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

J. Rosemarie (Jenn) (00:03.129) My guest today is Scherrie Prince, attorney, coach, and speaker. Welcome, Scherrie. Scherrie L Prince (00:12.418) Thank you for having me. J. Rosemarie (Jenn) (00:14.041) Yes, for sure. Before we get into what you do, could you tell us who are you? Scherrie L. Prince (00:21.238) Well, I am a mom, I'm an attorney, and I'm an asset protection coach. J. Rosemarie (Jenn) (00:30.017) Okay, all right. So, diving right in, what is an asset protection coach? Scherrie L. Prince (00:36.366) I pretty much show you how to, well I work with entrepreneurs and I show them how to merge their business plan with their estate plan to build a moat of their assets. Because a lot of us as entrepreneurs, we're really busy working in the business and not on the business. And so sometimes we'll neglect trying to protect those things that we work so hard for. J. Rosemarie (Jenn) (00:42.983) Mm-hmm. J. Rosemarie (Jenn) (00:58.907) True, but why is it important to merge your personal asset with your business asset? Scherrie L. Prince (01:07.066) We're not merging the assets. We're merging a plan for the assets. Like say for instance, as a single mom, you have a business. You wanna make sure if something happens to you, your children or whoever's supposed to get your interest in the business, that they actually get it. And so, that's something that we do. And we show you how to keep those things separate but how to protect them so that they work in harmony. J. Rosemarie (Jenn) (01:09.29) Okay. J. Rosemarie (Jenn) (01:34.241) Okay, all right, well, it makes sense, that makes sense. It would be difficult if, you know, God forbid the Solomon pass away and she had a business and yeah, that's a horrible scenario. If the plant weren't in place, then nobody knew about her business. So I could see that, I could see how this is useful. Thank you. So what got you started? Why this? this part of coaching. Scherrie L. Prince (02:09.118) Well, OK, it's kind of two sided. My mom passed away at the age of 36. And at the time, she had been in a nursing home about three years. So who thinks that in their early 30s that they're going to need long term care insurance, they're going to need life insurance, or even a designation of beneficiary for their minor children? So that was really tough for my brother and I. Fast forward, we went to go live with my grandparents for a while. And. they passed away without a will or a trust. So now you have family, they're fighting over assets, and I learned a little bit later as well through a bad business dealing that you just gotta have things in place because you never know what may happen. I've been blessed with decent health and I've made plans for my children, but those were things that I did not see growing up. So sometimes you just kinda don't know what you don't know. J. Rosemarie (Jenn) (03:04.855) Right. Scherrie L. Prince (03:05.038) And I really felt like there was a void in the coaching space because everybody's teaching you how to make money. You know, let's be a millionaire. If you do this, you're gonna get X amount of dollars in your account in 30 days. But no one's talking to you about how to protect those assets. J. Rosemarie (Jenn) (03:16.726) Yes. J. Rosemarie (Jenn) (03:20.961) Yes, yes, makes sense, makes sense. And I think it's particularly useful, this conversation for solo moms, in that if they pass, then it's just the kids, right? And so if the plans are not in place, it could be difficult. I know because I've experienced it with my sister and my aunt. All right, so can you give us three tips? Give a solo mom three tips. on how to prepare themselves and their business for, you know, to protect their assets beyond. Scherrie L. Prince (04:00.878) Sure. So the first thing I would tell you is to go through all of your important documents and look at and update your beneficiary designations. You know, it could be that before you had children, maybe your sister, your mom, your dad, they were your beneficiaries. So go through and update that because now you may have kids of your own, or if you're a single mom, maybe you're single as a result of a divorce. Do you still have your ex-husband listed to get some of your assets? That's the very first thing. The second thing is there's a process that I call the three I's and you do this for your business and personal assets The first I is you identify those assets. What are they? What do you own? Your personal name. What is your business on the second? I is inventory So after you identify what you own you you're gonna make two columns on a sheet of paper Just a plain sheet of paper one side is gonna say personal the other side is gonna say business and you begin to divide those based on if they're using your business or if you use them personally. And the third eye, really the most important, is you improve the classification of those assets. And so by, when I say improve, say for instance you have a vehicle that you purchase in your personal name. Would you been using it for your business? What happens if you get into an accident doing something for the business and you get sued? Well, they're gonna sue you personally because you're the owner of the vehicle. J. Rosemarie (Jenn) (05:29.409) Yes. Scherrie L. Prince (05:30.642) Yeah. And so you want to, by improving the classification, if you're really using it for business, you want to get it titled in your business's name. And part of getting it titled in your business name, you know, there's a transaction that needs to happen between you personally and the business. And if you have a good accountant, they can kind of walk you through that and also a good attorney. So that is the second thing. The third thing is you want to make sure, and I am a sucker for using a calendar. You want to make sure that you schedule some time, at least once a year, to revisit the same process, treat it like a wellness visit, and go through all your assets again, your beneficiary designations, and that includes life insurance, health insurance, retirement plans, investments, all that. You just kind of want to look at it. Designation of beneficiaries for minor children, because if you are a mom, you have kids, and even if they're not minors, once your kids,

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

J. Rosemarie (Jenn) (10:23.685) Okay. J. Rosemarie (Jenn) (10:33.005) Yes. Scherrie L. Prince (10:36.034) the ability to go out and share, you know, what I believe God has given to me, which is this message about asset protection, because it's not something I grew up with. It's not something that I always knew that I wanted to do, but I really do feel like it was given to me, and I love sharing it with other people. J. Rosemarie (Jenn) (10:42.957) Yes. Yeah. J. Rosemarie (Jenn) (10:53.089) Yes, I appreciate that. I appreciate you doing this, especially for people of color, because it's not something we focus on, right? We're so busy keeping it together that we sometimes don't even realize how much we have to protect, right? Scherrie L. Prince (11:13.97) Exactly. Oh, and let me share this with you because I hear that all the time. Sheree, I don't have anything. Okay. So this podcast is for so let's pretend that every day of your life, you know, you're raising your kids, your account may be zero or less than zero, maybe the negative with asset protection. There's a way that you can leave your child as a millionaire. You do it through life insurance. J. Rosemarie (Jenn) (11:23.89) J. Rosemarie (Jenn) (11:40.625) Huh? Scherrie L. Prince (11:40.786) And even if you don't leave them a million dollar life insurance policy, there are ways you can still do things in your absence to take care of your child. So like, you know, every day you may be struggling to take care of them, but when you're gone, you're gonna leave them a gift. And that's one thing that I love to do for families. So you just have to, it's not about what you have today. Part of it is about leaving a legacy and security for those that you also leave. J. Rosemarie (Jenn) (11:54.606) Yes. J. Rosemarie (Jenn) (12:03.713) Yes. Right. Okay. All right. And I'm going to go into the simplest form because even if we own a home, we don't even think we have an asset, right?

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.