Asset Protection for Real Estate Investors with Scott Smith

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Scott Smith is a real estate investor and asset protection attorney in Austin, Texas. He graduated from Albany Law School and began his career in high-stakes corporate litigation. He is the founder and CEO of Royal Legal Solutions, serving investors and companies across the US. With experience in entrepreneurship, starting several successful companies and owning real estate in 10 states, Scott will pull from his expertise as a lawyer to put a new and valuable perspective on business ownership.

Scott Smith – Fight or Flight

Scott graduated with a bachelor’s degree in Liberal Arts and was unsuccessful in securing a job right out of college.  As a result, Scott competed in the MMA for a couple of years. He then transitioned to real estate investing for 8 years and then did litigation work for 4 years.  Scott was now doing legal fighting; playing what he called “mental chess.”

“The mental side of fighting, that’s the part that is draining.  When you have the flight or fight response, your brain doesn’t really know that much of a difference between when I’m stepping inside a cage versus when I’m stepping inside a courtroom.  There’s still the same attack mentality ad defense mentality and the fight of flight is in there the whole time.” – Scott Smith

Final Transition

Scott then transitioned back to real estate investing after burning out and becoming fatigued.  It was a natural transition. He now helps others with asset protection which is a level of protection that if you’re sued you don’t need to worry about it.  His business he realized that most real estate investors and entrepreneurs have no idea how to use the law to insulate themselves.  Scott assist clients in tax saving strategies to help pay for everything that Royal Legal Solutions can provide.

Legal Strategy

The first legal question is regarding setting up an LLC.  Scott shares that most people have an idea for a business and they form an LLC.  He advises to keep it simple. Set up your LLC and then file S-Corporation with the IRS. You then become an employee of the S-Corporation.  Finally, you will need to file a separate tax return.

“You will save yourself over 15% on self-employment tax..” – Scott Smith

To hear more strategies for your business from Scott Smith, download this episode.

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Check out these links for Scott Smith:

• Website
• LinkedIn

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