and how he scaled his wealth through strategic planning and asset protection. He believes in educating people and forming relationships to help them leverage their assets to build wealth.Big Idea: Scott Royal Smith shares his expertise on cost-effective legal structures for real estate investing and tax strategies for asset protection. He presents a practical system involving creating a series of LLCs and a Land Trust to hold assets, which provides effective asset protection and can help minimize maintenance costs. Scott's insights offer valuable perspectives on how to reduce risk, minimize costs, and ultimately build wealth in real estate investing.This Episode is Also Sponsored by the Lending Home. Lending Home Offers Reliable & Low Cost Fix & Flip Loans with Interest Rates as Low as 6.49%.  Buy & Hold Loans Offered Even Lower.  Get a FREE IPad when you Close Your First Deal by Registering Now at  http://REILineOfCredit.comResources mentioned in this episode:https://RoyalLegalSolutions.com/View the Episode Description & Transcript Here:https://reidiamonds.com/maximizing-asset-protection-and-tax-savings-with-scott-royal-smith/Dan: Nice. Scott, so for listeners, would you mind giving us maybe the reader’s digest version of the evolution of your business real estate and law career and then sort of what the business model is today?Scott: Yeah and so my company is Royal legal Solutions but I got started in real estate when I was in law school. I bought a commercial property and auto repair and transmission repair shop for the back taxes. And I end up flipping the business in the building upon graduating to graduate from law school without any debt. And I thought that was going to be a hotshot litigation attorney. So I took a job suing insurance companies in a law firm. Turns out insurance company’s business model is collecting premiums and denying coverage, especially when things get expensive. And then that’s what attorneys does, they sue them whenever they do that. So, get first-hand experience about how does the whole game of insurance really work and how it’s important for us to have insurance, but also have additional protection in place.But the whole time while I was working as an attorney there, I continued by real estate and I scaled my own real estate portfolio until I was making more money doing real estate and I was being an attorney. It took me about like a year and a half. I wasn’t sleeping a whole lot at those times in my life, and I didn’t need a lot of money, right? I wasn’t married, didn’t have kids and I was like, hey man, I’ve hit it. I’ve hit my financial freedom. I was like I’m golden, but then I ran into the problem and I think a lot of people run into which is like wait shouldn’t I be structuring this inside of like LLCs and should I be using any of trust to hold my assets and my company’s anonymously? And what should I be doing with all of my taxes and my estate planning, and my insurance? And why do I want to be doing all that? How’s that all suppose to work?So, I did what everybody does and I was like, well, I’ll try to read the books and I’ll try to contact professionals. And so I did all of that, and I realized that nobody really have a complete system we’d put together. So I had to put one together for my own. So I built my own team of people because I was like, well, I want, I had the financial freedom but I wanted the time freedom. And the only way I can get there is if I built a team. If I studied for myself to understand how to do it for myself and then built a team of people that do it for me on basically managing my wealth for me.It was great, I finally had everything that I wanted and I was traveling a ton and living a great life(c