Avoid Lawsuits: The Trust Strategy Nobody Tells You | Gene Boykin Jr. DSH #1304

Digital Social Hour

Published: Mon Apr 07 2025

🚨 Avoid Lawsuits with the Trust Strategy Nobody Tells You! 🚨 Tune in as Sean Kelly dives into an eye-opening conversation with Gene Boyen Jr. on the Digital Social Hour Podcast. 💡 Discover how to protect your assets, create a playbook for...

Summary

Digital Social Hour Episode Summary

Title: Avoid Lawsuits: The Trust Strategy Nobody Tells You | Gene Boykin Jr. DSH #1304
Host: Sean Kelly
Guest: Gene Boykin Jr.
Release Date: April 7, 2025

Introduction

In Episode #1304 of Digital Social Hour, host Sean Kelly engages in a deep and unfiltered conversation with Gene Boykin Jr., a Houston-based expert in asset protection and estate planning. Gene shares his personal journey from running a landscaping business to becoming a trusted authority in using trusts to safeguard assets and avoid lawsuits. The discussion delves into the intricacies of trust structures, real-life case studies, and the critical importance of proactive asset protection.

Gene’s Journey into Asset Protection

Gene opens up about his transition from Iowa to Houston to tap into a larger market, highlighting his pivot from real estate and creative financing to specializing in asset protection trusts.

[00:35] Gene: "I was running a landscaping company, and creative financing and subject to in real estate was my way out. It was like the keys to the kingdom, dude."

Four years ago, disillusioned with his circumstances, Gene discovered how trusts could enable asset protection, allowing him to buy properties without traditional credit checks and manage liabilities effectively.

Personal Experiences with Litigation

Gene shares his firsthand experiences with lawsuits, emphasizing the financial and emotional toll they can take on small business owners.

[01:43] Gene: "I have been sued multiple times now. The first one was a five-figure settlement, which was almost 100% of what I had in my name at the time."

He recounts being sued at the age of 21, resulting in substantial financial setbacks that nearly derailed his business aspirations.

[02:03] Gene: "It wrecked me for months. Not even just financially, but mentally."

The Importance of Asset Protection Trusts

Gene elaborates on the distinction between Living Trusts and Land Trusts, clarifying their respective roles in estate planning and asset protection.

[02:59] Gene: "It's better to prevent those problems than to solve them."

He explains how trusts can render assets "invisible" to potential litigants, thereby safeguarding personal and business properties from lawsuits and creditor claims.

[03:16] Gene: "The average lawsuit costs small businesses $54,000. Most people can't afford that."

Real-Life Case Studies

The conversation delves into specific cases where trusts played a pivotal role in protecting assets:

Client with Stolen Gun and Liability:
A client faced negligence lawsuits after his son stole a gun and an incident resulted in injury. Gene explains how placing the house in a trust could have prevented the government's access to his retirement accounts and property.

[09:31] Gene: "If your house is in a land trust, there's nothing to sue. You don't own anything."
Michael Jackson’s Estate Issues:
Gene discusses the complexities of Michael Jackson’s estate, highlighting how improper trust setups led to prolonged probate and significant financial drain.

[28:04] Gene: "A will has to be probated. So a living trust alone is not enough for asset protection."

Best Practices for Trust Setup

Gene emphasizes the necessity of specialized trust structures to ensure maximum protection. Key recommendations include:

Layered Trust Structures:
Utilizing land trusts for real estate and personal property trusts for other assets to segregate and protect each asset individually.

[05:00] Gene: "Living trusts are not asset protection. They are for estate planning, but you need to layer them with other trusts."
Using Out-of-State Trustees:
Selecting trustees from different states to complicate the process of identifying asset ownership for potential litigants.

[37:21] Gene: "If I own a house in Texas, then my trustee's in Florida. They have to pay to fly to Florida to find out who owns it."
Avoiding Common Pitfalls:
Gene warns against using generic services like LegalZoom for trust creation, suggesting that improperly set up trusts can fail to offer the desired protection.

[12:45] Gene: "If you go to LegalZoom, you're going to be screwed. You need the right kind of trust."

The Psychological and Financial Impact of Lawsuits

Both Sean and Gene discuss the pervasive threat of litigation in America, especially for small business owners, and how it can lead to severe financial and emotional distress.

[31:25] Sean: "There's a 90% chance as an LLC or small business owner that you will get sued during the life of that LLC."

Gene reinforces this by sharing his own near-business ruin experience due to a lawsuit before establishing proper asset protection.

[33:10] Gene: "If it had caught up with me two weeks later, I'd have been out of the game, bro."

Building Wealth and Protecting Future Generations

Gene touches on the significance of trusts in wealth transfer, ensuring that assets are passed down to children without legal complications or unnecessary taxation.

[22:16] Gene: "We're creating this as a blessing. You don't want to pass them down problems. Trusts protect your kids from themselves by controlling asset distribution."

He shares strategies on how trusts can manage and allocate funds to beneficiaries responsibly, preventing misuse and preserving family wealth.

Conclusion and Call to Action

In the concluding segments, Gene urges listeners to act proactively in setting up trusts to protect their assets and ensure smooth wealth transfer. He highlights upcoming resources, including a free webinar on April 17th, and directs listeners to his website for more information.

[38:25] Gene: "Don't wait until it's too late. Those are the only people that regret getting a trust is waiting until it's too late to get a trust."

Sean and Gene wrap up the episode by emphasizing the importance of informed asset protection and encouraging listeners to seek expert guidance to safeguard their financial futures.

Notable Quotes with Timestamps

[00:17] Gene: "Well, not if it's done right, because this is the government's number one loophole."
[02:10] Gene: "It wrecked me for months. Not even just financially, but mentally."
[03:16] Gene: "We're the number one country in the world for litigation. The average lawsuit costs small businesses $54,000."
[09:31] Gene: "If your house is in a land trust, there's nothing to sue. You don't own anything."
[31:18] Gene: "There's a 90% chance as an LLC or small business owner that you will get sued during the life of that LLC."
[38:25] Gene: "Don't wait until it's too late. Those are the only people that regret getting a trust is waiting until it's too late to get a trust."

Resources Mentioned

Webinar: Gene hosts a free webinar on April 17th discussing trust strategies.
Website: gogetterfamily.com – for more information on asset protection and trust setup.

Final Thoughts

This episode of Digital Social Hour serves as a crucial guide for entrepreneurs and individuals seeking to protect their assets from unforeseen legal challenges. Gene Boykin Jr.'s insights offer a comprehensive understanding of trust structures and their practical applications in safeguarding wealth and ensuring legacy longevity. Listeners are encouraged to take immediate action to implement these strategies and secure their financial well-being.