Inspire Wealth with Prof M: Rich Dad Advisor and Attorneys Garrett & Ted Sutton Walk through Asset Protection and LLC Strategies for Investors

The Inspire Wealth podcast warmly welcomes our special guests, attorneys Garrett and Ted Sutton, who shared their expertise in asset protection and corporate law for entrepreneurs and real estate investors. Join us for this episode packed with practical tips that can help you secure your financial future! EPISODE HIGHLIGHTS * Garrett Sutton: A seasoned attorney and author focusing on asset protection and corporate law. * Ted Sutton: Concentrates on corporate law and the Corporate Transparency Act, impacting real estate investors. * Entity Recommendations: They advocate for Limited Liability Companies (LLCs) for small businesses due to their flexibility and asset protection benefits. * Asset Protection: Operating as a corporation or LLC helps safeguard personal assets from business liabilities. * Wyoming LLC: Recommended as a holding company for rental properties due to its affordability, anonymity, and reduced liability risks. * Living Trusts: Advocated for estate planning to avoid probate, facilitating smoother asset transfers to heirs while providing a step-up in basis for inherited properties. * Gifting Strategies: Strategies for gifting assets to children while minimizing tax implications, emphasizing the importance of proper legal structures. * 1031 Exchanges: A tax-deferral strategy that can help build wealth when executed correctly. * Setting Up an LLC for Rental Properties: 1. Ensure all legal documents are prepared. 2. Understand local transfer taxes. 3. Secure appropriate insurance. 4. Maintain a separate bank account for the LLC. * Considerations for Short-Term Rentals: 1. LLC for protection 2. Check local laws and regulations 3. Consider additional insurance as a backup 4. Frequent tenant turnover 5. Required management and attention * Advice for Young Investors: Start small, gain experience, seek mentorship, and recognize that success takes time. * Market and Political Uncertainties: Real estate investments can be influenced by national and local political climates. * Ted and Garrett share the most rewarding part of working together. * Download Ted Sutton's Book for Free: https://www.sunnstream.com/5-tricks-to-teach-your-kids-about-money * Start Your Own Corporation: Garrett Sutton's best-selling book that has the biggest impact on readers. * Free 15-minute consultation @ www.corporatedirect.com Ted and Garrett Sutton Website: https://corporatedirect.com/ YouTube: @CorporateDirectInc Mallory Meehan Website: https://www.inspirewealthmgt.com/ Spotify: https://podcasters.spotify.com/pod/show/prof-mallory Apple Podcast: https://podcasts.apple.com/us/podcast/inspire-wealth-through-real-estate-investing-w-prof/id1760185297 For collaborations: ruby@inspirewealthmgt.com