Wealth Formula by Buck Joffrey

Last episode we talked about the realities of COVID-19—what it is, what makes it so challenging and how dangerous it really is. We also talked about potential medical treatments. In this episode, we go into vaccinations and economic impacts of COVID-19. Listen to Part 1 here: https://www.wealthformula.com/podcast/208-4-doctors-a-virus-and-a-battered-economy-part-1/ Dr. John Foley is a neurologist specializing in clinical neurology Dr. Ian Kurth is a neuroradiologist Dr. Paresh Mehta is a gastroenterologist Shownotes: The path to the new normal The doctors talk about their current investments and how they have been affected by the Covid-19 situation

What a strange time we live in where even public health issues are politicized. The wingnuts on the right want to downplay a virus that has already taken the lives of more people than the Vietnam war. The wingnuts on the left want to demonize anyone who even suggests an alternative approach to dealing with the pandemic outside of staying at home in perpetuity. They want us to completely ignore the pain, suffering, and death that will inevitably occur from a financial depression. The polarity of thought on this black swan event is the product of politicized news—on both sides. That’s a problem for us all. As a physician and an over-all rational guy, this kind of partisanship when we should be seeking facts is maddening. However, it is not surprising. When I was a kid, there was only one set of facts that people were given and they made decisions based on that. We now live in a world of “alternative facts” which has really made it a confusing place to navigate. That said, the idea that there are alternative sets of facts in science is, in fact, fake news. In science, we follow the studies. Sometimes studies show disparity but, over time, we get to the bottom of things. Take Hydroxychloroquine for example. Donald Trump has been talking it up like it’s a vitamin with no down-side. That’s not true of course. There is some potentially severe side-effects of the drug that have actually killed people in the past few weeks. On the other hand, in order to prove Trump wrong at every turn, the liberal news media makes Hydroxychloroquine sound like an asinine treatment of COVID-19 in any form. The reality… the evidence suggests that the role of Hydroxychloroquine in the treatment of this illness may be nuanced and can’t be characterized simply as a black and white issue. That’s just one example of the complex questions that are being dealt with in overly simplified ways in the press. It’s not helpful for anyone who wants to understand what’s really going on out there. So, this week, I have put together a two-podcast series of interviews with three other physician/investors for you to get some real facts and to help you understand where we currently are with this public health and financial disaster. Listen to Part 2 here: https://www.wealthformula.com/podcast/209-4-doctors-a-virus-and-a-battered-economy-part-2/ Dr. John Foley is a neurologist specializing in clinical neurology Dr. Ian Kurth is a neuroradiologist Dr. Paresh Mehta is a gastroenterologist Shownotes: The current Covid-19 situation Drugs that are currently being considered as possible treatment for Covid-19 Why does it take so long to develop vaccines?

What are notes? Well, for simplicity, let’s call them mortgages. You owe the lender money when you take out a mortgage. However, that lender can sell that mortgage to someone else. That’s what it means to buy or sell a note. Notes can be performing or non-performing. Non-performing notes are simply those that have had trouble paying on time in the past. So, if you buy one of those, you either pay people to move out, foreclose on the property and sell the asset or possibly negotiate the payment to something a person can afford and let them stay in their home. That last option, of course, is a win-win situation. Bottom line is that, in principal, the note business is not that hard.  But as is often the case, the devil is in the details. I found that out the hard way when I tried to learn the note business myself to start a new venture. As it turns out, it wasn’t something that I could do as a part-time gig—at least not at the level that I found personally acceptable. To do really well consistently in the note business requires volume, creativity and a ton of experience. As we sit here in the middle of a black swan public health and financial event, I’m just glad I realized my limitations and didn’t complicate my life any more. One of the great lessons that I have learned with age is that often the best thing to do is nothing at all. When I was younger I used to chase after shiny objects and I was not focussed. Doing that makes it difficult to become really good anything. If I have one bit of advice for anyone going down the entrepreneurial route, it is to stay in your lane and focus. You can’t be the best in the world at everything and, if you try, you won’t be very good at anything. As investors, our most important skill set is often to pick a jockey. We may not be doing the heavy lifting but we need to know who will do it well. This is a very different skill set than being an actual operator and it is important not to confuse the two. When it comes to notes, there is really only one guy I trust: Jorge Newbery. That’s the honest truth. Jorge is smart as a whip and has a lot of scar tissue from the past to help him navigate the current crisis. This week on Wealth Formula Podcast features a really good conversation with Jorge that I had about not only the note market but the residential real estate market in general. If you are curious of what someone who lived through 2008 thinks of where we are today, you won’t want to miss this episode. Jorge P. Newbery Is On A Mission To Help Americans Crushed By Unaffordable Debts. He is Founder and CEO of Debt Cleanse Group Legal Services, a nationwide legal plan to help consumers and small businesses get out of debt without filing bankruptcy. He is also Chairman of American Homeowner Preservation LLC and AHP Servicing LLC, which crowdfund the purchase of nonperforming mortgages from banks at big discounts, then share the discounts with struggling homeowners. He is also a non-attorney Partner in Activist Legal LLP, a law firm in Washington, D.C.  A 2004 natural disaster triggered the financial collapse of Newbery’s former business, leaving him with $26 million in debts he could not pay. Newbery rebuilt himself through AHP, sharing what he learned from his challenges to help families at risk of foreclosure stay in their homes. In 2018, he founded Debt Cleanse Group Legal Services to assist consumers and small business owners settle all types of debts at big discounts – and not pay some at all, He is also a Board Member of the Group Legal Services Association.  He authored Burn Zones: Playing Life’s Bad Hands; Debt Cleanse: How To Settle Your Unaffordable Debts For Pennies On The Dollar (And Not Pay Some At All); and Stories of the Indebted. Shownotes: What is a Note, what is a non-performing note, and what is AHP Servicing doing? Jorge talks about AHP Servicing’s strategy: Play Offense Will 2020 be worse than 2008? Jorge talks about the risk of buying too early and spending too much. ahpservicing.com

As expected, the government roll out of the multi-trillion dollar stimulus program to save the economy has been sloppy and slow. People who need to tap into unemployment insurance can’t get through on the phone. Businesses who need money can’t get the money they applied for and, when they do, the terms are very unclear. Some businesses have given up. Rather than take a big loan from the government to their grave, they have decided to call it quits while behind. Meanwhile, the Dow Jones Industrial average showed a remarkable turn-around over the last couple weeks after dipping down below 19,000. That’s great if you have money in the market but, quite frankly, I don’t understand the rally. Most businesses are closed so how could their stock be worth more than it was two weeks ago? We still aren’t clear of when this pandemic and all of its stay-at-home orders will end. Even when it does, that’s really just the beginning.  People aren’t going on vacation or sports events or concerts until there is a vaccine. That’s not going to happen for a while. When the economy “opens up”, it will only be half-open and certainly not running on all gears. Thousands of small businesses will not survive this ordeal and that will leave many unemployed. I would not be shocked to see double digit unemployment going into the end of the year. From an economic standpoint, we are at the very beginning of the fallout. So why is that stock market going up again? I suspect most people who are buying into this market right now aren’t small business owners or facing the prospect of losing a job. There is a fundamental disconnect between the markets and reality. For those of us who are small business owners or real asset investors, we have a little bit better perspective. If you have a small business and employees to pay, you may understand that there is a possibility that you may not recover from this event. If you own residential real estate right now, you get the idea of what your tenants are going through and how that is affecting your ability to collect rent. If you aren’t well capitalized, you are freaking out.  I hope you don’t lose any property, but I can pretty much guarantee you that distressed assets will become common in the not-so-distant future. The earthquake just happened. The tsunami of financial fall-out has yet to arrive. To get a better perspective of what’s going on the ground, this week’s Wealth Formula Podcast features a conversation between another physician podcaster and me. Join us as we talk about not only the COVID-19 disease, but the real time economic impact both of us are seeing on our businesses and investments. David Draghinas is the founder and host of Doctors Unbound, your site to get inspiring stories about doctors doing extraordinary things. Shownotes: Dave talks about how asymptomatic carriers make Covid-19 more dangerous How bad will the economic fallout be from Covid-19? How are Dave’s current investments being affected by Covid-19? This is a good time to figure out your risk tolerance. doctorsunbound.com

I have to admit, I did not think that this Coronavirus thing was going to hit us this hard.  To be clear, I’m not just talking about how deadly this pandemic has turned out to be in terms of human life. A month ago, if you told me that just about every small business in America would be shut down, I’d have thought you were crazy. I guess I had become accustomed to hearing about scary diseases like the Chinese SARS epidemic in 2002 and Ebola. They sounded scary but distant—like someone else’s problem. Not this time I guess. We are getting crushed! There is an old saying that you should never let a good crisis go to waste. This is a pretty damn good crisis so let’s make the best of it! Situations like these often create opportunities for entrepreneurs and bargains for investors. For the motivated, here’s your chance. On the hand, If you aren’t feeling quite that ambitious, you can also work on your defensive game. Be mindful of your position in this stressed environment. Are you happy with your financial portfolio? Are you invested in the right asset classes to withstand a downturn in the economy? How are those operators you invested with doing? Are they giving you confidence or making you feel a little uneasy? For better or for worse, soon the tide will go out and we will discover that some big talkers were actually swimming naked. It ain’t going to be pretty but once in a while you need a Darwinian event like this to shake things up and come out better on the other side. After all, chances are that this will not be the last black swan you encounter in your life.  As you reflect on these questions, I suggest that you listen to this week’s Wealth Formula Podcast interview with Doug Lodmell. This was a discussion on real estate asset protection that was recorded before the pandemic hit us. However, the contents of this interview are incredibly relevant to what’s going on today. Think about the business owners who are becoming insolvent as we speak  and the creditor issues they will be facing. Any real estate owned by those business owners will look like red meat to people trying to get paid on loans gone bad. Of course it’s better to get this type of protection in place ahead of a crisis but sometimes it takes a good scare like this to actually put a plan in place. Anyway, make sure to listen to this interview with Doug—especially if you own any kind of real estate or are even a limited partner in a real estate syndication or fund. P.S. Attached below is a copy of the white paper Doug talks about in this interview that outlines the different levels of asset protection you should consider. Key Concepts of Protecting Real EstateDownload Born in Geneva, Switzerland, attorney Douglass S. Lodmell has excellent knowledge and the highest level of experience in estate planning, taxation and strategic asset protection for domestic and international clients. In addition to a Juris Doctorate from Cardozo School of Law, Douglass has a Bachelor of Science degree in finance as well as an advance law degree (LL.M.) in taxation from NYU School of Law. He has authored numerous articles for professional journals as well as a popular book about the explosion of lawsuits in America called The Lawsuit Lottery: The Hijacking of Justice in America. Doug’s extensive experience in asset protection make him a frequent guest speaker at medical, and professional conferences and seminars throughout the country, as well as teaching concepts of asset protection to other attorneys at continuing legal education seminars throughout the country. Shownotes: Why is real estate one of the most difficult assets to protect? Gross is vanity, Net is sanity and Cash is king What is a Bridge Trust? Who needs asset protection? douglass.lodmell@lodmell.com https://www.lodmell.com/ 800-231-7112

Remember a month ago when this whole Corona-thing was sort of a theoretical issue? After all, we only had 15 cases reported in the whole country and no one had died. Sure, we were starting to see the news in China and Italy but they were so far away. Even the president said it would just disappear! But then every day things got substantially worse—exponentially worse. And now, even those who mocked the hysteria are now admitting that this is, indeed, a big deal. I won’t pretend that I knew what was coming. I didn’t have the perspective to see it and those who did, didn’t make it clear to the rest of us. They were too busy selling their stocks! But it’s here now and it’s going to get worse—a lot worse. Thousands will die. Unemployment will be well over 20 percent. There will be suffering beyond the disease in the form of financial follow-out. But the good news is that this episode in history will eventually be a thing of the past. Eventually it will be a bad memory. We will move on with our lives as we should. BUT…we should not forget because, although history does not repeat itself, it does rhyme. There will be another pandemic eventually. It could be even worse than the current one. And we shouldn’t be surprised when it happens. After all, even though most of us thought coronavirus was over-blown to a certain degree, there was plenty of evidence at the national security level that this kind of “virus X” was quite possible and was something for which we were unprepared. As a society, we knew it was possible and did nothing to protect ourselves. We can blame the government, but the government only reflects our own priorities. Unfortunately, our priorities don’t seem to plan for much beyond today.  This current pandemic worries me but I know it is finite. What worries me even more is all of the ticking time bombs that we know are out there, but are choosing to ignore the same way we ignored the risk of a pandemic. We are being short-sighted on multiple fronts. Some of these perceived time-bombs could be real and the consequences devastating. For example, we know that our power grid is vulnerable to cyberattack. If our grid went out tomorrow, it would mean more than the lights going out. It would mean amongst other things: hospitals being rendered non-functional, a shut-down of communication of all kind, and no more clean running water. People would die. It’s a very scary scenario that national security has identified as a threat. But we do not have the appetite to spend on new infrastructure and defense now. Another case in point—climate change. I don’t understand frankly why climate change opinions seem to be affected by party lines as they clearly are. I am an anomaly in that I am a fiscal conservative yet I am open to the idea that there is potentially serious hazard in ignoring climate change as a national security threat. It doesn’t take a meteorologist to figure out that something funky is going on when thousand year storms start happening every couple of years. And, although I believe it is man-made in nature, you don’t have to believe that to concede that there could be deadly consequences to us or our children if we choose to simply call it a hoax. Let me ask you this, would we be better off today if we as a country had taken Coronavirus more seriously two months ago? Even if coronavirus ended up being just another flu, would we have suffered by being overly-conservative with preparation and early lock-downs? Of course not. So why not look at climate change the same way? In my mind, if those of us who think climate change is a serious danger to the world are wrong, the worst case scenario is that we end up with cleaner air and water. Anyway, save yourself the time with hate-mail. I’m just providing some food for thought—call it civil discourse. Bottom line is, I hope that at the end of this national nightmare, we can start to look at where else our exposure is and start coming up with some plan b’s that might be needed when a second passport does you no good. It is a time right now that I think we should all use for reflection on the macro-level as well as the micro-level. And of course, this is not a political show so we will keep it about money from here on out. I will say that there are plenty of lessons to be learned by this kind of financial stress test for all of us. The government is doing what it can to keep us on life-support until we get that cure or vaccine but we will all be challenged to varying degrees and it is a good time to assess the defense that you need to shore up for the next disaster. My friend Tom Wheelwright will be on this week’s podcast to talk about all of this and more. Tom is the Michael Jordan of CPAs, a brilliant entrepreneur, and has literally saved me millions of dollars in taxes over the last several years. In fact, you may come away from this podcast realizing that you might have actually come out ahead financially because of the tax relief provided by this disaster! Listen HERE. P.S. Listen to the whole show because Tom has an incredible offer for our listeners! Tom Wheelwright is a CPA, CEO of WealthAbility (Tempe, Arizona) and Best-Selling Author of Tax-Free Wealth. Wheelwright is a leading wealth and tax expert, global speaker, and Entrepreneur Magazine Contributor. Tom is best known for making taxes fun, easy and understandable, and specializes in helping entrepreneurs and investors build wealth through practical and strategic ways that permanently reduce taxes. Shownotes: How are small businesses responding to the current economic freeze? What are Tom’s thoughts about the government stimulus package? What are some of the tax relief provided by the current bailout plan WealthAbility’s special offer for the month of April https://wealthability.com/

A few days ago we had the worst single day loss in US stock market history. The next day we had the single best day seen by the Dow Jones Industrial average in 80 years. I have no idea what kind of volatility there will be between the time I write this email and when you actually read it but it’s kind of ridiculous. Don’t you think? This volatility is exactly why I have stayed away from stocks throughout my adult life. I just don’t get it. How does a fiscal stimulus help the stock market if the entire country is, for all practical purposes, unemployed? The economy is frozen and there will be a deep recession. How long it lasts is unclear but stocks going up in value right now makes no sense at all. The word that best describes the economy right now is uncertain. As an investor, it’s the worst feeling you can have. If you feel uncertain right now, remember what this feels like and make sure you feel better about your portfolio next time something like this happens—which it will. As I have made clear several times before, I hedge uncertainty through contractual agreements that I have with life insurance companies that have paid out consistently through the Great Depression, multiple World Wars, and bank failures. Cash-value life insurance policies like Wealth Formula Banking help me sleep well at night. We spent a lot of time on this concept last week and, if you are not sold on getting a policy yourself, that’s fine. I just want you to understand why I think it’s so valuable and make sure you really understand it. This week, I want to give you another way that you can get exposure to this kind of hyperstable asset. You see, you can also get exposure to life insurance company level stability by purchasing other people’s life insurance policies. If you’ve never heard of this strategy, I’m not surprised. It’s not something most retail investors know about. Meanwhile, Warren Buffet buys $600 million/year of these things and there’s a half billion dollars worth of them on Bill Gates’ balance sheet. Curious? If so, make sure to listen to this week’s episode of Wealth Formula Podcast! Tim joined ASR Alternative Investments in 2007 and currently serves as Vice President and Senior Partner. His many responsibilities include overseeing and facilitating ASR’s  growth and marketing strategies. As a key front player in the ASR team, Tim has been an integral part of the companies expansion and revenue growth in recent years. His unquestionable grasp of the industry coupled with his astute marketing skills has earned him the highest respect from both clients and financial professionals. Prior to ASR, Tim worked for Enterprise Rent a Car for 18 years. During this time, he held several executive positions including Assistant Vice President at the World Wide Corporate Headquarters in St. Louis, Missouri. He was responsible for European  operations expansion in the UK, Germany and Republic of Ireland. His most recent position with Enterprise brought him to the Dallas/Fort Worth area where he served as the Regional Vice President and Corporate Officer of a 50 million dollar operation, responsible for 300 employees in 40 locations, including the DFW Southwest Regional Headquarters. In 2007, Tim chose to retire from Enterprise and join American Safe Retirements. Tim grew up in Southern California and Washington State. He attended Washington State University in Pullman Washington and currently lives in Southlake Texas with his wife, Theresa, and their five children. Shownotes: Tim talks about the people who sell their life insurance policies and why it’s beneficial for them. Why are a lot of sophisticated investors not educated on life settlements? Tim talks about the “Wild West” of investing in life insurance policies in the past Why does Tim consider ASR to be one of the more conservative players in the market today

What we are experiencing right now is truly a black swan event. Even those who predicted a recession had no idea how badly the global economy could be crippled in just a few weeks. Hopefully it will be short-lived. But frankly, even a few months of people staying at home and not buying anything will have extraordinary repercussions. The fiscal and monetary tools we have to combat our situation are not designed for this kind of assault. Cutting interest rates and quantitative easing are meaningless if businesses are closed and no one is buying anything. Cutting payroll taxes doesn’t help when no one is at work. Treasury Secretary Mnuchin suggested that if a strong fiscal stimulus is not taken soon, we could end up with 20 percent unemployment—comparable to Great Depression levels. Wouldn’t it be nice not to have to worry about your retirement money right about now? How would that even be possible? Well, suppose there was a financial instrument that’s been around and tested for 1400 years and used by some of the wealthiest families in the world for generations to create and preserve wealth. Suppose that product survived the test of the Great Depression and became the favorite financial instrument for those who lived through it because it paid positive interest every year while everything else around them crumbled. Wouldn’t that sound appealing right about now? It gets better, this investment grows untaxed and its liquidity can be harnessed in any credit condition. In fact, it is a product that literally allows you to invest the same money in two places at the same time. In my opinion, this kind of product is the safest investment outside of US treasuries—safer than any corporate bond that I could buy and far more profitable. Simply put, I don’t understand why it’s not part of everyone’s portfolio. I am talking about permanent cash value life insurance strategies. We call these strategies Wealth Formula Banking and Velocity Plus. If you do not know how these strategies work or what they can do for you, I HIGHLY suggest you listen to this week’s podcast. I can honestly say that if you learned and implemented one of these strategies, and did nothing else that I talk about on this podcast or investor club, I would feel like I’ve done you and your family a great service. That may sound like an exaggeration but I use these tools myself and, with the way the market is right now, I couldn’t be happier that I made that decision. So, do yourself a favor and listen to this podcast now! PS. Here is the information for the upcoming webinar mentioned in this podcast: Bunker Investing: Wealth Formula Banking and Velocity Plus Thursday, March 26th 5:30PM CST Shownotes: How does Whole Life Insurance work? How is life insurance similar to real estate? Christian talk about the investment strategies of the ultra high net worth How does Wealth Formula Banking essentially let you make money in two places at the same time? What is Velocity Plus?

“People tend to overestimate what can be done in one year and to underestimate what can be done in five or ten years.”  That’s a quote with unknown origin that I’ve heard a few times and one with which I cannot agree more. All you have to do is to look at my podcast to see that. It’s been about four years now since I began Wealth Formula Podcast. The first several shows that I did had no listeners. Today, we get about 25,000 downloads per month. We also have a regulation D accredited investor group of about 1400 individuals. Collectively, our group has placed over $100 million in equity in the last 18 months! Our ability to raise capital has been incredibly powerful and allowed us to partner with some of the best operators in the country and to cherry pick opportunities! More important than that, we have created a truly unique community of really smart, successful individuals of like-mind. We invest together and play together. Just come to our next Wealth Formula event in Phoenix to see how hard we play! Sometimes people ask me how I built Wealth Formula. The answer is persistence. I have a message and I have a mission and I go to work every week. If you put your mind to something and plug away at it long enough, you have a good chance to succeed. The problem that most people have is that they stop trying too early. It’s hard to see five downloads on your podcast dashboard and keep going just as it’s hard to build a business from scratch. Success, though, comes from a series of small victories that accumulate over time. That’s true whether it’s a podcast, an exercise regimen, or learning a new language. The key is to stop chasing shiny objects, decide what you want and to aggressively follow the narrow path that will eventually get you there. Seeing what has happened with this podcast makes me believe in this concept more than ever. Take a minute and think about how this might apply to your life.  After that, make sure to tune in to episode 200 of Wealth Formula Podcast!

* In case you are wondering—I didn’t get a chance to finish episode 200 yet so we are going to call this one episode 199.5! One of the great things about Wealth Formula Network is having a community where people can share what they know including who to stay away from. For example, through our collective knowledge, our group learned pretty quickly last year when a high profile turn-key home provider appeared to have been either purposefully or by incompetence, getting people involved with a Ponzi scheme. Sometimes we figure this kind of stuff together the hard way. For example, in January of 2017, I got an email from one of our listeners/investors telling me about “The Income Store”. The Income store was owned and marketed by a podcaster named Bill Courtwright who claimed that people could buy websites from him that he would manage for six figure investments. He promised returns of up to 20 percent forever. Knowing a little bit about internet marketing, the concept piqued my interest. I had done pretty well with a few on-line projects myself and know some people in the space a lot smarter than me that helped me along the way. It seemed like something worth looking into. To do some research, I asked my primary internet marketing guy and friend to look into it for me. He went on to the company website and did some research with some basic internet tools. Here’s what he wrote back in January of 2017:  “I took a look at all the sites on their ‘brag sheet’. The sites do not get any real search traffic results—less than 50 visits maximum per month each. None are big powerful sites and are not found in google. They can’t be profitable…I am not sure how they are making this cash flow…something is not right.” Bottom line is that it was clear for anyone who knew what they were doing back in 2017 that something was fishy. Unfortunately, our listener had already invested $290K. I told him what we found but it was too late. Almost exactly three years later, I saw a headline in the Chicago Tribune, “SEC freezes assets of suburban owner of The Income Store, allegedly a $75 million Ponzi-like website investment scheme”.  I’m sure I don’t need to say more than that to describe what had happened. This guy used the power of podcasting to create influence. He then used that influence to get people to trust him and give them their money. I have to tell you that I see this kind of shady stuff happening left and right in the podcast space—not necessarily Ponzi Schemes but stuff that just doesn’t smell right and often turns out crooked. As a podcaster myself, I have to warn you that just because someone is behind a microphone or is a guest on someone’s show does not automatically make them a person you can trust. That may seem obvious but tell that to the investors of “The Income Store”. The appearance of influence can make people blind. Ronald Reagan once said, “Trust…but verify”. Bill Courtwright was on the podcast circuit and he was aligning himself with known personalities and trustworthy brands. He was a very good marketer. But all you really had to do was a little due diligence to figure out, as my friend said, that “something is not right”. But I guarantee you that none of those investors bothered to look at the traffic results of the websites he promoted or asked someone else with more internet savvy to do so. Beware the fraudcaster! Beware the fraudulent podcast guest. Not everyone does due diligence on all of their guests. Not everyone has rules on who can advertise on their show. Trust…but verify. This goes not only for investment opportunities, but also for a variety of other services. In fact, there is something out there right now that I think is going to be a real problem for a lot of people in short order. While I can’t name the company itself or the name they’ve given to the program, I have invited my friend and asset protection attorney, Doug Lodmell to describe the limits of trusts and taxation which this scheme involves. Listen to this interview so that you don’t fall into another influencer trap! P.S. Our April 24th -25th Wealth Formula Meetup in Phoenix is filling up quickly! Sign up now at WealthFormulaEvents.com Born in Geneva, Switzerland, attorney Douglass S. Lodmell has excellent knowledge and the highest level of experience in estate planning, taxation and strategic asset protection for domestic and international clients. In addition to a Juris Doctorate from Cardozo School of Law, Douglass has a Bachelor of Science degree in finance as well as an advance law degree (LL.M.) in taxation from NYU School of Law. He has authored numerous articles for professional journals as well as a popular book about the explosion of lawsuits in America called The Lawsuit Lottery: The Hijacking of Justice in America. Doug’s extensive experience in asset protection make him a frequent guest speaker at medical, and professional conferences and seminars throughout the country, as well as teaching concepts of asset protection to other attorneys at continuing legal education seminars throughout the country. Shownotes: What is a Trust? Doug talks about a Living Trust What is the difference between a Revocable Trust and an Irrevocable Trust? Doug’s advice: If anybody tells you anything can magically avoid taxes, you need to question it https://www.lodmell.com/ douglass.lodmell@lodmell.com 800 231 7112