{"id":292,"date":"2017-07-11T11:48:55","date_gmt":"2017-07-11T11:48:55","guid":{"rendered":"http:\/\/barthattorneys.com\/?p=292"},"modified":"2017-08-24T18:02:07","modified_gmt":"2017-08-24T18:02:07","slug":"mark-cuban-massage-your-assets","status":"publish","type":"post","link":"https:\/\/barthattorneys.com\/mark-cuban-massage-your-assets\/","title":{"rendered":"Mark Cuban Massage Your-Assets"},"content":{"rendered":"

I just returned from Vegas and they say “what happens in Vegas stays in Vegas.”<\/p>\n

But I am going to spill the beans on my trip because it was so epic!<\/p>\n

And I have a new short video below which is really helpful & hope you can check it out.<\/p>\n

This is Paul and thank you for taking a quick minute to check out my planning blog for professionals. We are a top speaker on asset protection and estate planning to many incredible groups including:<\/p>\n

Vistage, Women Presidents’ Organization, Keller Williams, Marin Association of Realtors, East Bay Rental Housing Association,Tiger 21, Young Presidents’ Organization, California Apartment Association, Beverly Hills Realtor Association, Denny’s Franchisee Association and many more. <\/b><\/p>\n

Picture this…<\/p>\n

Vegas, the Venetian, gondolas, slot machines, massive conference room, massive audience.<\/p>\n

Here’s the actual photo I sent to my kids, couldn’t resist.<\/p>\n

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What this all adds up to is that the founder of our firm Harry Barth was invited to speak to an incredible group of business advisors from all across the country on asset protection planning.<\/p>\n

This was a recognition trip for the advisors so the room was packed with really sharp people.<\/p>\n

And Harry blew them away.<\/b><\/p>\n

The reason these advisors could not get enough of Harry’s info is because asset protection is often a misunderstood area of planning. And once Harry swings open the door of understanding, the world of asset protection is eye-opening.<\/p>\n

Even these tip top advisors fell off their chairs once Harry laid it all out there.<\/p>\n

So this motivated me to want to briefly explain what exactly asset protection is all about. Here you go…<\/p>\n

First off, you probably think asset protection is just for people like this…<\/p>\n

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Because they have a lot of assets to protect.<\/p>\n

Well, you are right. Mark Cuban does have a lot of assets to protect. But asset protection is not only for really wealthy families.<\/p>\n

Asset protection is about organizing your affairs and assets in order to guard them from one of life’s curve balls.<\/p>\n

No matter how much you are worth. <\/b><\/p>\n

Let me give you a real life example that came up at our Vegas extravaganza…<\/p>\n

One of the advisors in attendance has a husband and wife client who own two rental income properties. The rental properties are both single family homes.<\/p>\n

One of the renters is a physical therapist who has an office in an industrial area where she sees clients.<\/p>\n

On occasion the therapist treats clients at the rental property.<\/p>\n

Oh no):<\/b><\/p>\n

A client of the therapist was injured on the rental property related to construction work that was going on. The injured client sued and things got ugly for the owner.<\/p>\n

The rental property was not zoned for commercial use so the owner had a residential insurance policy. Since the injury came about from a commercial use scenario, there was no insurance coverage for business activities.<\/p>\n

The lawsuit became a personal liability to the owner of the property.<\/b><\/p>\n

As my friend John the insurance man tells me,<\/p>\n

“a tenant is a liability you have no control over.”<\/p>\n

Meaning, you have to protect yourself if you own rental income property (or a business for that matter).<\/p>\n

The owner in this example really got hurt financially and emotionally. Either the therapist should never have been allowed to see clients at the property or the right insurance should have been in place.<\/p>\n

The unpredictability of life is pretty amazing. Unforeseen events occur all the time that impact people everywhere.<\/p>\n

If you are not ready for them, these Black Swan events can wreak havoc.<\/p>\n

When it comes to asset protection planning, these are just a few of the more common bugaboos that proper planning can deal with:<\/p>\n