The Critical Need for Asset Protection, with Lee Phillips

Episode 12:

Attorney Lee R. Phillips is a Counselor of the United States Supreme Court. He has three university degrees and has held licenses in real estate, mortgage brokering, securities, and life insurance, as well as being a registered investment advisor. Lee is nationally recognized in the fields of business structure, asset protection, financial planning and estate planning. He is the founder of LegaLees Corp., a company specializing in solving asset protection and tax problems for high net worth individuals. In Lee Phillips’ career as one of the nation’s most engaging, dynamic speakers, he has given over three thousand event presentations throughout the US, Canada and the Pacific Rim. He has helped over a million people understand the law and how to use it to make more money and protect their assets.

What You Will Learn:

In the first half of the episode, Ted speaks with Bob Schumacher of Macon, Georgia, who is a student of Ted Thomas’s tax auction system. Bob has been investing in tax deeds for around twenty years, in addition to his career in forestry services. Bob discusses transitioning from forestry to consulting, and he shares how tax auctions are a great side business to supplement his consulting. He shares stories of some of his most profitable deals, including one he purchased from other investors who had purchased vacant land at an auction. Bob shares how the property owner did not end up redeeming, and he shares how he ultimately sold the property for a profit of $59,000. He also shares a story of a strange situation where he purchased a lot that he discovered had a small cemetery on the property. He highlights some of the unexpected problems that can pop up with a property, including invasive plant species that can take over an entire property. He shares some of the innovative strategies he uses to attract attention to properties he has purchased and more easily sell them, and he talks about filtering the immense amount of history and information on a property and only looking at the details that matter to the property’s value. He shares how counties often offer a tool to allow property owners to pay online, and he shares how investors can use that same tool to determine if a tax-delinquent property has been paid current, rather than wasting time on the property.

In the last half of the episode, Ted speaks with his special guest, Lee Phillips. Lee is an attorney and highly regarded expert in the field of asset protection. In this segment, you will learn:

• Why the biggest threat to your assets comes from the IRS, and why 56% of all bankruptcies in the United States are due to someone in the family getting sick
• Why asset protection is a vital consideration for anyone, even if they’re doing everything right in their business
• How a friend of Lee’s is being charged with murder and losing his business, all because he didn’t set his business up as an LLC
• Why illness can be a devastating experience for families, and how key legal protections like durable power of attorney documents can help protect yours
• Why taxes are really just compound interest in reverse, and why controlling your taxes is the key to maintaining your wealth
• Which two key primary tax shelters are available, and how even Donald Trump has used tax shelters to protect his assets from taxes
• Why Lee got involved in asset protection after he became sick and he and his family lost everything to the legal system

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