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You have not only the right to set up legal structures, but you have a responsibility if you’re gonna invest. You need to make sure that your home is protected, your family. If you’ve got employees, make sure that that business is siloed from any other activities that you do because you really have obligations to those employees to this.

Business over here, and if you’re gonna get into real estate or if you got 10 rental properties, you’ve got 10 families that are relying on you for safe, affordable housing, what would your life look like if you could replace all of your working income with simple and conservative investments? That could do it for you.

Over the last 13 years, we’ve helped thousands of clients transact over half a billion dollars in simple and conservative real estate transactions, allowing them to begin replacing their work income with real estate investment income. Each week we’ll be pulling back the curtain on the ins and outs of real time retirement based real estate transactions that will transform your financial future.

Even if you have no real estate experience, this is replace your income with. Kevin Clayson and Steve Earl. All right. Welcome everybody. To replace your Income with Kevin and Steve. Steve, What’s up buddy? How are. Yeah, man. I’m doing great. How was your weekend, ? It was, it was good. But I feel like we shouldn’t be talking about weekends.

I feel like we should be talking about how was your last few months? Cause I feel like it’s been months since we’ve been able to come on and do a podcast. It has been insanely busy. We’ve been, I’ve battled C, You’ve battled C, The World’s Battle in Covid. But man, we are here today and I am really, really excited.

So how was your, not just weekend, but like last month? I tell you what, life is good. You just can’t complain, you know, with everything going on. Doesn’t make a difference anyways, right? So we just keep, uh, trucking forward and, and actually I’m really excited about this new year, 2021. I dunno what it is.

There’s, there’s an error. There’s something in the air, like, I’m feeling good, I’m feeling op, super optimistic about, you know, the opportunities ahead of us and what we’ve got going on. And, um, I’m super excited about this. With Don. We’ve known Don for a long time, and uh, it was nice to reconnect with him a couple of week, weeks ago at lunchtime.

And, uh, I’m, I’m excited for what he’s gonna share with us today. Well, I’m excited too. This is gonna be a really awesome episode. And I just gotta say, you said something that I think is, is really important. You know, we just kind of need to roll with what’s going on, and I have this little saying that I always tell my kids they hate it and I care.

I, we’ve probably talked about it on the podcast before, which. You know, the only thing that makes difficult things more difficult, or the only thing that makes hard things harder, and this applies financially, this applies emotionally, it applies in our relationships, it applies across the board. The only thing that makes hard things harder is complaining.

And so we look at 2020 and, and, you know, we love to talk about the, the mess that it was. But man, I gotta tell you, and I know you feel the same way. There was difficulty, there was a lot of challenge, there was unfortunate things. But while we can’t always control all of those things, we always have complete control over the mindset that we choose to utilize and that we show up to, to life with.

And avoiding sort of that complaining and it makes, it doesn’t necessarily change the environment, but it changes how we react to the environment and that is everything. And so I appreciate you bringing that up. I was trying to, And if, just to add to that real quick, Kevin, Is I, I know that we sat down midyear last year when all this kinda like just slammed everybody and there’s some pretty crazy things going on.

And we sat down, we talked about, uh, having to revamp and, uh, reset some of the goals that we had set for the year. But what was cruel was that we, we made the decision to look at this from a, a very optimistic stand. Yeah. And in reality, what we began to see very quickly and very clearly is that even with everything in Covid, it was actually presenting opportunities faster than we could even take advantage of them.

All the way from the low interest rates to the greater demand for rentals, the greater demand for the type of real estate that we help our clients buy. And really what we saw come together was like the perfect. In real estate. So amidst the perfect storm pandemic, everything going on, the perfect storm for real estate investing began emerging and manifesting itself in a way that allowed our clients, um, those that we work with to see an opportunity.

And it was pretty cool to see that the last quarter of the year really just begin to blossom for so many of the people that we get to work. It really was, was amazing. And the, and the momentum and the opportunity that we see in front of us in two, one, just, just fantastic. I agree completely. And, and just on that note, I just wanna thank everybody for continuing to listen to replace your income.

We still, we get feedback all the time and some of you will discover the, the, the podcast and then you’ll just binge it. My brother-in-law was over here this weekend. He’s a avid listener. Shout out to Sean and he goes, Man, every, you know, cuz it’s been a little crazy, Steve, the last. Few weeks. And so he’d get every Monday he was kind of expecting a new episode, he wouldn’t get it.

He’d cry a little bit and then he’d move on. And so I’m just so thankful that you guys have stuck with us. Uh, we’re gonna be back providing very consistent regular weekly content here in 2021. And it’s gonna be, uh, full of some incredible information like our topic today. And before I transition, I just gotta say this, Steve.

There’s a middle school that’s, that’s asked me to come and, and share some thoughts and some ideas. You know, we’ve talked about my gratitude stuff here, and this middle school is studying the Diary of Anne. And you know, I lived in Germany, I’ve been to concentration camps. It’s a subject that is a hard one, but one that in a way is near and dear to my heart cuz I think there’s, um, much that can be learned.

And I stumbled on this quote from Anne Frank about, well I’ll just share it with you. And I had forgot this but, and you probably already have it memorized, but she said in her diary, this, this what, 13 or 14 year old girl in the middle of hiding. There was multiple times she talked about how much better they had it than the Jews that weren’t in hiding because they were at concentration.

But here in hiding writing, in her diary, dealing with all of the feelings of adolescents, she says this, How wonderful is it that nobody need weight a single moment before starting to improve the world? And I had forgot that quote. And man, it just, I don’t know. It hit me as I was thinking about that today and, and that would be my encouragement to everybody listening, Let’s make 2021 the year of, there’s no need to wait to begin improving the world.

We just do it every. Inside of these interactions, inside of every transaction, inside of every relationship, inside of these moments where we just plain leave people better off than we found them. That’s our commitment on replace your income. And, uh, and I hope it’s our commitment as just a, a group of people dedicated to doing that very thing.

So anyway, I just wanna share that, Steve. I thought that was such a cool quote. Well said. Thanks. Okay, well, let’s transition man. We have an awesome episode today. So, uh, one of the things that you guys know that we like to do is we will have a variety of topics. Steve and I will talk about real estate.

We’ve got some great topics that we’re gonna be talking about over the next few weeks, and we’ll invite some of our very trusted specialists, experts, and guests. On the podcast to share some thoughts and ideas with you in areas where Steve and I are not experts, but that are very critical and essential to someone if they’re starting out on real estate, if they are a successful real estate investor.

And one of those very critical areas is the world of asset protection. And, uh, and we have one of the world’s foremost experts in asset protection on today, and Steve already mentioned his name earlier. We’ve got Don Pendleton in today and, and Don, we’ve known him for a long time. Don is an amazing author.

He’s an instructor and an advisor. He is kind of an expert in areas of like lawsuit protection, tax reduction, estate planning. He’s authored a number of publications on the subjects actually, so he really is an expert. I mean, this is a, this is a well researched, well written individual and, uh, he has been coaching thousands and thousands of professionals in this area.

He’s also one of the owners of a, an amazing company that we are so excited. To be associated with. It’s the longest running asset protection seminar in the nation, and so Don over@protectwealth.com. Make sure you go and check that out. Actually, we’re gonna have a special link that we’re gonna give you.

Let me just give it to you now. If you go to dfy dash real estate.com/protect wealth, you will be able to to get access to an incredible event that you guys are putting on really soon, right Don? Correct. It’s coming up on February 22nd, 23rd, 24th. It’s a Monday, Tuesday, Wednesday class, but an amazing, Oh, we’ve got incredible speakers lined up for this, like the former senior trial attorney from the IRS to teach simple tax solutions.

You can’t get more credible than this guy, Some of the best real estate attorneys, some of the best asset protection tax. It’s an incredible event. We’re excited to have to invite your people. That’s great. And I’ve been, I went to one of your events, uh, I got a chance to go and participate in one in Vegas, and it is absolutely world class.

I mean, the information that you guys shared, the expertise that you have, the experts that you have is just incredible and you’re one of them, Don, And I’m so thankful that you decided to come on and join Steve and I for this podcast where we get to talk a little bit. Asset protection. Is there anything that I missed that the audience needs to know about you so they know who you are and what your background is?

Oh, I, I think that’s good enough. I, I’ve run an asset protection hotline for 21 years. People call in and ask questions, and so I, I’m really kind of a strategist more than anything else. I’m not an attorney. I’m not a cpa, but I’ve written textbooks. For attorneys, and when you put your name on their textbook, they’re very particular that you, you get everything right.

And, and so, and everything that we write is reviewed by a whole series of attorneys. And so, but, but what we’re good at is explaining things. Attorneys are usually good at what they’re, what they do. They’re not always good at explaining to the average person how things work. And, and I think that’s what we bring to the table more than any.

Let me just echo that. You guys have a way of boiling down unbelievably complex. Into very digestible and understandable formats, which is why we’re so excited for our folks to be able to go and register for your event and just to have you on the podcast today. So thank you so much. And I thought what might be kind of cool is, you know, there’s a lot of listeners, um, Dawn, that, that maybe they’re starting their real estate journey.

We’ve got a number that are kind of in the middle of it. We’ve got listeners that. Right smack dab in the middle of a very successful portfolio. So it kind of runs the spectrum in terms of where someone is in their real estate portfolio development. But I, I think it would be great. Not everybody knows the basics of asset protection, kind of the foundational concepts of asset protection.

Would you enlighten us, my friend? Yeah. Thank you for that. Yeah, I think you’re right. And even the attorneys that we speak with and the, the CPAs and, and the, the accountants that are setting up legal strangers don’t understand a couple principles. And let me hit two that I think are, are fundamental. One is the difference between.

Corporate veil and charging order, and I, I can’t tell you how many people don’t understand this, but it’s fundamental for you to be able to select the right legal entity to put things in a corporate veil. What that does is it protects you from the business. Let’s say the the business is sued, something happens in the business that creates a problem, what we’re looking for.

Is a really strong barrier between you, uh, that the officers, directors of the company and what happens. We wanna contain the risk inside of that legal structure, whether it’s a corporation limited partnership, and I’ll see ira, whatever it is, I inside that legal structure. We want to contain the risk and hopefully we carry good insurance.

Hopefully we manage the equity well, hopefully a. Things, but we don’t want it to leak out any of that liability to the officers and directors. For you to have good corporate vale, you need strong internal documents. If you have a corporation, it needs good bylaws. If it’s an llc, it needs a good operating agreement.

If it’s an IRA or a retirement account or 401k, it needs good documents and good custo. You can’t, if you’re doing self dealing within your ira, you’re gonna mess up your corporate vail protection. Then they come after you directly. And it also requires proper maintenance. If you, again, if you have a, an LLC or a limited partnership, you need need to pay your filing fee on time if you need to not commingle funds.

I, if it requires a tax return, you do a tax. But again, the corporate veil is if the business gets sued, we want the officers and directors protected. Now that’s very, very different than charging order protection. Charging order protection protects the assets from you. Let’s suppose you get sued, you do something wrong.

You’re accused of doing something wrong. I don’t care. You run over my daughter, the lawsuit is coming to you personally, and now what we’re trying to do is we’re protecting it from the other direction. Now we wanna protect your business interests. From anything on the personal side. So again, a strong barrier.

It’s a proverbial brick wall, but remember the direction of the lawsuit is coming differently now. So to get good charging order protection, we want, again, strong internal documents. We look at the state statutes because some states. Have a lot better statutes than others. That’s, that’s where Wyoming, Nevada, Alaska, Delaware, South Dakota, those, those types of states come in because they’ve got really strong, strong statutes.

California, really weak statutes. And so I, If you do something wrong, can I come in and take. The assets away. We look at how many members there are. Whenever we add members to a llc, it adds significant strength. That as charging order is, is kind of like a stool. A one-legged stool will hold up, eh, but it’s a little wobbly.

Once we add three or four partners to a limited partnership or three or four partners to an llc. Now it makes it harder for somebody to pierce that we, and what most of the accountants and attorneys aren’t understanding either, is that there’s 45 states that don’t allow charging order protection for a single member or a single owner, llc.

So if you own all your properties in single member LLCs where you are the owner, I sue you, I can come take all those properties away from you and it may have corporate vail protection. It protects you, you from the asset. But if you get sued, A plaintiff’s attorney can come walk right through those and take those assets away from you.

That’s an important definition when you’re, when you’re selecting the right legal structure. So the difference between charging order protection and corporate vale, very, very, very important that you understand that as a fundamental basic thing. I like what you said about that brick wall, right? Because I think that, uh, a lot of times people don’t understand that there’s things that happen in your personal life that you want to keep separate from, maybe.

Flowing over into your business life, your real estate business, et cetera. By the same token, you may own real estate and you, you wanna be able to keep that separate from flowing over into your personal life. And that’s really what I heard you say. And this stuff can get really complicated and there’s so many aspects to it cuz how, I mean, lawyers have been.

People been lawyering up for I don’t know how many decades in centuries. And so we’re just mired in all of this stuff and a lot of times we kind of don’t know what should we do? What, what should we be thinking of? And so this would be the question that I’d have for you. What should real estate investors specifically.

Be doing with asset protection or, or need to know about asset protection for that investor that owns 1, 2, 4, 5 properties, they’re not necessarily a large institutional investor. What does that real estate investor need to know about their portfolio, about their asset protection and what that should look like?

Great question. Well, first, first of all, you need to know that society has changed. When I grew up, you really had to do something wrong to be sued. Now you, you don’t, There’s so many lawsuits and so many, you, you have to understand that legal system is somewhat stacked against you. It’s where, where we become a lot more of a gimme, gimme society than we used to.

I was down last, about, about a year ago, speaking to the Louisiana convenience store owner’s, Associa. And the one guy says, Yeah, at any one time, he owns three convenient stores, couple car washes at any one time. He’s got 20 to 25 lawsuits going on against him. He’s got a pitch, he’s on camera. A lady throwing her soda on the floor, running back, sliding through it, like she’s sliding into third base and he cannot win that lawsuit that the insurance company would rather give her $35,000 because that’s what the cost of litigation is and just we live in a gimme society.

The, the, it’s a little different than, You and I grew up Kevin and, and Steve. It, it’s, it’s different and, and you have to under also understand that according to the American Bar Association, less than 1% of the nation’s attorneys, it’s 0.6% actually specialize in asset protection. You also need to know that that’s 50 times, 50 times the number of attor of personal injury attorneys, so you got 50 to one odds against you.

You’re gonna find a good attorney. That specialize in helping you. This is sort of what we do, and I, I think the last thing that comes to mind is you need to know that insurance. We always want you to have good liability insurance for every, for everything that you do in life, for your automobile, for your home.

For your real estate investments, but know that there’s real estate. There’s, there’s things that insurance won’t cover you. I’ve got three rental properties in Indiana. I, I, when I read the policy, it does not cover mold. It does not cover lead base paint. It doesn’t cover acts of God negligence and, and housing discrimination.

It doesn’t cover breach of contract or. Dog bites or ADA complaints or, and look at what your insurance won’t cover you. And, and what we’re really doing is we’re creating legal structures using insurance as first line of defense. But then we separate assets based on class and how much equity and what state you live in and the filing fees, and based on a number of things, not every single property needs its own llc, or every property needs its own ira.

Sometimes we can group things based on. But the very first thing we look at is what insurance won’t cover. And then we build a structure around that and we, we try to keep it as simple as we possibly can, but know that the legal system is stacked against you. And insurance companies make a lot of money.

Collecting premiums and denying claims. You have to understand that. Uh, actually I do know very much about that. There’s a brilliant documentary film called The Incredibles by Disney and Pixar, Mr. Incredible. Do you remember Mr. Incredibles? Right. He’s a superhero and he wants to give this little teeny little grandma.

He wants to make sure that her claim gets filled, but then his mean boss won’t let him pay the claim. And I think that, you know, look, that’s kind of ingest in the Incredibles, but look, that is very, especially based on what you just shared, there’s a lot of reality to that. And we have to understand how economics incentivize people, Insurance companies want.

To collect premium, they don’t want to pay out claims. Right. Is that fair enough to say? Right. I mean, really that’s, that’s how they make their money. Right? And so they’re gonna do whatever they can and risk mitigate, but we have to understand the insurance aspect. It’s critical. But do you think it’s fairly safe to say, Don, that the insurance company isn’t concerned about me more than they are about their pocketbook?

Do you think that’s a pretty fair statement? Look at the buildings the insurance companies own. You know, go to San Francisco. The tallest buildings go to New York City. The tallest buildings are owned by the insurance. C. The, the highest paid attorneys in the nation are hired by the insurance companies to write contracts and deny claims.

That’s what they do. And so, yes, that, that the industry is stacked against you. And you, you kind of have to understand that. Now, that doesn’t mean we don’t take risks. That mean, it doesn’t mean we don’t invest. We just understand the game and we become a little bit educated on, okay, we used insurance, well structured insurance.

We learned a little bit about how they define everything strier than anybody with a normal brain would define things. We read our contracts, we read our insurance policies, and then we create legal structures based on, you know, and, and again, we, we keep it simple. Don’t go out and, and create oh, this massive legal structure, um, because you’re afraid of, of potential lawsuit.

What we do is we carry adequate insurance and then we create the legal structure because you have not only the right to set up legal structures, but you have a responsibility. I, I really believe that if you’re gonna invest, you need to make sure that your home is protected, your family, If you’ve got employees, make sure that that business is siloed from any other activities that you do, because you really have obligations to those employee.

Um, to this business over here. And if you’re gonna get into, into real estate or if you got 10 rental properties, you, you have, you’ve got 10 families that are relying on you for safe, affordable housing, you have an obligation to them to silo this activity from anything else in your life you’re doing.

Not only do you have the right, you’ve got the responsibility to do asset protection. I be, I strongly believe that, so I love that. I love the concept. I love the order in which you sequence things, you know, liability. A good liability insurance policy is kind of the first line of defense. Uh, proper corporate structure is a second line of defense.

And even beyond that, there’s some things that can be done such as estate planning that really can mitigate risk and, and are things that that really should be put in, in place in the event of, of death or being sued for that matter. There’s some things that you can do if you’re, if you’re married with your.

You can, uh, structure things such that the spouse with the, the lesser amount of ownership, uh, can have deeds, uh, placed in, in his or her trust. And then, so there’s a few different things. I was wondering if you could talk to that for just a second. And also kind of in context of the reality is that most of the people listening to this podcast today own, you know, one to, you know, four or five properties.

And so it’s not like there are thousands and thousands of dollars every month that are coming in, in cash flow and so on. And so there’s this balance right between, uh, the cost of the structure, the cost, what you’re doing, protect your. And the type of, uh, exposure you wanna mitigate. I wonder if you could maybe talk to that for a second.

Yeah, no, great, great, great point, Steve, because a few months ago I helped a lady from Texas, her hu, she’s 38 years old, four, four little kids, and her husband dies in a rodeo accident. Um, he’s riding a bowler on whatever he is doing, but, but he gets killed and they own. Water drilling company down in Texas.

You know we come build a drill water well for you. Oh, wait a minute. They don’t own it. It was set up as a single member llc. He owned it. He’s dead now. Who owns the company? Well, you got this $4 million company with employees and there’s no there. It could have been a simple little clause in the operating agreement that says, Upon my death, I want all my rights and interest to go to.

And it could a blank line. It could have, Well, he left at blank. It was, it was there, but it could have been his. It could have been his trust, it could have been his kids, it could have been anything but where he left it blank. That interest of that single member LLC is gonna go through probate and that $4 million company may not be worth $4 million after it goes, you know, a, a year of Texas probate.

The point is, if you have a corporation, if you have an llc, Anything that you have, we want to tie that somehow to a trust of some kind or clear succession so it doesn’t go through probate. If he had simply said, I want this to go to my wife, then it doesn’t have to go through probate cuz there’s very clear succession to that interest.

So we take a look at our IRAs, we look at who’s the beneficiary, who’s the successor beneficiary, Make sure that that person is still there. Everything that we do, we talk a lot about legal structures, but we, we always, always, always want that tied to a succession plan of some kind. We particularly like revocable living trusts, but there’s lots of different things that we can do.

Um, but that’s, that’s generally our favorite. And then you ask about how expensive is an asset protection plan. Oh, and you know, Steve, that so depends. Sometimes it, you’ve got the right structure, you just don’t know how to use it. I’ve got an ira. But I’ve got safe assets and unsafe assets in the same, I’ve got real estate and I’ve got a stock market.

What if we had two IRAs? One for just for the stock and one for the real estate. So I’m limiting, again, a brick wall between the safe assets that aren’t gonna cause lawsuits and, and I’ve isolated and sometimes we’ll even set up two or three Ira. Sometimes it’s not a, an additional expense. Sometimes you’ve got the right structure.

We just need to teach you how to use it. We’re we’re, when we’re looking at a proper legal structure, we’re looking at protecting you from outside lawsuits, from inside lawsuits. We’re looking at partnership disputes, like how do we protect it a proper from a divorce? Well, that’s kind of important that you think that one through in advance.

After and call our hotline, you know, three days before you file for di divorce and whisper into the phone. I’m considering divorcing my spouse. What do I do? I I can’t help you there. Um, we want legal structure that will increase your tax deductions. And eliminate dealer status. If you’re holding property and flipping property at the same time, oh my gosh, that can kill you on taxes.

We don’t. We want a legal structure where you don’t lose your passive losses. Let’s say I’ve got five rental properties. One of ’em loses money this year. The rest of ’em are making money. They’re cash flowing positive, but this one I had to put a new roof on and dig out the sewer line, and I, I want a structure that won’t allow me to, or disallow.

From claiming that loss and writing off other gains. For instance, if I used a limited partnership there to hold that, oh man, you could be hurting yourself. So we want a legal structure that won’t prohibit you, um, from claiming the due on sale clause. The mortgage companies, when you, when you have a mortgage on the property, they have little clause in the mortgage that says if you transfer this, Out of your name, which is into an llc, we’re gonna call it alone due.

Well, we can work around that with a proper legal structure, but you have to understand that we want, we want you to have as low of filing fees with the state as as possible. We want it to be very simple to operate and, and so we look at a lot of things when we’re setting up a legal structure, and it’s not sometimes as simple as just saying, You got real estate, let’s set it into an llc.

There’s so many factors that we look at as asset protection specialists. We need to know about your situation. Oh, this is one of the, I know that coming, taking three days off in the middle of a week, February 22nd, 23rd, 24th, is a big ask for people. But the theme of our class is a lifetime to accumulate three days to.

And sometimes it’s not simple question and sometimes it’s, sometimes it’s a little bit more complex. But once you understand the fundamental basic concepts, you’ll get it. And this is what we do best. Steve, did I your question, question, or did I dance around it too much? You, you did great. In fact, I’ve got, I’ve got two sayings that I think kinda sum up what you’re, what you’re basically stating.

And that is, you dunno what you dunno. Right. And. The most expensive insurance policy is the one that you end up needing, right? Or the most

down the road. The that, that I have is everything’s good until it’s not, and it’s kind a loaded, right, that in a partnership or in a marriage or in any type of a relationship in a business, When things are going really well, it doesn’t matter what your, your, your, your partnership agreement says. It doesn’t matter what your operating agreement said in your LLC when things are going well, but when everything hits the fan, when it’s not, and you’re so grateful that you got the right type of uh, advice.

At the right point in time when things aren’t going well, and that’s the power of what you guys deliver. Power of this seminar that you haven’t, that you have coming up is you start the process of learning what you don’t know and having the ability and the opportunity to make decisions. That literally determine your destiny in terms of making sure that you have proper coverages, that you have the things set in place in the event of something happening that is unexpected.

The reality is, is of the 4,000 properties that we’ve helped our clients purchase over the last 14 years, I can count on one hand the number of issues that came up, but I can also count on one hand the number of people who had the right type of of coverages and the people who did. And the people who did have the right type of coverages, I tell you what that is, Peace of mind.

It was peace of mind during the process of ownership, and it was peace of mind where they got the phone call in the middle of the night that the house had burnt down. Right. Yeah. Knowing that they had the right type of coverage, it was like, Hey, this not the bed. They could go back to sleep knowing that things would be ok, but those who didn’t know that they had the right type of coverage or didn’t get the right type of coverage.

Wow. Talk about panic. Talk about, you know, sleepless, you know, not just one night. But next month is, is very, very tough. So what you’re talking about really, in my mind, boils down to that peace of mind, that as investors we wanna make sure that we’ve. You know what you are so right on so many fronts. I, I think that’s what we teach more than anything else, is how to get that peace of mind once, for instance, everybody needs, knows that they need an estate plan, but so many times we go, well, it, it’s not urgent right now.

It’s important, but it’s not urgent. So we put it off and we never want to look at our own. Possible demise. And so we always put it off, but that doesn’t mean it’s not important. And when you get that done and you’ve signed the document, here’s my trust, everything is in it. I’m saving everything that I can save on taxes.

I’ve separated this business from that business. There is a tremendous piece of mind that comes. We, we, Okay, we’re getting ready for the Super Bowl next. Little Super Bowl analogy, if you, if we spend so much time teaching offense, offense, offense, offense. What we do better than anyone else, I think is we teach defensive strategies.

What happens if you are the one in 4,000? We’re not trying to scare anybody. There’s no scare tactics, but I’ve only got one rental property, but I happen to be the one in 4,000. That sucks for me. I don’t care what the other numbers are. That sucks for me. And so once that’s set up and, and we’ve got asset protection strategies and tax reduction, everything is tied into an estate plan.

Steve, you’re absolutely right. There’s a, there’s a peace of mind that I can’t describe that comes over our students when they. Foot in place, and they go and, and it’s, it’s never fully done. As you add assets, we’re gonna tweak this as, as kids do stupid things. We’re gonna tweak that, uh, as divorce happens or we’re gonna tweak it.

It’s ever changing. That’s why it’s revocable, amendable, changeable. But once you understand the basics, you’ll go into your accountant, attorney and ask really, really good questions. Anyway, my thoughts. That. No, that’s great. I appreciate that, Dawn. So here’s, here’s kind of the last question that, that I think would be really good for our people to hear.

I guess it’s kind of a two part question. The first part is, if somebody’s listening to this and they’re going, Okay, I know I’ve heard about LLCs, I know I’ve heard about trusts, I know I’ve heard about, um, estate plans. I know I’ve heard these terms. I know I’ve heard about liability. I. But let’s say they don’t have a really concrete understanding of all of it.

Where, what’s the be, Where’s the best place for them to start? Where should they begin? And, and then the second part of, of that question kind of married in is will they be able to learn that if they come to your event, which by the way is free, if I’m not mistaken. For your students. It is. Yes. That’s awesome.

We’ve made that arrangement with you and we appreciate you your time on this. But yes, for your students, it’s normally $995 to attend the workshop, and we’ve charged that to a multiple number of people, but. We want your students, I, if they’re going to do real estate, we want them to understand the tax and legal side.

And Steve and Kevin, that’s exactly what you want as well. And, and that’s, you know, that’s what we’re looking. So the first day of the class, we’re gonna teach real estate and we’re gonna talk asset protection, limited partnerships, LLCs, the second day we’re gonna talk, talk a lot of corporation and maybe it a lot of tax tips is really what it is.

And, and we talk estate planning. And the third day is really when we take, we teach a lot of case studies and this is where we take all the pieces and we kind of put them together and very, very simple diagrams. Okay? I know I need a corporation to save me money on taxes. I know I, I might need a, I don’t, whatever you.

Pieces we need, and then we start putting them together and we, we ask the students, Okay, should this be a C corporate and S corp? And the students go, C Corp. Why? Because I, whatever. And should this be a Wyoming or should this be an Alabama llc? And they go, Ah, Alabama. Clearly the assets in there. And so when, when, when you get done with those case studies, most of our students walk away going, Oh my gosh.

I get it. And attorneys who have attended that go, Nobody ever taught us this in law school. We had a semester on contracts. We had a semester on litigation. We had a, But nobody at the end ever tied it together. We teach in a format that, The average business person, the average person in America can understand it, and, and the attorneys that do attend and get CE credit or whatever they, whether they do or not, I don’t care.

They get it. The, this is what we do is we simplify the tax code, we simplify it, not Our goal is not to make you junior attorneys go out and save the world, but if you understand your situ, Better than you did, and you can now save money on taxes because I didn’t know I could deduct that with the right legal structure.

Maybe you can. This is what we do. So yes, I believe very, very much in what we do, Kevin, and I appreciate you asking that. But yeah, Well, you know, thank you so much, Don. Thank you for joining us today. Guys, if you’re listening, here’s the deal. This could be a very complicated world. There’s a lot to consider.

What Don and his company and the, the event that you can attend for free is about, is helping you understand it, simplifying these concepts, then making sure that you are prepared to move forward. Don, thank you so much for coming on today and for being able to share some of this. We’re gonna have to have you back so that we can really kind of.

Dive deep into, uh, into some of these other topics. But guys, go to dfy dash real estate.com/protect wealth, and when you’re there, you’re gonna be able to, to register for the event, which is if you’re a replace your income listener. If you’re a done for your real estate client, the event is free for you, which is amazing.

I’m telling you, it is so world, I can’t even, I don’t even know how to adequately articulate how, what level of world. Ness. I’m making up words. It is . It is really, it’s world class. My vocabulary isn’t, let’s put it that way. Um, it is really, truly amazing. And, uh, and you guys are incredible. Don, thank you so much for coming on and being with us.

And Don, I wanna give you the last word. If you could leave us with one big tip, one thing that the listeners need to hear as we conclude this episode, what would that. Do it, whatever it takes. Again, going back to what Steve said, uh, there’s a peace of mind that comes from having your, I’ve heard so many horror stories in 21 years of people who have lost things of states that are so screwed up.

My wife’s family had a multi billion dollar estate that was lost in 19 years of probate and fighting and, and there’s no reason to leave your kids in a mess. You have to take action and there are things that are urgent. I know your desk is full of things that need to be done, but there’s nothing more important than looking at the tax code under this new current administration filing.

What? Let, let’s just look at it and do some planning. There are some simple things that we can help you do, um, but you have to do it and you have to take action. And Kevin, Steve, thank you for your time. We love your students. We love what you do. We love the integrity, the optimism, the enthusiasm you bring to, to investing.

I hope your, your students are taking great advantage of everything that you do. Thanks for the time on stage. Uh, thank you so much, Don. Steve, any last words before we sign off? Uh, not many today, just other than I agree with Don. A hundred percent. It’s all about taking action. Action. It’s about, you know, stepping forward and I’ll just end this 21 has great opportunities ahead of us, and one of the first things that we ought to, you know, take a look at is, is our exposure in everything that we’re doing.

And Don’s group, uh, is fantastic at helping you do just. That’s right. Yeah. Thank you so much, Steve. Thank you so much, Dawn. So guys, go to d fy dash real estate.com/protect wealth. And uh, like Don mentioned, it will be free for you to register for this incredible three day event. And Don talked a little bit about what’s gonna be covered there.

Uh, I, I love the tagline. What was the tagline again, John? A Lifetime to accumulate Three days To what? Protect. For three days to protect. So a lifetime to accumulate, three days to protect you, owe it to you, your loved ones. Uh, to take this time and to take these days and do this, I think it’s so critical.

Um, by the way, I’m registered, I will be there. I am so excited to learn and, and to gather more information I need. So I need to learn so much more than I know. Uh, so thank you so much everybody. We. Thank you to replace your income listeners. By the way, if you’re enjoying the podcast, please go on Apple iTunes and rate and review.

It helps us a ton and we appreciate it more than anything. Uh, make sure you say something nice about Steve. It really boosts ego, um, and he needs that. And so make sure you go on rate and review. And we will see you next week. Thanks for who you are. Thanks for all you do and uh, we’re signing off for now.

See ya. Take care. Thanks so much for listening to Replace Your Income with Kevin and Steve. Do you want to connect with us and other income replacement rangers out to obliterate the status quo and experience real retirement with income replacement through real estate type done for you Real Estate USA in your Facebook search bar?

And make sure to like our company’s page, send us a message while you’re there. And I’ll send you a personal hello and make sure you are on our weekly property scouting emails where you can view weekly deals right in your inbox. Until then, thanks so much for joining us on Replace Your Income and just remember income replacement for you and your family may only be one property away.

See you next week.