Royal Legal Solutions Texas
Member since 2018 · 3 posts · 7 votes
I am a current client of Royal Legal Solutions out of Austin Texas. I am almost scared to ask this question, but here it goes. Has anyone had dealings with them and are they legit? I am starting to wonder. I am not receiving mail concerning my properties I have in a series LLC they formed for me. They are "working on the problem" so I am not going to say anything negative until I give them a fair chance to fix the problem so>>> stay tuned
My experience with Royal Legal has been lackluster. I signed on with them for estate planning for about $3500 paid upfront. I planned to feel them out before going full steam at around $10k.
I'll spare the details and just say that RLS titled my anonymous trust with my full legal name and my wife's full legal name. I've gone back and forth with them several times since Feb, and I still don't have a completed plan. I've also looped in @Scott Smith (who has yet to reply) and feel it is time to cut my losses and start over with another firm.
I could've gotten the same level of service and attention to detail for a 10th of the cost by going to legal zoom.
Honest opinion after using Royal Legal Solutions for the last 3+ years. I am not getting paid, or any perks to write my opinion on their services.
First of all I will say the average investor that is just getting into investing should not worry so much about asset protection, their goal should education and effort into their business. It can be expensive, and time consuming. Here is my order of protecting yourself.
1. Do the right thing (If you know you have a loose stair, fix it!)
2. Have the appropriate insurance plant.
3. Get an umbrella policy.
4. Have some debt/lien (don't confuse this with over leveraging.) Most attorneys won't mess with taking a house from you, paying fees, and auctioning it if the bank owns 60 percent. There is nothing left for them.
If you meet all these parameters, and have a chunk of wealth you would like to protect then a strong form of asset protection is in order.
After over analyzing and educating myself on many forms of asset protection I chose to go with the DST, and have Royal Legal set it up. There is more upfront costs in a DST, but the savings (especially to CA residents) can add up fast because there is no franchise filing fee. The DST is seen as a estate planning tool. The IRS sees the DST as nothing more than a pass thru entity, you just do your same schedule E.
Royal Legal does offer an additional service for 50 bucks a month. With this service they are willing to answer questions and offer phone advice. This is only 600 bucks a year to ask an attorney a question, that is cheap insurance.
What I don't like about the DST and Royal Legal-
1. They grew fast, and like people mentioned clients became a number. I actually told this to @Scott Smith a while back. He agreed and said he was working on it. I personally don't like calling and talking to an assistant in a remote location, who only takes a message. I have since created a relationship with one of the in-house attorneys at Royal Legal and go directly to her, she is great.
2. High upfront cost. You pay an upfront cost to have your DST created, and then an additional 500 dollars (give or take) to place each property within the structure.
3. Refinancing is a PAIN in the but. The banks look at the docs and have no idea who owns the property.
4. I have not personally been sued, so I cannot attest on the protection from a legal standpoint. I do believe this system has never been tested from litigation. I could be wrong. Perhaps this is a positive depending on how you look at it.
5. Nobody knows anything about the DST except for Royal Legal. My own attorneys, partners attorneys, CPAs, etc, all have no idea how a DST is used in this fashion.
What I really like about the DST and Royal Legal.
1. Asset protection without all the continual efforts of a corporation. It's relatively easy to maintain. You do need to track your funds and keep financial records (quickbooks, excel, etc.) I have been asking Scott to produce a one page PDF instruction page on proper maintenance of the DST.
2. Anonymity. I don't get all the junk letters. I said before the system hasn't been tested, perhaps this is why. My tenants cannot find out who I am.
3. Ease of taxes (added to your personal return)
4. Acquiring properties and obtaining initial financing. You buy in your own name, get financing, once complete move to the DST.
Overall, if I was to start over I would use Royal Legal again to build by DST. I think it's a solid strategy that offers ample benefits. Royal Legal has had growing pains but they are the premier firm on the DST no doubt about it. I hope this helps!
All of my statements are opinions and I am NOT an attorney or CPA, consult your own.
So do you recommend Royal Legal for asset protection if you have wealth of RE portfolio? Also why Royal Legal ? Also few of my investor friends mentioned that Insurance liability does include what they exclude from liability standpoint certain times if a contractor (who possibly may not have workers compensation or insurance if injured) then insurance will not cover that liability. So maybe having them under LLC is good enough and I had a consultation with Andersons Advisors where they advice to have Land trust on each RE portfolio ? Is that needed? Some attorneys support some disagree... who to trust and believe ??? :D
So glad I came here. I wont be doing the call that was just set up with RLS.
And in my experience Anderson Advisors is so not the place to go for asset protection. I ended up with 2 corporations & 6 LLC's that I now find every CPA and attorney I speak to saying "WOW" no need for all those. The upkeep to all is a nightmare and just not necessary.
Ive been with Nevada Corp Headquarters for a bit of time now. They do well as registered agents. They do partner with a company for bookkeeping, that I passed on after my interactions with them. But this is not NCH, it is a 3rd party company to them.
How I stumbled on RLS was looking for a Solo 401K provider. However, I am going to stick with Brian Eastman on BP for that. I will be contacting his company in the am.
Good Luck everyone,
Keith Boley
Roberta Eastman
@Keith Boley @Salim Bhuiyan
Yes, I would use them again, and recommend the DST.
I think it is the best method of asset protection for someone who holds a self owned portfolio, especially as a California resident.
Royal legal has had growing pains like I mentioned, but they are fair and the best at the DST used in this fashion.
Like I mentioned, once you form a relationship with one of their attorneys, you have a point of contact and not messing with their outsourced answering system.
For example, the Attorney I am in direct contact with at Royal Legal is extremely personable, knowledge, and timely. If she needs Scott's opinion on something she can bounce something off him as all.
Overall, I am pleased with Royal Legal Solutions, and the DST. It is far superior in my opinion then an LLC for my situation.
Mastering the integration of the tax, cpa and asset protection is key. I am unsure why firms, on both sides, do not work to find strategic partners. As a CPA, there is nothing worse than seeing a bad tax structure. From the legal perspective, there is nothing they hate to see more is a bad asset protection structure to save on taxes. The two must be integrated for the lowest tax exposure and maximum asset protection.
I am sooo glad I just read this post. I just scheduled a consultation and after reading this I will not hire them. I want someone I can talk to not just emails and the run around so thank you all for your responses!!!
I am currently RLS client and I do not recommend them:
- first about the consultation: I paid them and as advised this will be credited if I chose to use their service. After I paid them for the package, I mentioned to the lawyer who was on my case about this consultation fee, she did not bother to reply me. I tried to contact Edward- the sales guy listed on their website and he just told me because they gave me a discount, there is no credit for the the $149 fee that I paid to talk to a lawyer. They should have upfront with me about this!
- so they produced my documents. Two deeds needed to be mailed to their NewYork PO Box. I provided them the tracking number and regularly followed up. They informed me the documents I sent were received and the recording documents were on the way to the counties for recording. That was so nice to hear! I have been regularly following up and the reply was counties are busy and took longer than usual. Two months later, I followed up again then they told me the documents that they told me they received actually never been received and nobody could find them. What a joke!!!
- I had to prepare a new set of documents then again sent to the NewYork PO Box. They finally had the package sent to the county and provided me the tracking number. I tracked the package to find it was not delivered and was returned to the sender. Immediately informed them. It took 4 weeks for them to inform me the return package was LOST again. I was speechless.
- I had again prepared a new set of document the 3rd time. This time per my request, they sent me a package with instruction so I can drop the documents to the county instead of having documents sending back and forth. Package was dropped then I realized they never included a very important document that I requested them to do from day 1. And because of that document was not included I will not have what I wanted when I hired them to prepare the recording package for me.
I tried to email and DM Scot Smith and never received his response while he is constantly on social media marketing platforms talking about his excellence services. He should have spent his time making sure good service is provide rather than having his clients in troubles when paying for his service.
So for anyone who is considering their service, do yourself a favor and stay away from them. You will lose your time and money big time.
I paid the $150 for the "consultation" and all it was is a salesperson reiterating what was already explained in the free content on their page. It was a waste of money, and I think if you're truly at the level that requires a sophisticated legal structure, you should build a relationship with an independent lawyer and not an agency.
Are we allowed to ask how much Royal Legal costs on this forum? I tried to ask them to give me a general idea of how much they charge, but the wouldn't tell me without me paying them $140 for an initial consultation.
Is this a case where if you have to ask how much it costs, you can't afford it?
I'm in the same boat as I am currently looking at them. The first meeting seemed redundant to the forms I filled out. During this first phone call I was told by Edward Losloso that I could pay $149 (might be off a little) to schedule a consult with an adviser who could figure out the specific plan for me and then at that point they would have more specifics on price. This first conversation seemed like I didn't learn anything, so not too sure about moving forward with them.
So glad I came across this posting/ thread. I have been interested in setting up a Series LLC for my 6 rental properties and have been putting it off for quite awhile. After recently viewing Royal Legal's You Tube videos I was convinced to call them today and ask questions about their services.
I will now look elsewhere.
What’s the verdict? Does anyone have a good rep to set up protection in Texas?
I contacted @Scott Smith of Royal Legal Solutions here on BP and told him I would like to discuss structuring my business. He said to give him my email address and phone number which I did.
3 or 4 days went by.
Instead of calling me or emailing me, he apparently handed my number off to someone in the Philippines named Edward Losloso. Edward emailed me and said that he has been trying to get a hold of me by phone. (1) I never asked Edward to call me (2) My email clearly works... why didn't he try that after the call failed? (3) When I said my phone never rang, he listed my phone number and it had two number reversed. (despite my giving Scott the correct number.)
I emailed Edward the correct number, and waited several more days. Edward never called. So I tried calling the number listed in Edward's emails, but he never answered. (He was probably sleeping since it was 2am in the Phillipines.)
So I went on https://www.royallegalsolutions.com/freellc and called the number in the text below the video. I received a recording: "You have reached a non-working number..."
So then I went to https://www.royallegalsolutions.com and called the number at the top of the page, listened to Scott narrate his own menu, and pressed #2 "to inquire about our services". No answer. I called back later, still no answer. So I left a message with only my first name, my work number and what I wanted. (Mind you this information was different from what Edward had...)
A week later, no calls from anyone.
So then I went to https://royallegalsolutions.com/product/consultation/ and paid $150 for a free consultation. I figured if I actually PAID for a service, then I could get Scott to call me, right? After I paid, I saw this screen:
3 days went by... at which point I wrote to them and asked for a refund since I had not heard from anyone.
If any anyone knows an attorney that can provide better service than this, please let me know.
I recently listened to a podcast and got very interested in there service let’s just say it’s been a week I been calling no response email no response so Glad I ran into this post even though it’s old it’s seems like nothing has changed with this company do anyone has another similar company they can refer ???
Here's our feedback RE: RLS
Royal Legal Solutions provides an important service that helps you protect your assets. While the protection is valuable the cost is very high.
The initial process is very smooth and thorough. They follow up to ensure you're clear on the next steps.
Post-sign-up (onboarding) is where things start to come undone. You get an initial call with an attorney and you never hear from that individual again. There are a ton of action items requested after the information overload that takes place without much proactive follow-up.
For us, we didn't hear from Royal Legal after the attorney call for several months. When we reached out we were told that the deeds had not been transferred and we owed them some notarized documents. No check-in. No reminder.
Upon completing our task we waited another month. No communication again. It wasn't until we checked in that the deeds happened to be recorded. Then quickly asked to pay more fees. And we're still waiting on the last deed, which we're assuming we'll have to continue to check in on.
We asked for an entity structure diagram to share with our CPA and that also took several reminders.
Trying to set up a bank account with their recommended bank was very confusing. We had to ask many questions just to start the enrollment process.
We also have 2 strategy calls we just discovered we had. Unsure what we're supposed to discuss, but this would've been helpful earlier on.
Overall this has been a poor experience given the cost. There's a severe lack in proactive support and you're left wondering if they value you at all. Royal Legal came to us as highly regarded, but given the after-sales care, we'd give it 2 out of 5.
What’s the verdict? Does anyone have a good rep to set up protection in Texas?
I highly recommend Zachary Copp at copplaw.com.
I initially looked at Royal Legal, Anderson Advisors, and KKOS. After this thread I hired Anderson Advisors for a WY LLC and their anonymity strategy. They were solid, but their Series LLC was 3-4 times as much as KKOS, so I went with KKOS for a series LLC in TX. But then I regretted it because they couldn't seem to maintain my anonymity in their process, and I'd already learned that it was supposedly possible.
Then I read this article from Zachary Copp at copplaw.com and contacted him. He gave me a free consultation where he was very knowledgeable and helpful. I wish I'd gone with him to start with, and he's the one I'd hire in the future.
What’s the verdict? Does anyone have a good rep to set up protection in Texas?
I highly recommend Zachary Copp at copplaw.com.
I initially looked at Royal Legal, Anderson Advisors, and KKOS. After this thread I hired Anderson Advisors for a WY LLC and their anonymity strategy. They were solid, but their Series LLC was 3-4 times as much as KKOS, so I went with KKOS for a series LLC in TX. But then I regretted it because they couldn't seem to maintain my anonymity in their process, and I'd already learned that it was supposedly possible.
Then I read this article from Zachary Copp at copplaw.com and contacted him. He gave me a free consultation where he was very knowledgeable and helpful. I wish I'd gone with him to start with, and he's the one I'd hire in the future.
Thanks Steven. You saved me time and money. I was thinking of recruiting Local lawyer for Estate Planning and KKOS for Series LLC. How did you end up fixing the issue finally? Are you still using Texas Series LLC?
Im still using Royal Legal Services and have been for approximately 7 years. I am happy with their asset protection plan, services and cost savings compared to a typical LLC strategy (I am in CA.)
The upfront costs are pricey to set up the DST, but they are also creating the land trusts, and adding everything to your entire estate plan. Once you are setup though it is nice as there is no franchise filing fee.
Yea you aren't getting the pleasure of walking into an office, but they are responsive and happy to help quickly through email. One of my favorite aspects is the $49 a month "Piece of Mind" package. It's like having an attorney in your back pocket for any legal questions, concerns, and advice.
Love this thread, I'd offer that we are in Dallas and offer in person appointments too.
Is there a structure or product that we could offer the market thats better ?
What’s the verdict? Does anyone have a good rep to set up protection in Texas?
I highly recommend Zachary Copp at copplaw.com.
I initially looked at Royal Legal, Anderson Advisors, and KKOS. After this thread I hired Anderson Advisors for a WY LLC and their anonymity strategy. They were solid, but their Series LLC was 3-4 times as much as KKOS, so I went with KKOS for a series LLC in TX. But then I regretted it because they couldn't seem to maintain my anonymity in their process, and I'd already learned that it was supposedly possible.
Then I read this article from Zachary Copp at copplaw.com and contacted him. He gave me a free consultation where he was very knowledgeable and helpful. I wish I'd gone with him to start with, and he's the one I'd hire in the future.
@Rakumarudu Nijam @Steven Kerns @Justin R.
My 2¢:
1. I also used RLS 7 years ago and was pleased with their services. I also know their level of service went drastically down and would not be my top choice currently.
2. After going through the whole process and down all the rabbit holes that open with asset protection, here is my opinion on a few things:
a. Anonymity might be overrated. A lot of the asset protection hype is based on F.E.A.R. - "False Evidence Appearing Real" - and you have to be careful who/how you ask about it (Hint: don't ask an insurance salesman if you need insurance).
Info: The Asspro Nebula - What is needed for complete asset protection OR the domains that need to be intersected to find asset protection nirvana -https://www.biggerpockets.com/files/user/CosIorg/file/asset-protection-spectrum-diagram
b. While asspro works by reducing the target on your back (and by making it harder to collect if it gets to that), unless you structure the whole thing very well, and have your lawyer/trustee sign all your documents throughout all your transactions, from the beginning, you will leave a paper trail behind yourself, relatively easily identifiable if you become the target of an educated person.
c. It helps by not making identifying what else you own easy. One can't just jump on the county public records search and find out what other properties you own if they are held in a trust. But your name might be on the mortgage deed registration (if personal). So, there are a lot of holes to plug and to keep plugged.
d. It's not a one-time deal, put in place and forget. You need to keep at it diligently. And before you do it, you better have some good reasons to go to that extent of hassle and expenses. And you need to take care of more basic things first, otherwise slapping an LLC on top isn't going to help.
Note: Asset Protection Onion Diagram - what, when, and at what cost one should implement in terms of asset protection - https://www.biggerpockets.com/files/user/CosIorg/file/asset-protection-onion-diagram-v2
e. Lawyers look for easy identifiable and fat targets. So, anonymity helps if that target is smaller on the surface, the lawyer might not bother (especially when they work on contingency). But, my understanding, correct me if wrong, if a lawsuit is deemed valid and it gets to the discovery phase, you'll have to disclose what else you own, and your anonymity is shattered. So, it's not bulletproof.
f. That being said, I would use a WY LLC as the umbrella LLC protecting from the top (and land trusts protecting from the bottom).
Note: How a fully implemented asset protection layout might look. - https://www.biggerpockets.com/files/user/CosIorg/file/asset-protection-structures
PS. Read this book - https://www.amazon.com/Every-Landlords-Property-Protection-Guide/dp/1413307000 - before getting into more complicated and expensive measures of protection.
I think the issue had to do with who registers the LLC or subseries and who renews the LLC or subseries every year.
If I put my name on the registration forms, that defeats anonymity. The workaround is to have a lawyer register the LLC and then reassign control to you after the fact.
KKOS then said that doesn't do any good because the owner's name also needs to be on the subseries renewal forms every year. But that's not necessarily true because you could have someone, like your CPA, file those renewals for you.
Plus, there's debate about whether the Series LLC subseries need to be registered with the county -- and renewed annually -- in the first place. KKOS' argument was that you have to register the subseries or the bank won't let you open a checking account. That's partially true, but it depends on the bank. If my bank would open a checking account for me, then not registering the subseries would save me trouble and exposure.
Ultimately, I don't know what's really true or who to believe, and I haven't finalized anything. I did sell one property, though, so at least that one's not a problem. ;)