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
• Strategy Session: (888) 529-1315
• Social: @morganlegalny