Asset protection is a crucial part of growing your wealth, yet it is often overlooked by entrepreneurs. Today’s guest, Wayne Patton is an asset protection attorney, and he is here to share his expertise with us. In this episode, Wayne explains how he approaches asset protection for his clients, and then how he helps them mitigate risk. We also hear about some of the key changes that the pandemic has brought to the space. Not only are more people thinking about the importance of asset protection, but it has also given them the time to put the right plans in place. As Wayne highlights, protecting your assets requires a proactive approach, and it cannot be done as a reactionary measure when a business is in trouble. Asset protection must be an integral part of an overall scaling strategy. Along with this, Wayne also sheds light on why operators should protect themselves, how limited partners can look after their assets, and separating personal and business assets to ensure maximum protection. To hear more about this key piece of your syndication business from a seasoned expert, join us today!
Key Points From This Episode:
- Wayne’s background and the work he currently does in asset protection planning.
- How asset protection plans work to stack the deck to favor settlements.
- Some of the changes that have happened in the asset protection space due to COVID-19.
- The importance of being proactive with asset protection planning and an example of Wayne’s client’s success.
- Important things that operators should know about protection from liability.
- Why the best asset protection plans are the long-running ones according to Wayne.
- How limited partners benefit from the operator’s asset protection.
- The types of protection anyone who uses leverage can utilize.
- That separating your personal and business lines of credit is crucial.
- Asset protection needs to be part of the strategy of growing your business.
- Final Four Question with Wayne: The tools that he can’t do without, his biggest mistake people make in real estate investing, and more!
“I have one area of focus and that is asset protection planning. What that means is I dig really deep into individual situations. I try to identify or help clients identify risks that they have that they face and that they might not have any idea that they have that they face. And then we figure out ways to mitigate that.” — Wayne Patton [0:01:48]
“If you’re thinking about this last minute, post hoc, after the fact, after the pandemic hits, you’re in a really bad situation because the poker chips are already on the table and you can’t pull them off once your cards have been dealt.” — Wayne Patton [0:06:24]
“The worst thing you can do is have your business lines of credit at the same place where you have your home mortgage and all of your bank accounts because the banks will just go berserk in terms of taking your assets if your business line isn’t current. I have seen it happen a number of times.” — Wayne Patton [0:19:17]
“Surround yourself with a great team of people, including an asset protection attorney.” — Wayne Patton [0:26:22]
Links Mentioned in Today’s Episode: