Smart Asset Protection Strategies to Transform Your Legacy w/Scherrie Prince

J. Rosemarie (Jenn) (06:27.033) Yeah. Scherrie L. Prince (06:29.878) get a certain age, you may want to change the way that allocation is. So instead of giving them 50-50, if you have an adult child who's able to take care of themselves, you may want to leave more to your minor child. So those are my top three tips for moms. J. Rosemarie (Jenn) (06:43.553) Yeah, I appreciate it. And I curate to the second one because my sister, she and her husband broke up, but they never got divorced. And that was a big one. Yeah. Scherrie L. Prince (06:53.486) Yes. And you know, that's, oh my gosh. So that's one scenario when you're never divorced because that other person still has legal rights to some degree. And think about blended families. So you may be wife of two or three. What if your husband still has wife one and two on some of his documents? And I've had clients who've done that. And I'm so sorry, but I have to sneeze. Ah! Oh, excuse me. Thank you. I was trying to hold it. But this is it. J. Rosemarie (Jenn) (07:18.621) Bless you. That's alright. Scherrie L. Prince (07:23.262) Yes, this is a real life thing. So we're real people. We sneeze. But yes, so you got to make sure because it could just be an oversight. And I've had clients who come in, their husbands have forgotten to update stuff. So now wife number one and two are getting stuff that you thought belonged to you and your family. You may come into a relationship with someone. They may have children. You may have children. Then you have children together. What does that look like? J. Rosemarie (Jenn) (07:41.105) Yes. Scherrie L. Prince (07:52.01) So I just help people put all that together and to make sure that whatever your wishes are, you're ironing those things out, so. J. Rosemarie (Jenn) (07:52.238) Yeah. J. Rosemarie (Jenn) (08:00.685) Yeah, yeah, makes sense. I actually just heard a story about a guy who married, he was married, had kids, and then divorced and went to the second marriage, and the second person rewrote all the will. And so his kids never got anything when he died. And that's from the male's perspective. So yeah, all right. So tell us. what to do for your client. You tell us the different things we could do as individuals, but tell us what you do for your clients and how we can get in touch with you. Scherrie L. Prince (08:37.822) Sure. So I work as an asset protection coach as like the quarterback for your asset protection team. And the first question people have is, you know, what is that? I don't have a team. You definitely have a team. Okay. If you have a bank account, your banker is part of your team. If you're paying insurance premiums to anybody, your insurance agent is part of your team. Hopefully if you're in business, you're paying taxes. So your tax preparer and or planner, they're also part of your team. I think you may have a financial advisor and an attorney. What I do is, because right now, these people are not working together. You're just contacting them as you need them to perform services. I put them all together. We have at least one annual meeting, and I try to do quarterly meetings, and you can do these on Zoom. You don't have to be face-to-face. But I put them together to have a unified plan on how to move your business further faster. And I quarterback that. J. Rosemarie (Jenn) (09:18.992) Bye. Scherrie L. Prince (09:34.438) I give them some of the tools they need to help you succeed in your business. And really it takes a load off you. A lot of times you'll see tax savings and you could see more cashflow in your business because now that everybody's on the same page about what you need, you can save money and you have synergy. So it's really neat. You're not spending extra money. You're just being more efficient with the people that you already have on your team. J. Rosemarie (Jenn) (09:58.985) Yes, yes. Okay. All right. Thank you. What is Sheree grateful for today? Scherrie L. Prince (10:06.27) Oh my gosh, there are so many things. I'm located in Mississippi in the States. And we are in the Christmas season, for those of us who celebrate Christmas. And my health, peace of mind, people take it for granted, waking up in your right mind. There are people that don't have that luxury who may be battling things. And when the holidays come, that may not be a good time for them. But I'm just so thankful for friends, relationships, and just

Scherrie L. Prince (12:16.582) And okay, here's something that people are kind of touchy about. Because you know, you have some schools of thought that your personal home is not an asset. You know, it just, it depends. One, does the house have a mortgage? Is it income-producing? It may not really be considered an asset. Some people want to hold on to the house because, oh, that was mama's house. But if you can't maintain mama's house, you're not going to live there. It's not income-producing. J. Rosemarie (Jenn) (12:20.185) Mm-hmm. J. Rosemarie (Jenn) (12:27.805) Hmm. Yes. J. Rosemarie (Jenn) (12:36.61) Mm-hmm. Right. Scherrie L. Prince (12:46.086) Sometimes the conversations that I have with people is, let that asset go or let that property go. So it's a case by case thing. But if you do desire to leave it, one, if it has a mortgage, you're not gonna leave your kids with debt, are you? What are your plans to relieve them of the debt? Okay. Two, if they're minors, who's gonna maintain the house? Do you have a plan for insurance and taxes? J. Rosemarie (Jenn) (12:50.454) Hmm. J. Rosemarie (Jenn) (12:54.438) Bye. J. Rosemarie (Jenn) (13:06.054) Yes. Scherrie L. Prince (13:13.846) because that is a surefire way to lose the property if you don't have them set up for insurance and tax. J. Rosemarie (Jenn) (13:19.669) Yes. Okay. All right. Thank you. And please tell our solar moms that they do not have to have a million dollar business? Scherrie L. Prince (13:29.658) No, you don't. If you have anything that you want to share with the world, you could be an entrepreneur or a solo, a mom, or whatever you want to call it. You just have to have something. You, you'd have to have a solution to a problem because that's all being an entrepreneur is, is having a solution to someone's problem and the way that you show up in the market doesn't have to look like the way somebody else shows up, but you can still do it your way and be successful. J. Rosemarie (Jenn) (13:30.829) Okay. J. Rosemarie (Jenn) (13:40.262) J. Rosemarie (Jenn) (13:47.685) See you. Scherrie L. Prince (13:59.499) and provide a living that takes care of your family. J. Rosemarie (Jenn) (14:02.229) Yes, yes, for sure. Thank you. All right. Okay, so tell us how we can get in touch with you. Scherrie L. Prince (14:09.518) Sure, a couple of different ways. So just general information about me is on my website, www. I also host a monthly webinar. It's usually the second Thursday of the month. It's the Asset Protection Blueprint. And you may walk in and not know anything about asset protection, but when you leave, you will have a plan that you can execute by yourself to get started on your asset protection plan. J. Rosemarie (Jenn) (14:15.034) Thank you. Okay. J. Rosemarie (Jenn) (14:23.074) Okay. Scherrie L. Prince (14:36.842) And lastly, if you are an entrepreneur now or you desire to be, I have a free Facebook group. It's called the Small Business Owners, Entrepreneurs, and Solopreneurs Facebook group. So just check us out. And we just, you know, we're in there providing information, raising our hands, asking questions, just helping each other. We don't sell you anything. We're not promoting anything. Nobody's gonna spam you. We're just there to provide information and assistance about asset protection. J. Rosemarie (Jenn) (14:47.931) Oh, okay. J. Rosemarie (Jenn) (14:53.017) Mm-hmm. J. Rosemarie (Jenn) (15:03.529) Okay, cool. And I'll put those links in the show notes and I'm joining your Facebook group. So yeah. Yes, of course. All right. Thank you very much, Reel Prince, for coming and talking to us today on a very important topic that we don't normally, you know, get into. So I appreciate you. Any part, take shots. Scherrie L. Prince (15:08.994) Thank you. Scherrie L. Prince (15:27.239) Yes, I just tell people all the time play big faster. The best time to plant a tree was 10 years ago. The next best time is today. So if you have not started your asset protection plan, start today. J. Rosemarie (Jenn) (15:40.169) Okay, amen. Thank you.