Winning Strategies for Real Estate Investing And Why You Need Asset Protection

In this podcast we talk with Scott Smith, a real estate investor and asset protection attorney. Scott shares his journey into the legal field and how he got involved in real estate investing.  He explains how he started investing in real estate while working as an attorney and eventually transitioned to full-time investing. 

Scott Smith, with his background in law, realized the importance of asset protection while practicing as an attorney. He started investing in real estate to pay off his law school debts and found success in commercial properties. His goal wasn't just to become wealthy, but to achieve financial freedom that would allow him to pursue his passions, like mountain climbing and traveling.

Scott’s investment strategy, includes investing in commercial properties and syndications. Scott advises investors to focus on mastering one investment strategy before diversifying and to be cautious during market cycles. 

Scott explains his initial focus on commercial properties and 1-to-4 rental unit buildings, and how his strategy evolved over time to primarily investing in syndication properties. He emphasizes the need to find experts in specific asset classes and diversify one's portfolio. 

As Scott progressed, he shifted towards investing in syndication properties. He emphasizes the need to stay focused and master one lane of investing before branching out. Instead of syndicating his own deals, he works with syndication attorneys in his firm to help others structure their deals. By investing as a limited partner in specific asset like self-storage or gas stations, Scott diversifies his portfolio without the need for hands-on management.

One key takeaway from the episode is the importance of finding experts to invest in and the criteria for selecting them. Scott compares it to making a good hire as a business owner, highlighting the need for experience and a proven track record. Avoiding incorrect choices in investments not only prevents financial losses but also reduces high attrition rates.

When it comes to investing in syndication deals, Scott sheds light on the minimum cash amounts required. While he has seen syndications with minimum buy-ins around $50,000, he cautions against operators who are willing to accept less. Accepting lower amounts may indicate desperation on the operator's part, potentially leading to complications and challenges down the road.

Why Asset Protection Is Important
Asset protection, is a crucial aspect of maintaining and safeguarding wealth. Scott shares a personal story about a friend who lost $3 million in a lawsuit despite having insurance. This experience opened his eyes to the need for asset protection. He emphasizes that asset protection isn't limited to real estate deals but extends to partnerships, brokerage accounts, cash, and other assets.

Scott provides insights into retirement plans like IRAs and 401(k)s, explaining that while they offer some protection, they can still be vulnerable to lawsuits related to specific assets held within them. Scott also highlights the importance of estate planning and passing on wealth to future generations.

LinkedIn: https://www.linkedin.com/in/scott-royal-smith/
Twitter: https://twitter.com/royal_legal_law
Facebook: https://www.facebook.com/ScottRoyalSmithRLS
Instagram: https://www.instagram.com/royal.legal.solutions/
Website: https://royallegalsolutions.com/
YouTube: https://www.youtube.com/c/RoyalLegalSolutions

Learn how to make investing simple for anyone and get on a path toward wealth.

Transcript

"How Can You Protect Your Assets from Lawsuits? - A Conversation with Scott Smith"

**Floyd ** (00:00:08) - Welcome to the really Simple Investing podcast where you can learn from others how to be a successful investor. We bring you investors, authors and experts in investing to help you learn more about how you can invest in some really simple ways if you want to be a successful investor. Join us every week for the interview. Your studies are really simple investing podcasts. I'm your host, Boyd Saunders. And today our guest is Scott Real Smith. Scott Smith is a real estate investor and asset protection attorney. We'll talk about his career in the legal field as well as his work as a real estate investor and what he does to help consumers as an asset protection attorney. So, Scott, you've been working as an attorney for several years now. Tell me a little bit about why you went into that field and what do you do for customers?

**Scott ** (00:01:05) - Yeah, I went into law for just about the same reasons everybody does, right? Like, I thought it would be really cool to be an attorney and maybe I watch too many episodes of suits.

**Scott ** (00:01:12) - You know, why does anybody do it? But while I was there, I actually built and bought a transmission and auto repair company commercial building for the back taxes. And that was my first experience actually getting into real estate and and business, really. And so I was able to flip that company and the building to pay for my law school debts after I graduated. And after that, I continued to invest in real estate. As I was practicing, I was an attorney suing insurance companies. That turns out insurance companies are great at collecting premiums and even better at denying coverage That's expensive. So as attorneys, we would sue them if we thought they did it improperly.

**Floyd ** (00:01:48) - So was this auto accidents so first day or is it a little bit more elaborate than chasing ambulances?

**Scott ** (00:01:54) - Yeah, it's much more elaborate than that. Like it's really high dollar claims, right? It's around like the claims that are like 30, $50 million for medical services and whatnot. But the principles are the same, that insurance companies are great at covering the base hits like the low dollar claims, the nuisance stuff that comes through.

**Scott ** (00:02:13) - But when things are really, really expensive, their business strategy is to deny coverage and then you as a consumer have to end up defending yourself from the lawsuit. So me as a real.

**Floyd ** (00:02:23) - System takes so long that the clients that you have are kind of getting desperate for their money at some point and they're more inclined to settle and to try to keep going for a bit. And is that correct?

**Scott ** (00:02:35) - Yeah. On the on the plaintiff's side, yeah. I only did that work for a couple of years because my real estate investing actually started I started making more money that than I was being an attorney. And I actually left practicing law to just do investing work. And, and that's where our of the birth of rural Legal Solutions started is because as I became a professional investor, I actually needed to learn about asset protection and how to hide assets behind trust, to hold them anonymously and have it protected from lawsuits using LLCs and what kind of umbrella insurance and other insurance that I really want and how do I do need to do my bookkeeping and tax shelters and and estate planning? And then how does all that have to work together? And so I found myself to be in a place that was really similar to a lot of other investors, which is great.

**Scott ** (00:03:22) - I figured out how to place money and investments and do that relatively well, but there's this whole other thing that I have to learn how to do, which is how all these other tax, legal and other pieces like all function together. And that's what role Legal Solutions was the byproduct of was how.

**Floyd ** (00:03:39) - Let's talk a little bit more about the investing side of it and then we'll get into the legal solutions part. Were you the typical kind of investor who said, Oh, single family homes is the way to go? And without her, found a lot of single family homes and held them for a period of time? Or did you have a different strategy for investing in real estate?

**Scott ** (00:03:59) - Yeah, mine was my bread and butter at the beginning was commercial properties and 1 to 4 unit, so I loved 1 to 4 unit, especially like my four unit properties because I could get the conventional financing with all of them and then had more predictable, stable cash flow because what I was really after was what is a stable financial situation, because I actually wanted to go like climb mountains around like Mount Kilimanjaro and go travel.

**Scott ** (00:04:23) - I didn't really need to get super wealthy. I needed to get free. And so that's what my investing was, was geared towards was can I scale those? So it was looking at basically how do I get deal flow? So how do I basically have like a small wholesaling company and then I could wholesale deals to other people and then I would keep the gems, those one and a 21 and 100 kind of deals for myself to build my, my own portfolio. And that actually made way more money than being an attorney, way easier.

**Floyd ** (00:04:54) - So the gems, as you call them, those were the 1 to 4 unit apartments they held and he held them in the right part of town and he had good tenants. And then tell me a little bit more about how that were.

**Scott ** (00:05:07) - Yeah, you're 1 to 4 unit types of buildings. They you just have lower vacancy rates, right? Because if a tenant leaves, you're only down 25% in your cash flow. So at that time, I could get good cash on cash returns that were 1,011% for doing self management with conventional financing, managing how wonderful unit properties in Austin and around Texas.

**Scott ** (00:05:33) - But that's all I knew at the time. And now my investing is much more sophisticated, using primarily syndication investments with like different oil and gas offerings, storage units, gas stations, other things that I've been able to grow into that give me like 9% cash returns, give me really high IRRs, but they have like whole times of five years and bonus depreciation, I guess it was 200 last year, 180% this year. That gets my tax rates down into single digits and and zero and in some cases. So it's it's just different levels to the game that you play. And at the very beginning you need to like stay in one lane and get mastery of like one lane of one time of investing. And then from there be very cautious about from my experiences, just be very cautious about anything new that you do.

**Floyd ** (00:06:24) - And that's really a problem I think, with a lot of investors is they kind of dabble in this and dabble in that. They don't really get good at one thing. It sounds to me like you got really good at one thing and then you expanded from there and now you're doing they just said syndication properties.

**Floyd ** (00:06:41) - I'm not sure that a lot of investors are that familiar with syndications. Is this something that you put together as a real estate investor or as attorney, or do you wear both hats when put together a syndication?

**Scott ** (00:06:53) - So to be clear, I'm not syndicating my own deals. I have syndication attorneys that work inside of Royal Legal Solutions that we do help put together their own syndication. So if they have cool, I got $100 million or $50 million storage unit complex and I'm going to raise money and I'm going to offer it to accredited investors to be able to fundraise, to be able to acquire this asset. How do we need to structure that deal? So that's a typical syndication creation. What I do for my investing now is I'm just finding who are the killers being able to know their asset class like they are the best self storage guy I can find or the best gas station guy I can find has the right kind of asset that I'm looking for. Then I'm letting them be the expert and then knowing enough to be able to ensure that their quality person, they really know what they're doing and that they're going to make a lot of money by making sure that this deal goes right and that they're putting up a significant amount of their own money into the deal itself.

**Scott ** (00:07:52) - And there's a number of other things to check off inside of the underwriting of it. But those deals are actually way better for me because I don't actually have to go through and manage the underlying asset because that takes up a bunch of my time. And I also can then diversify into multiple asset classes without having to be the foremost expert in all of those. And they typically pay me better than any other type of investment that is inside of the wheelhouse of things that I actually do have enough time to be able to go manage. So if you're a busy like for me, it works well because I'm a busy professional and I'm a business owner and I'm traveling a lot and so I need other people to be holding those pillars in my life.

**Floyd ** (00:08:33) - So are you a general partner in those kind of situations or do you come in as a limited partner and just be an investor and let the pro, as you say, man, is a particular property that you're investing in?

**Scott ** (00:08:43) - Yeah, just as an LP, I'm not doing any work to be able to say I know really any management of the asset itself, right? I just want to be an LP staff off the wake of somebody else who's already doing great stuff.

**Scott ** (00:08:57) - And my job is actually to make sure that they're really high quality people and that the deals I know enough about the deals and how the whole thing needs to work to give me the highest probability of success.

**Floyd ** (00:09:08) - It gives you those deals locally in Austin, Texas, and around Texas, or do you expand across the United States.

**Scott ** (00:09:16) - All over the US? Now, a lot of the operators that I'm finding. Are in Austin. And there's also like in the investment clubs that I belong to that are hyper valuable to me, that I'll pay somewhere between anywhere between like 40 to $80,000 a year to be part of like certain clubs. And inside of those clubs is where I'll meet the cohort of people that are working with the syndicators to do the fundraising. And a lot of those are like here in Austin because there's just I mean, these are where I've been. Austin's a place where I've been able to find some of the smartest people I've ever been able to find concentrated in one area around the way that I like to think through problems.

**Floyd ** (00:09:56) - No, they're all University of Texas graduates. A good thing?

**Scott ** (00:10:01) - Yeah, you got a good smattering of everybody from everywhere. But, you know, you got to it's like everything, right? When you're looking for other. You have a lot of faith in somebody else, right? It's called betting the jockey. Right. For a large extent. You're betting the jockey, meaning you're betting that the writer is the guy who's going to be able to make the horse win. Right. Because of how good they are.

**Floyd ** (00:10:21) - And that's a question I wanted to get into, is what is your criteria for finding these experts whose pros that are the general partner that you want to put your money into as a limited partner? You know what good person, but what's a good person mean?

**Scott ** (00:10:38) - So it's kind of like, how do you make a good hire as a business owner, right? If you walked into a business center and be like, how do you make a good hire? They like look at you and be like, okay, that's like maybe like 20 plus hour long course about what does it take to be able to really know what you're what the heck you're actually talking about? Because almost all hires are wrong, actually.

**Scott ** (00:10:59) - Right. I mean, like your attrition rate after two years and a business owner, the average retention rate is only like 2020 or 30%. I mean, 70% of the time the average business owner actually chose incorrectly about who it is that they're going to hire. And the same is true actually true in investing. We're going to see that come up more and more now because so many people put so much money into real estate and to operators that they should have never hired. Right. And into deals they never should have gotten into. And all these things are starting to pop, like I'm starting to see it all the time now where like, oh, XYZ thing turned into a Ponzi. It was actually a Ponzi scheme. And all these other deals are going sideways because the inexperienced operator didn't anticipate interest rates rising like as quickly as they did. And staying here for this long. And all of these things are now starting to happen. But really good operators are people that typically are where all the guys that were like, Oh, you're way too conservative.

**Scott ** (00:11:56) - You seem really experienced, but you're too conservative to be in the market from like the last few years. And all of these guys right now are like saying, this is great. All these assets now are all going to come crumbling down and I'm going to go pick them back up because they got way overinflated by all these other people that now lost a bunch of money. So what you're looking for is the guys that have long track records, lots of people that have invested with them over and over and over again over the course of their life. And they have seen multiple market cycles of up and down. That's the baseline of what I look for.

**Floyd ** (00:12:28) - So do you see a big market cycle occurring right now, commercial real estate? I mean, let's take office buildings, for example. But those seem like a pretty mediocre investment over the last few years because the occupancy rate on offices with Covid and people working from home has changed the dynamics of investing in that area. Right?

**Scott ** (00:12:48) - Yeah. I mean, you can't anticipate all things, right? Like nobody could have anticipated Covid.

**Scott ** (00:12:54) - Right. Question is going to come is what is going to happen with the coming economic cycle and with interest rates being high and all the other pieces that are happening. Right. But I can tell you is that there's likely going to be opportunity everywhere because whenever you have things getting remember that like that old story of the guy who was a famous investor and they said, why did you pull all your money from the stock market? Because. And he said, Well, I got into it. My taxi driver was like, Hey, have you heard about this new thing called the stock market? I heard it's a fantastic place to put your money and then make a bunch of money in it. And he's like, When I heard that, I was like, I better get the heck out of here. Because all of a sudden he realized that, Oh, my God, it's just hype, right? Everybody got so overhyped into an area that it's too high has to come crashing down. I mean, this is what happened in real estate and this is what has been happened, having low interest rates for like this long.

**Scott ** (00:13:46) - So the correction has to come. And when I tell everybody is you're much better off being patient, like not having money invested is okay.

**Floyd ** (00:13:54) - You see a financial crisis on the level of 2008, 2009.

**Scott ** (00:13:58) - There's going to be something.

**Floyd ** (00:14:00) - These are primarily commercial real estate or is it in single family homes?

**Scott ** (00:14:04) - I don't know if anybody can really say that, like with any real level of accuracy. But the deal is I don't think we have to wonder. It will become obvious because as soon there will be like some sort of panic and inside of the panic, everybody around you will be saying this is the worst possible time to invest because everything's way too crazy and things won't be going well and everybody will be scared. And that's when the people that say, Great, that's what I'm going to push my chips on to the table. And those are the people that will win. If you're ever doing the thing that everybody else is doing, you're almost always wrong. And that's why I like the hype. Train is the wrong way to get in, right? It's also when you have to invest is when everybody else is saying this is the worst time, you know, to be able to do it.

**Scott ** (00:14:45) - And everything's everybody's too scared.

**Floyd ** (00:14:48) - Scott, for this type of investing. What kind of cash amount do you think somebody has to have to start doing that kind of investing?

**Scott ** (00:14:57) - I see people doing minimum buy ins for syndications. I'm seeing is like are like 50 K.

**Floyd ** (00:15:01) - And there's a 50 K to get started and that sort of thing is a real estate investment trust and alternatively for me.

**Scott ** (00:15:09) - I've seen people do it where they'll start pulling money together with other investors to be able to meet the 50 K requirement. The deal is a lot of times operators will be sensitive about who they're going to take. I'm actually skeptical of operators that will want to do anything with anybody that can't put up 50 K because the deal is from operators perspective, the more people that come into my deal, the more people I have to deal with. So if they can't attract like their life becomes more difficult the more people that are involved because the people that have less money are much more frantic about what's happening with the money. So it's actually a red flag to me.

**Scott ** (00:15:44) - If an operator is going to take in less than 50 K from a person or unaccredited investors in some way because it tells me you're having to scrape. And I was like, good deals don't need to be chased like good deals and good operators typically don't have trouble attracting money.

**Floyd ** (00:16:01) - Yeah, that makes a lot of sense. But we're going to take a quick break. We come back, we're going to talk about Scott's other side of the business, the Assets Protection side. That's part of rural Legal Solutions. 

We'll be right back with more great ideas for investing and building your financial security. If you're seriously interested in building your wealth, join us every week on the Really Simple Investing podcast and check out our website, Really simple investing.com. You'll find more great podcast, our blog on investing and some great books from Floyd Saunders books like Investing for Beginners and Five Paths to Wealth. Sign up for our newsletter so you don't miss listening to our guests and learn even more about the simple things you can do to become a successful investor.

**Floyd ** (00:16:43) - You're listening to the really Simple Investing podcast and now more investing ideas as we continue our interview. We're back from the break. You'll see the really simple investing podcast. We're talking to Scott Smith, who is a real estate investor and also an asset protection attorney and his established a Royal Legal Solutions. You'll find all the links to that and the show descriptions and descriptions show notes so popular, Scott, about what asset protection is for the average investor. Why would they need it and how does it work?

**Scott ** (00:17:18) - The first thing that happened as I started to acquire wealth, as I was doing it the same way a lot of people were. I had a lot of bunch of assets that were my personal name, and I had a bunch that were all pooled inside of a single LLC. And then I had a friend of mine who got sued for $3 million from a single lawsuit, lost $3 million in real estate, and he was very well insured. And he was always the guy that was like, Well, you don't need all this asset protection stuff.

**Scott ** (00:17:39) - That's for these fancy people that think they need to go do all this stuff. What I found out, though, was that his insurance is only partial protection and he had issues that were like breach of contract and text messages he had sent that They said, Oh, you had to fraud us. He said, We're lying about me. Found out that it doesn't actually matter. Everybody actually lies in litigation. That's like how the system is played. That was my wake up call. I got to get serious about this area of my life. And so that's when I started looking into how do I own assets anonymously using revocable grantor trusts, and can I layer that in with like LLCs to make it sure that if anybody ever sues me, they can't get to anything If they sue like a lawsuit connected like one of my properties, they can't get to any of my other properties. How do I make sure to streamline that so my bookkeeping is easy and my tax reporting is easy and I pay this minimum and taxes that I need to.

**Scott ** (00:18:26) - How do I make sure my insurance is done right and connection to that? How does it all integrate with my estate planning and my living trust? And because at the end of the day, there's this whole game we're playing, which is it's not what you make, it's what you keep. And after you keep it, you need to protect it from lawsuits. You need to protect it from the government and taxes. And you need to make sure that it's going to go to protect your family after you die and something happens to you, because that's a good point. Correctly.

**Floyd ** (00:18:53) - At what point should the average investor start looking through an attorney like yourself to set up trust analysis as opposed to having things in there personally? Is it $100,000 in assets? Is it more than that? Is there a number that I should be paying attention to?

**Scott ** (00:19:10) - It's a one-time cost to set up these types of structures that are a few thousand dollars. They last you for the rest of your life to get it done right.

**Scott ** (00:19:17) - So the answer to the question is, is do you have stuff that you'd be sad if you lost? So if you'd be sad to lose it, probably protect it, right? That way you can make sure that if something happens, you ended up into a bad car accident or something goes sideways. Is one of the deals. You're not put in a position of saying either I have to pay these people on average $65,000 to go away. Save on costs the settlement here in the United States or I got to roll some dice at trial and maybe lose everything I have. Because if you're not protected, those are what your choices look like. It's either settlement or rolling the dice.

**Floyd ** (00:19:53) - We're talking about asset protection. We're not talking just about real estate deals. It's any kind of asset, right?

**Scott ** (00:19:59) - It's your partnerships, your brokerage accounts, your cash, like anything that you own, like rich people that I worked with, that I studied, they don't own anything. They don't own yachts and boats and whatever they have, they have companies that own those things.

**Scott ** (00:20:12) - They have companies that own all of their assets. Like you could sue them all day long. You get absolutely nothing. And so that's where the game for asset protection that I focus on, real legal solutions is like what is appropriate for the average investor? How can they get all of the benefits in a streamlined way with costs that are actually appropriate and they can afford to be able to do things in the right way? Because ultimately, at the end of the day, if you own stuff in your personal name, you're it. It can get taken from you easily.

**Floyd ** (00:20:38) - How about the IRA, a 401k. The retirement plans are subject to lawsuit and.

**Scott ** (00:20:45) - You're already protected to the extent if somebody sues you. But like what a lot of people don't think about as an asset inside of your, let's say like I have a four and one or self-directed IRA, they'll buy a piece of real estate with that, and then they'll say, well, it's already asset protected.

**Scott ** (00:21:00) - Say, well, only from outside attacks, Meaning if they sued me, they can't get to my IRA. Well, let's say grandma falls through the staircase on the property. Then all of a sudden if grandma sues the property itself, because that's where the injury occurred, all of a sudden she can actually take the entire IRA. So the IRA is only partially protected. It's only protected from outside attacks, inside attacks. It's still vulnerable. And that's where you need to compartmentalize, whether they're personal assets or assets located inside an IRA. Every asset should be isolated for liability purposes. And that's why I really love to use series LLCs, because I get to create an infinite number of companies for free. So I get to compartmentalize every single asset I own, and it doesn't cost me anything more to do that either in time or yearly fees or anything to establish it.

**Floyd ** (00:21:49) - So Series LLC is that I don't think that uses with his real estate.

**Scott ** (00:21:53) - Well, it all depends, right? Everybody's got like a different format and it depends what type of assets you own right before you in a person or syndication.

**Scott ** (00:22:01) - Investors series. LLCs make a lot of sense for my commercial buildings. I have to have those in LLCs because the way the financing is done, that's single purpose entities that I use for that. But everybody has like a right amount of asset protection and a right strategy for them. But this is why you talk to professionals. It's because professionals should be able to tell you whether it's with us or anybody, right? The professionals should be able to say for your business and what it is you're doing and your asset classes. Here's the definitive, most simple, cost effective solution you can do. If they can't give you that, then you have a problem. You probably have somebody who knows the technical aspects of their job but doesn't really understand your business or your type of investing.

**Floyd ** (00:22:44) - But you want to find out more information about how this works and whether they should engage you or some other type of attorney. Is that your website?

**Scott ** (00:22:54) - Yeah, Royal Legal Solutions is the best. And the video that we have there on the homepage is the crash course and everything you need to know about asset protection, estate planning, tax and insurance and how they all relate together.

**Scott ** (00:23:05) - And then we have a bunch of client testimonials on royal legal solutions that walk through all these individual scenarios to be able so you can actually get a look under the hood of here's actual people that have actual scenarios, then this is the kinds of asset protection structures that are put in place to really get a feel of what's a look under the hood.

**Floyd ** (00:23:23) - It's the way you're holding these investments, either as a trust or an LLC or, as you mentioned, the Cereal LLC. It's also insurance that you might need on those investments, depending upon what your liability exposure might be. Is I also correct?

**Scott ** (00:23:39) - You always want to have good insurance, especially like an umbrella insurance policy, because your insurance is your best first line of defense. But if the insurance company ducks you for any reason, that's when you need asset protection and company structures in place. Because at the end of the day, that's the only backstop you have of something you can control that gives you protection. So you hope the insurance company covers you.

**Scott ** (00:24:00) - But I just don't trust profit seeking corporations to always have my best interest in heart. Call Eve.

**Floyd ** (00:24:06) - The other thing about these asset protection strategies is how you then pass that on to your heirs or the significant people in your life that you want to have benefit from this that you're passing as well, Or is that part of what you're doing is considering the trust aspects of an estate as well?

**Scott ** (00:24:24) - Yeah, of course. Right. I mean, imagine what's greater than not just passing all of the assets to your heirs, but if you pass it with these proper estate planning in place using a living trust, they can get immediate access to the assets. They all stay anonymous and they can bypass the entire court system. If you don't have it in place, the proper estate planning in place, all that stuff becomes public, including how much they get when they get it, like etcetera. I can all get caught up inside of a court system too, so they can't get access to the assets. But if you do it this way, what you use a living trust, you can bypass all the probate court keeping things anonymous and then all of the corporate structuring you put in place to have all of the protections around all of the assets also passed to them.

**Scott ** (00:25:00) - So you get to deliver them like a one holistic system and then you partner with the appropriate type of company that allows them to be able to have the support systems they need to know how to run. What essentially is your own wealth building company that you spent your life building and now it gets passed to them and then there's like a passing of the torch that happens with them getting educated about how they need to appropriately manage the wealth.

**Floyd ** (00:25:28) - Yeah, that reminds me of something called a family office. Is this also an aspect of that?

**Scott ** (00:25:34) - It's like a function of it, right, where we streamline into it. Who are the people that have somewhere between $100,000 to $50 Million in Net Worth, whereas people that have family offices of their own are typically 300 million plus net worth, and sometimes there's lower degrees that people will have that are down to 50 million. But what I did is I looked at and I said, Well, what are the essential things that people need for asset protection, estate planning, tax and insurance? What's the essential things they have to do for wealth building and their life? Because most people are never going to make it above $5 million in net worth.

**Scott ** (00:26:05) - And how do we make sure that we can make that as simple and effective as possible so that way they can do it and their kids can do it. And that Royal Legal Solutions becomes a hub that connects all of the pieces together to provide continuity.

**Floyd ** (00:26:17) - These asset protection strategies are really for everybody that has a certain amount of money, at least $100,000 all the way up to whatever that infinite number might be. And then what protection, not only from some legal liability, but the ability to pass that on to the right people after they leave this world.

**Scott ** (00:26:35) - Yeah. And we also have a tax division as well. What I tell people is that we're so good at tax that just the tax savings that we can deliver to you if you're making over $200,000 a year, so good, it'll actually pay for everything that we do, including all of the tax strategy.

**Floyd ** (00:26:50) - And everything is just tax savings on an ongoing basis as well as tax savings at the time that the estate gets passed to somebody else as well.

**Scott ** (00:26:59) - That's right. Like this year. Okay, I need help with my tax. What can you do for me? And we're looking at Google. What deductions, new tax shelters, private foundations and other things to get put in place. How does that work with the investing and overall driving to your financial KPIs? The holistic kind of wealth building that needs to happen?

**Floyd ** (00:27:18) - Scott This has been a really enlightening discussion. I think anybody that wants to be able to protect their assets that they've acquired over their life can benefit from what you're doing. Again, it's Royal Legalsolutions.com. That's the website. That's where I get the information and you can find out a lot of information as well as on his YouTube channel. And I'll get all those links in the show notes and descriptions, as I mentioned. Scott, thanks so much for joining us today.

**Scott ** (00:27:44) - Thanks, Floyd.

**Floyd ** (00:27:45) - Thank you for joining us for the Really Simple Investing podcast. Every week we bring you fresh ideas for investing and really simple ways to invest and build for your financial security. Be sure and hit the Like button. Subscribe. Follow us on social media channels and tell your friends. And if you'd like to be a guest. I'm really simple investing. Just go to the contact page in our website and send us an inquiry. Thanks. We appreciate our audience so much.