Like locking the door before you leave your house, you need to protect your investments too. There are unexpected expenses, thieves, frivolous lawsuits and more.
Preston Wilson, a probate, bankruptcy, asset protection, estate and trust attorney talks about ways you can use a trust or business structure to put a wall of protection on your assets. We talk about insurance and how to structure your mortgage for more security.
Host: Jo Garner, licensed mortgage officer NMLS 757308 (901) 482-0354 #MortgageExpert #memphismortgage
Co-host: Preston Wilson, Attorney preston@prestonwilsonlaw.com #assetprotection
Featuring: Genell Holloway of Eagle Hollow Enterprises (901) 653-5323 #insurancebenefits
Subscribe to get weekly Real Estate Mortgage Shoppe podcasts with show notes at www.JoGarner.com
LET’S GET STARTED…(Jo) (Good morning, Memphis! Welcome to our internet listeners and podcast listeners across the 50 states! . You’re on Real Estate Mortgage Shoppe. I’m your host, Jo Garner, Mortgage Loan Originator. You can connect with me at www.JoGarner.com. Our general topic PROTECT YOUR ASSETS-TRUST, BUSINESS STRUCTURES & POSITIONING ON YOUR MORTGAGE Today is June 1st, 2024 Call us in the studio while we are live at 901 535-9732
INTRODUCING Preston Wilson, Probate, Bankruptcy. Asset Protection and Trusts Attorney
(Jo) Attorney Preston Wilson is back in the Real Estate Mortgage Shoppe studio to give us some tips on how to protect our assets Preston, you have helped some of our listeners on legal matters. You did a great job for them and I know you can help some of our listeners today. You are a Probate, Bankruptcy, Asset Protection, Trust and Estate Attorney. . (Preston Wilson has about a minute and a half to intro himself and services he offers)
(Jo) Dave Ramsey says, “You must gain control over your money or the lack of it will forever control you.” Like locking the door before you leave your house, you need to protect your investments too. There are unexpected expenses, thieves, frivolous lawsuits and more.
Small dry cleaners was sued for 54 million dollars for losing a pair of pants
In 2005 a family who owned a dry cleaning business accidentally misplaced a pair of pants belonging to a judge in the court system. The family found the pants a few days later and promptly returned them to the judge. Nevertheless, the judge decided to try to destroy this hard-working family by suing them for $54 million dollars for his inconvenience and supposed “emotional distress.”
This is one on of many stories of audacious frivolous lawsuits brought against innocent, hard-working, tax-paying people. Although this case was an over-the-top frivolous lawsuit, there are trolls and greedy plaintiffs who try to devastate defendants who have not bullet-proofed their assets.
Rilee and Ruth -Legal Curtains to Protect Their Real Estate Investments
Rilee and Ruth had worked hard for decades earning money, buying real estate investment properties and getting the mortgages paid off. As they got closer to retirement, they realized they were one lawsuit or one disaster away from losing everything they had worked to live on during their sunset years.
Year after year, Rilee and Ruth avoided the conversation about their financial vulnerabilities. It was scary and disrupted their peace and happiness with life. They considered putting their properties into a self-directed IRA like some of their friends had done, but Rilee and Ruth knew they would not work well with the rigid rules and penalties if they broke these rules.
More time went by. One night they were with some other friends from their real estate investor network. These friends shared with Rilee and Ruth about how they put each of their real estate investment properties into a separate Limited Liability Corporation. Some of their properties they put in a trust .
Rilee and Ruth got with an attorney and transferred their real estate our of their personal names and into separate entities inside LLCs. Even though their advisor warned them that putting the properties into separate business structures would not completely protect them, it would sure be better than keeping the properties in their own name.
To secure themselves with even more peace of mind, they ask their insurance agent to make sure they had a large enough umbrella policy to protect their income-producing assets.
I got a call from Rilee and Ruth one day. They were so proud of protecting their properties in these legal entities. But, how were they going to borrower money on these rental properties when they needed funds to invest somewhere else? The traditional qualified mortgage only loans to a borrower who is a natural person or a revocable trust.
Good thinking on their part. I showed Rilee and Ruth a mortgage program for real estate investors that would loan to the LLC or Trust. This was how they were able to borrow enough money secured on their existing rental properties to buy and renovate an additional income-producing rental property.
Whatever your challenge is, there IS A SOLUTION. Check with your financial and legal advisors. What is working for other people who are in a similar situation as you are?
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(Jo) Preston Wilson, you are a probate, bankruptcy, asset, trust and estate attorney. (Preston has until 9:15 AM to start into his topics to be continued after break) Preston Wilson, attorney, talks about the Series LLC that you can use to protect your assets. If you own multiple properties you can put each property in a separate compartment of the Series LLC. You only have to pay one LLC fee and yet you can put a curtain of protection over each property separately in compartments within the LLC.
Putting your assets in a trust can protect them and allow your trustees to maintain and take care of your investments, even when you are unable to do it.
OUTRO: You’re on Real Estate Mortgage Shoppe. I’m your host, Jo Garner, Mortgage Loan Originator. What do YOU want to accomplish with YOUR mortgage? I can make the mortgage process EASY for you with the right mortgage. Connect with me at JoGarner.com When we come back, we will be hearing more from Attorney Preston Wilson at Preston@PrestonWilsonLaw.com and Genell Holloway of Eagle Hollow Enterprises.
2ND SEGMENT 13 MINUTES
LET’S TALK SHOP—TALK SHOPPE’S BUSINESS TIP FOR REAL ESTATE PROS:
2nd segment after 9:15 advertising break – (producer to start the song “Taking Care of Business” by Bachman Turner Overdrive –but bring the volume down on queue) It’s time to talk shop with Talk Shoppe’s Business Tip For Real Estate Professionals. Talk Shoppe is a marketing company offering free education and networking to anyone interested in real estate or in business. Talk Shoppe is made possible by the financial support of its sponsors and advertisers. For more about Talk Shoppe, go to www.TalkShoppe.com (shoppe) For our Talk Shoppe Business Tip today we have Talk Shoppe sponsor, Genell Holloway of Eagle Hollow Enterprises . Genell has helped so many people make good decisions about getting affordable health benefits. Genell, you know of special programs to help our self-employed business people and people needing medicare benefits. . Genell, What is our Talk Shoppe Business Tip for Real Estate Professionals today? Has about 1 minute or so to share a tip (Jo says, “Thanks, Genell. How do we contact you?
(901) 270-1127
2/3 of all bankruptcies are caused by medical bills. 78% of those cases had medical insurance. Just the wrong plan…..There are good options available but you need to work with an ethical broker who can help ensure you are properly covered. I’ll be glad to help. Call me today at 901.270.1127.
There’s one important tidbit you need to know….and that’s the difference between an agent and a broker. Usually, an agent represents only one company and can only offer that company’s products. A broker is usually appointed with multiple carriers and can help you find the best product for your needs across most of the carriers.
2nd segment 9:18 am – 9:30 am
TOPICS COVERED BY ATTORNEY, PRESTON WILSON
Asset Protection Bullet Points
Jo,
Here are some bullet points on the topic of Asset Protection
Tools for Asset Protection:
Business Related – Insurance is First Line of Defense
Protection against External Liability:
Corporations
Limited Liability Companies (LLC’s) Any business which owns and operates motor vehicles should operate thru a corporation or LLC
Estate Planning Related – Trusts
Created by Trustmaker for another (beneficiary):
i.e., spouse, child; includes a “Spendthrift Clause”
– Protects against Beneficiary’s creditors
Trust created by Trustmaker for him/herself, Tennessee Asset Protection Trust
Protects Trustmaker’s assets from his/her own creditors
Requires a Tennessee Trustee- Trustmaker can manage investments, distributions
9:35AM
CALLER:
Troy and Lynn McDonald of Erin McDonald Insurance Agency called in and shared the importance of having adequate liability insurance on your home and car. Umbrella policies and shelter your assets in a storm also.
Check with your agent to make sure you have more than adequate liability insurance coverage and an umbrella policy
901-849-7101
3rd SEGMENT 9:35 AM-9:45AM)
TOPICS COVERED BY JO GARNER, LICENSED MORTGAGE OFFICER
Completely Debt-Free In Less Than Ten Years-The Myers’ story
For more than 25 years I have had the privilege of listening to hundreds of my clients’ desires and their challenges. They have given me to joy of seeing them get to the mountaintop—whatever it was for them. They invited me to be on their team as their lender for life. I got to help them explore the best way to pay off their mortgage and emerge debt-free. These clients had a basic design on how they wanted to trek through life. A few years later, when they came back to finance a new home, I could see their progress on getting closer to the rewards of their journey. What an inspiration!
Mitchell and Makaila Myers (not their real names)were in their late 30’s. They told me up front, when they got their mortgage to buy a house, that they wanted to pay it off early and be completely debt-free in less than 10 years. Their design for life within 10 wanted to work.
They came in with their plan and their budget. When they bought their home three years ago, they got a mortgage for more than a 10 year term so that they would not be stressed having to make a large payment every single month. However, before they went to closing, they ask me to print off an amortization schedule for a 10 year term so they could pay as much as they could toward getting rid of the mortgage in less than 10 years. Recently they contacted me, asking for a shorter term amortization schedule. The Myers still had their plan and the design to get debt-free and they were getting closer.
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What do you see some of your customers do to prepare financially for the unexpected?
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The clients I have gotten to know over the years who plan ahead for the unexpected have gotten with an attorney and put their estates in a trust or other arrangement so that their loved ones are spared unnecessary time and expense in getting the assets they inherit. Check with your certified financial advisor and your attorney for advice on your specific situation.
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Here’s something else I see homeowners do often. Structuring their mortgage on a longer term like 30 years even though they prepay enough each month to get the mortgage paid off in less than 15 years. In an emergency they are only required to pay the much lower payment so they have the option to go back to a lower payment and still keep their mortgage paid on time and the credit in tip top shape.
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My father was an insurance agent. I grew up hearing him talk about “you can never have too much insurance. Better to have too much insurance than not enough.”
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If you are just now buying a home, here’s some advice Make sure the monthly house payment is personally comfortable for you to pay. Even if you have to eliminate or rearrange other debts Some online financial gurus suggest that your monthly house note including taxes and insurance not exceed 25 to 33% of your gross income. Your new monthly house note and other monthly debt should not exceed 43% of your gross income.
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Always keep a healthy emergency fund handy
What do YOU want to accomplish with your mortgage? I can make the mortgage process EASY. Let’s test drive a couple of different mortgage programs so you can decide which one will serve you best for your journey. Connect with me at www.JoGarner.com
4th segment following 9:45 am break about 9:48 to 9:56 am
REAL ESTATE TIP OF THE WEEK Genell Holloway has about a minute to share a tip: Are you worried about how you’re going to be prepared for those golden years? Many of those needing long term care are between 40 and 60 years old because of an accident. There are things you can do to protect yourself from financial risk in the midst of a health crisis. But, you must purchase these products before you need them. Call me today to see what makes sense for you and your situation. 901.270.1127
Preston Wilson has about a minute to share a tip: Don’t wait too late to put your assets in a trust or other entity You can save a lot of money and head aches by consulting with your financial advisor and protecting your assets.
Jo Garner’s mortgage tip: Mortgages do not come in a “one size fits all.” Connect with me and let’s explore the best terms that will profit you the most now and over the next few years.
Connect with me, Jo Garner,licensed Mortgage Loan Oifficer, at JoGarner.com (901) 482-0354.
ANNOUNCEMENTS:
Talk Shoppe equips with education, engages by offering connection opportunities between business people and empowers businesses in a supportive community. Talk Shoppe meets every Wednesday 9A-10A CT at Concorde Career College 5100 Poplar Ave 1st floor Memphis, TN (Clark Tower).
Go to www.TalkShoppe.com and click the Events tab for the link to get into the event online. This Wednesday June 5th, , 2024 9AM CT
“The Blue Oval—Bringing Business to the Mid-South” Don Lowry.
Talk Shoppe is free to you because of the generosity of our sponsors
Like retired US Navy Line Commander, Peggy Lau. Peggy Lau can help you earn bargain deals on lotions and potions, beaches and oceans. Make some wonderful memories with those you love on first-class vacations at a bargain price Contact Peggy Lau at 901 289-0747
3. Thank you also to Talk Shoppe sponsors Ben Hunter and Manny Corless of Independent Planning Group, for your generosity and support of our business community. Ben Hunter 901 831-0051 and Manny Corless mcorless@iplanninggroup.com
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5. Real Estate Mortgage Shoppe reminds you to MAKE YOUR PLAN. LET’S WORK YOUR PLAN. IF THE DEAL WORKS FOR YOU TODAY, DO IT TODAY.
SPECIAL NOTE: REAL ESTATE MORTGAGE SHOPPE RECOMMENDS THAT YOU CONSULT WITH A FINANCIAL, LEGAL OR OTHER CERTIFIED, LICENSED PROFESSIONAL BEFORE ACTING OR INVESTING ON ANYTHING YOU HEAR OR SEE FROM THE CONTENT ON THIS SHOW OR BLOG POSTS. THE INFORMATION WE SHARE ON REAL ESTATE MORTGAGE SHOPPE IS GENERAL IN NATURE MEANT FOR GENERAL EDUCATIONAL PURPOSES ONLY. ALL EXAMPLES GIVEN FOR ILLUSTRATION PURPOSES ON REAL ESTATE MORTGAGE SHOPPE AND ARE BASED ON TRUE STORIES BUT WE USE FICTIONAL CHARACTERS AND DO NOT DIRECTLY REFLECT REAL PEOPLE OR EXACT DETAILS IN ANY OF THE SITUATIONS.
QUOTE CORNER:
“Never spend money before you have earned it.” Anonymous
“Money is only a tool. It will take you wherever you wish, but it will not replace you as the driver.” Ayn Rand
REJOINDERS:
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Pat Goldstein, Realtor with Crye-Leike in West TN and North MS 901 606-2000
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Ed Hill of Masters Roofing “A roof like none other” 901 273-6594
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Rob Draughon and Shelley Rothman of GCEM Law Firm 901 752-1133
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Transitional Music: “
“Safety Dance” Men Without Hats; “My Last Dollar” Deacon Jones ; “Safe and Sound” One Republic; “Taking Care of Business” by Bachman Turner Overdrive for the Talk Shoppe Business Tip for Real Estate Pros
PICK UP YOUR COPY OF “CHOOSING THE BEST MORTGAGE-THE QUICKEST WAY TO THE LIFE YOU WANT” by: JO GARNER
An essential guide for real estate professionals and their customers.
Now on Amazon and Barnes and Noble
ABOUT PRESTON WILSON, ATTORNEY WITH PRESTON WILSON LAW FIRM
Proudly Born and Raised in Memphis, TN
Experience matters, especially when it comes to practicing law. I’m a true Memphian, born and raised within the community that I now continue to serve, practicing law since 1978. My passion for providing my clients with a great experience is as deep as my roots.
Why Go With Preston?
His passion for people makes a big difference…
With well over 35 years of experience serving the Memphis community, Preston combines his vast legal knowledge with a genuine commitment to your well-being. He’s not here just to offer advice; he’s here to provide understanding, clarity, and peace of mind. Preston is a trusted partner on your journey through life’s legal intricacies.
Whether you’re planning your estate, navigating probate, considering bankruptcy, or seeking counsel on business matters, Preston’s expertise is your compass.
What truly sets Preston apart is his down-to-earth approach and deep roots in Memphis. He’s not just your attorney; he’s your neighbor, your friend, and a pillar of the community. With Preston by your side, you’re not just a case; you’re a person with unique needs and dreams, deserving of personalized attention and unwavering support.
RESUME
P. PRESTON WILSON, JR. Wampler, Carroll, Wilson and Sanderson, PC
208 Adams Avenue
Memphis, Tennessee 38103
901/523-1844
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EXPERIENCE: Practicing attorney in Memphis, Tennessee, for 45 years.
Practice has primarily been business oriented, focused on commercial law and litigation; bankruptcy; probate, estates and estate planning; and business organizations and asset protection.
Chapter 7 Bankruptcy Panel Trustee from1991to 2007; extensive experience in all aspects of bankruptcy and commercial law, representing both creditors and debtors.
Additional experience includes criminal law matters in state and federal courts, appeals in state and federal courts, and military law.
PROFESSIONAL: Wampler, Carroll, Wilson & Sanderson 2019-present
McNabb, Bragorgos, Burgess & Sorin 2015-2019
Gotten, Wilson, Savory & Beard 1995-2015
Evans & Petree 1982-1995
Merrill, Gilliland, Wilson & Russell 1979-1982
Solo Practitioner 1978-1979
U.S. Army JAG Corps 1974-1977
MEMBERSHIPS: Memphis Bar Association
Board of Directors, three terms
Small Firms Section, Chair two terms
Bankruptcy Section
Business Law Section
Estate Planning and Probate Section
Tennessee Bar Association
Business Law Section
Estate Planning and Probate Section
Mississippi Bar Association
Business Law Section
Estate Planning and Probate Section
National Network of Estate Planning Attorneys
Mid-South Estate Planning Forum, President, two terms
Memphis Estate Planning Council
ORGANIZATIONS: Grace-St. Luke’s Episcopal Church, Vestry three terms; Boy Scout Troop 34, Troop Committee Chairman three years; Visiting Nurses Association, Board of Directors eight years, president three years.
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EDUCATION: J.D. University of Mississippi, 1974 B.A. Vanderbilt University, 1971
ADMISSIONS TO Tennessee Supreme Court
PRACTICE: Mississippi Supreme Court
5th U.S. Circuit Court of Appeals
6th U.S. Circuit Court of Appeals
11th U.S. Circuit Court of Appeals
U.S. District Court, Western District of Tennessee
U.S. District Court, Northern District of Mississippi
ABOUT JO GARNER-MORTGAGE LOAN OFFICER:
WHAT DO YOU WANT TO ACCOMPLISH WITH YOUR MORTGAGE?
www.JoGarner.com (901) 482 0354 jo@jogarner.com twitter @jogarner NMLS# 757308
(currently working with Everitt Financial dba Supreme Lending)
ONLINE LOAN APPLICATION : https://jogarner.supremelendingLO.com
“Whatever YOUR personal priorities are, my job is to help you get the mortgage terms that will give you bragging rights when you talk about it and help you score on hitting your goals .”
As a mortgage loan officer, my job is to help you get to the benefits you want from your financing terms. What is most important to you? I can help you find the financing terms that will help you get to what you want. What is your comfort level on a house payment? How much are you comfortable paying down,? What type of financing do you need to get the house you want to buy or refinance?
Different clients have different priorities in life—some are buying their first home with very little down payment funds. Some are recovering from medical challenges, divorces or preparing to send children to college and some are embarking on a long term goal of buying properties to build rental income.”
Jo Garner is a mortgage officer with extensive knowledge in helping her clients find the right mortgage program and making the refinance or home purchase mortgage process EASY. She offers conventional, FHA, VA or other loan programs for primary residences, second homes and investment properties.
Jo can help you look at rent vs buy, when it makes sense to refinance, how to get the best deal on your home purchase financing.
Jo Garner has been in the real estate/financing business for over 30 years. She grew up in West Tennessee and got her start in real estate in Portland, Maine where she first began her real estate career. She received her real estate education from the University of Southern Maine and was personally mentored in San Diego, California by Robert G. Allen, author of Nothing Down, Creating Wealth and The Challenge.
On moving back to West Tennessee in 1987, she went into business buying and selling discounted owner-financed notes secured on real estate. In 1990 Jo went to work for a residential mortgage company and has been a mortgage loan officer for over 30 years.
In addition to her work in the mortgage field, Jo Garner is the primary sponsor and founder of Talk Shoppe in Memphis. www.TalkShoppe.com Jo Garner also host the radio show Real Estate Mortgage Shoppe airing on News Radio AM 600 WREC and iHeart Radio with podcasts and show notes published on www.JoGarner.com Pick up Jo Garner’s book on Amazon or Barnes
Noble “Choosing the Best Mortgage-The Quickest Way to the Life You Want”