The Business Behind the Practice: Asset Protection for Entrepreneurs and Founders

Episode Summary

Estate planning attorney and business strategist Russel Morgan breaks down practical asset protection for entrepreneurs, professionals, and families. He explains why protection isn’t just for the ultra-wealthy, how to separate personal and business liability, entity choices (LLC, corp, LP), when trusts make sense, and the mindset shift of “control everything, own nothing.” Clear, actionable steps help founders safeguard what they’ve built before lawsuits, liens, or judgments strike.

Key Timestamps

00:00 – Intro: Why asset protection matters for every stage of wealth 00:48 – Asset protection defined: limiting liability from lawsuits, claims, liens 02:02 – Not just for the ultra-wealthy: protecting a primary residence and small businesses 03:12 – Entrepreneur risks: debt, employment claims, industry-specific exposure (e.g., medical) 05:05 – Separating personal vs. business assets: the “two baskets” framework 07:00 – Scaling increases exposure: why planning early prevents “too late” scenarios 08:56 – Entity strategy is not one-size-fits-all: LLCs, C-corps, holding companies, LPs 10:58 – Partner dynamics & family risk: divorces, governance, and buy-sell foresight 12:18 – Trusts in asset protection: when irrevocable trusts work—and their trade-offs 14:26 – Beyond trusts: family limited partnerships, governance, control vs. ownership 15:58 – Mindset shift: maintain lawful control while separating ownership 17:28 – First step: comprehensive review of structure, liabilities, and goals 18:52 – Preventative lawyering saves money vs. remedial defense 19:32 – How to get started: consultation, next steps, and long-term planning 20:14 – Outro

About the Show

Obsessed with Success is a podcast dedicated to empowering business owners, legal professionals, and families to achieve lasting success through strategic planning. Russel Morgan, principal attorney and founder of Morgan Legal Group, the show provides actionable insights into estate planning, wealth preservation, and business growth. With expert advice and real-world examples, Obsessed with Success guides listeners toward building sustainable legacies and thriving practices.

• Website: morganlegalny.com
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• Social: @morganlegalny