A real-estate investor in Florida almost quit after a hurricane scare, but a consultant named Tommy set up legal protections that let him keep going and eventually retire his wife. The lesson: assume you'll be sued, not if you might be.
He thought that the power bill wasn't paid, didn't realize that there was a hurricane going on in Florida. So, after everything worked out just fine, everything was okay with the exception of his wife. And his wife said, get out of real estate. This isn't worth it. Why are we doing this for rental income? Let's just keep our jobs. And he said, you know what? I met this crazy guy, Tommy. Let's see if he can help. So, he called us back and we set him up so that he had privacy, he had protection. And he said it's been about 2 years since. He's retired his wife, and he now works real estate full-time. So, that's a fun one because it ends with such an awesome, amazing success. But we run into that all the time from a privacy standpoint. Set yourself up with the thought in mind of it's not if you get sued, but when you get sued. It's depressing, but you would do things differently if you were in the middle of a lawsuit.
Episode 575: Redefining Retirement as the Day All Your Choices Open Up with Doug Bennett
