Episode 57. There’s No Such Thing as Retroactive Asset Protection | bonniegalam.com

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Episode 57. There’s No Such Thing as Retroactive Asset Protection

July 18, 2022

If you’ve ever thought, “I’ll worry about the legal stuff once I get bigger”… I want you to pull the podcast emergency break and tune in to this episode.

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In this episode, you’ll hear:

  • 01:32 – Why more properties don’t mean more risk
  • 01:32 – The reasons why asset protection doesn’t work retroactively
  • 05:11 – Why legal can actually be MORE expensive down the line 

If you’d like a shoutout (and a chance to win a $20 Home Depot gift card), just leave a review on Apple Podcasts and send a screenshot of it to me on Instagram via DMs!


Why more properties don’t mean more risk

Just because you have less to lose doesn’t mean you can’t lose. Small doesn’t mean less risk. Larger is in some ways easier because you have the cushion, many smaller real estate investors are relying on every rent payment to come through

While statistically, that might be true because more properties mean more tenants, more contractors, and more land. It’s also not true because each property carries an amount of risk for all the same types of problems. There are not suddenly new or different types or more dangerous problems when you leapfrog from 1 property to 10 properties. The risks remain the same.


Why asset protection doesn’t work retroactively

Asset protection tools for real estate investors are only effective from the moment you put them in place but lawsuits are effective from the moment the incident happened, not when the lawsuit gets served. 

Think about it… You can’t put insurance in place today and have it cover something that happened yesterday. Even if you get sued for it in a year! Yea that’s right, the counting of time starts from the incident not when the lawsuit happens. 

That’s why it’s important to implement both offensive and defensive asset protection strategies in your business as soon as possible.


Why Asset Protection Can Actually be MORE Expensive Later

Legal should help you clean up your operations and increase your bottom line. It’s the easiest way to make more money in your business instantly.  When you put off the legal clean-up, you may have years of wasted money. 

The ideal situation is to title property how you intend to keep it from the get-go. Why? Well, you might end up paying thousands of dollars in transfer tax to move the properties into an entity later. Many states charge a transfer tax for these types of transfers. 


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Resources Discussed in This Episode

If you’re ready to legally grow and protect your portfolio today, save your seat in my free workshop so you can learn how to take the simple legal steps to protect the portfolio you’ve worked so hard to build. Click here to watch my free workshop so you can get protected right now!

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DISCLAIMER: Although Bonnie is an attorney she doesn’t give legal advice without a written and dually signed engagement agreement. All episodes of House of Horrors are educational and informational only. The information discussed here isn’t legal advice and isn’t intended to be. The information you listen to here isn’t a substitute for seeking legal advice from your own attorney 

© 2021-2022 Bonnie Galam LLC | All rights reserved | Any use of this intellectual property owned by Bonnie Galam LLC may not be used in connection with the sale or distribution of any content (free of paid, written or verbal), produce, and/or service by you without prior written consent from Bonnie Galam LLC

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I'm a real estate attorney, self-managing landlord, generational wealth evangelist, self-education obsessed course creator, automation avenger, book worm, Sixers fan, and momma to two tiny hummusapiens. 

I believe that time is the most valuable currency, but money is a close second. I fight against the bad rap landlords get while still pushing the industry to improve. 

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    This is not a law firm. Nothing on this site should be construed as legal advice. Bonnie does not provide you or your company legal advice. We simply provide legal information and education for you to customize and use on your own and have reviewed by your own local attorney. Bonnie is an attorney licensed in NJ and PA, but is not practicing law or establishing an attorney-client relationship with you, ever through Bonnie Galam LLC. Some states may consider this attorney advertising (although it isn't intended to be). Thank you!

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