Who has used Royal Legal Solutions?!

Question

Hi friends!

Trying to assess when it's time for us to set up family trusts/new LLCs/registered agents etc...obviously it's a big cost, but makes total sense. So far, we've pieced along different elements of this (different tax person each year, no LLC to one to now 2 this year, haven't yet used a bookkeeper...)trying to streamline systems and have a solid foundation for our fairly new and growing real estate portfolio.

Who has used Royal Legal? If so, have you been happy with them? Any other companies people in the BP fam have used that you like? And/or any advice on when it's the best time to drop that kind of coin on structure set up vs. just having a couple LLCs in the beginning.

Thanks for your help!

Alicia Marks · Answer

I found them to be incredibly overpriced and focused on fears that are likely never going to apply.

Costin I. · Answer

@Alicia Marks @Rakumarudu Nijam - I used RLS, but many years back. Here are some diagrams to help you in your quest for answers on this subject:

Asset Protection Decision Diagram - to help assess the need for asset protection, and what to implement : https://www.biggerpockets.com/files/user/CosIorg/file/asset-protection-decision-diagram

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

What is needed for a complete asset protection OR the domains that need to be intersected to find asset protection. - https://www.biggerpockets.com/files/user/CosIorg/file/asset-protection-spectrum-diagram

How a fully implemented asset protection layout might look. - https://www.biggerpockets.com/files/user/CosIorg/file/asset-protection-structures

Let me know if have questions or want to chat further - I can give you my investor perspective.

Costin I. · Answer

@Rakumarudu Nijam - which Austin Real Estate Investment Meetup?

I used RLS back in 2018, when they were still ascending in their fame and riches, and not yet so expensive. Don't know a really good source now, stay away from Andersen, but first question is, do you really need asset protection? A lot of it is based on F.E.A.R.: False Evidence Appearing Real.
2nd question, have you done all the necessary precursors?

Jeff Nash · Answer

@Lacey Burns if you are in DFW I can recommend several firms depending on what skillsets you need. No comment on Royal Legal.

Rakumarudu Nijam · Answer

We host a Subto meetup group in Austin and would be delighted if you could join us. I'll send you a direct message with more details.

Alicia Marks · Answer

@Costin I. I found this to be incredibly true as well. I agree it very important to reasonably evaluate the likelihood of the event vs the cost to set up protection against it.

Alicia Marks · Answer

We set up our own LLCs through online services. We didn't feel the additional protections offered were necessary at this point in time.

Rakumarudu Nijam · Answer

Thanks for sharing your thoughts. I am in similar boat, who did you end up going with?

Andy Singer · Answer

I used a firm I found on BP called Boss Advisors. The partners are CPAs and attorneys so they were able to handle real estate strategy + asset protection. They are based out of AZ but they were reasonably priced and pretty good to work with. No complaints.

Rakumarudu Nijam · Answer

@Costin I., Thank you for sharing. There's a wealth of expertise in Austin and Texas in general. Can you tell us more about the professionals/attorneys/CPA you collaborate with to establish Agent Trust/ Umbrella Trust, and Individual Property Trusts in the Austin area? Hosting a session on this topic would be greatly appreciated at our Austin Real Estate Investment Meetup.

Who has used Royal Legal Solutions?!

Who has used Royal Legal Solutions?!

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