Leaving a Legacy by Protecting Your Assets with Brian Chou

Brian Y. Chou is an Associate Attorney at the firm of BarthCalderon, LLP and his practice focuses on asset protection, estate planning, and business succession planning. Mr. Chou assists clients in all stages of life, from the young professional couple that is concerned about estate planning for their minor children, to the wealthy real estate investor who wants to insulate himself and his properties from lawsuits, to the successful business owner who is agonizing about how to transition his company to the next generation. Mr. Chou understands that coming to grips with an impending lawsuit and confronting one’s mortality is typically not high on most clients’ list of things to do and his goal is to make the planning as accessible, digestible and (dare we say it?) enjoyable as possible. Mr. Chou seeks to build lifelong relationships with his clients to ensure that as their personal lives and legal situations evolve, their planning continues to accurately reflect their wishes.

 

[00:01 - 04:33] Opening Segment

Get to know Brian Chou
What does Brian do?

 

[04:34 - 15:39] Leaving a Legacy by Protecting Your Assets

Brian talks about pushing to alter estate taxesThe Estate Tax
How much does your loved ones have to pay when you’ve passed?

The Value of Your Property versus The Value of Your Equity
How to Process Your Taxable Estates Before You Pass
What you need to know about retirement accounts and taxes
How to Protect Ourselves by Transferring AssetsUtilize your revocable trusts

 

[15:40 - 26:57]  Revocable and Irrevocable Trusts

Irrevocable TrustsThree reasons why people don’t like probate

The problem with revocable trusts
Changing revocable trusts
When should you start protecting your assets?

 

[26:58 - 35:50] Closing Segment

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What is the best investment you've ever made other than your education?Rental properties right after recession

Brian’s worst investmentOil and gas investment

What is the most important lesson that you've learned in business and investing?“The more you give, the more you get.”

Connect with my guest. See the links below.

 

Tweetable Quotes:

“For state tax purposes, the one good thing is it's your net worth, not your [the] gross value of your assets.” - Brian Chou

“In a very broad sense, transferring assets now is a great way to reduce your estate tax bill.” - Brian Chou

“A revocable trust doesn't create any asset protection benefit for you.” - Brian Chou

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Connect with Brian Chou through [email protected] and LinkedIn.  

 

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