If you are operating a small business as a sole proprietor, you may feel as though it is the simplest way to proceed. You can claim profits and losses on your personal income tax returns, so you have a turnkey situation. All this is well and good until you are hit with a business-related lawsuit. Asset protection is important for small businesspeople, and there are some relatively straightforward ways to go about it. Limited Liability Company A limited liability company (LLC) is a structure … [Read more...] about Asset Protection and Succession Solutions for Small Business Owners
Asset Protection
Planning Considerations for Small Business Owners
When you are the owner of a small business, your long-term planning goals will coincide with those of people that are not self-employed. Many of the same steps should be taken, but business owners have some additional considerations, and we will look at two of them here. Asset Protection It is important to protect the legacy that you want to pass along to your loved ones when the time comes. As a business owner, you should prioritize asset protection so you can separate your personal property … [Read more...] about Planning Considerations for Small Business Owners
Small Business Asset Protection Includes Tax Benefits
You can enjoy dual benefits if you establish an asset protection structure for your small business. Your resources will be out of harm’s way, and you may be able to reduce your tax liability. Limited Liability Company One structure that can be very useful for a wide range of business owners is the limited liability company (LLC). If you make your business an LLC, you would not be held personally liable if legal actions are taken against your business by creditors or other litigants. However, … [Read more...] about Small Business Asset Protection Includes Tax Benefits
Asset Protection: Secure Your Family’s Future
You may be laser focused when it comes to the accumulation of resources, but you should be just as concerned about protecting your assets. In this post, we will look at asset protection from a few different angles. Small Business Asset Protection If you are the owner of a small business, you can be held personally liable for business related damages if you do not create an asset protection structure. One possibility is the limited liability company (LLC), which is a relatively simple but … [Read more...] about Asset Protection: Secure Your Family’s Future
Protect Your Assets With a Family Limited Partnership
Asset protection is important for some professionals, business people, and investors. A family limited partnership (FLP) can be the ideal solution, and we will provide the details here. Basic Structure There is nothing deceiving about the name of this asset protection structure. The members of an FLP must all be in the same family. If you establish a family limited partnership, you would be the general partner, and the family members that you include would be limited partners. You do not … [Read more...] about Protect Your Assets With a Family Limited Partnership
Fend Off These Threats to Your Legacy
When you plan your estate, you should certainly be aware of the looming threats that can reduce the inheritances that you will be able to leave to your children. With this in mind, we will look at some of the sources of estate erosion in this post. Elder Financial Abuse As reprehensible as it is, a very significant percentage of elders are victimized by financial abuse. A study that was conducted by MetLife Mature Market Institute in 2008 found that at least $2.6 billion is lost every year … [Read more...] about Fend Off These Threats to Your Legacy
Your Planning Can Help Your Loved Ones
Each of us will die eventually. This article looks at how planning can make your passing easier for your loved ones. Specifically, this article will look at the importance of the manner in which assets are left for your loved ones. Your Planning Can Help Your Loved Ones … [Read more...] about Your Planning Can Help Your Loved Ones
Domestic Asset Protection Trusts
Domestic Asset Protection Trusts are spreading to more jurisdictions. However, their protections may be waning. Read on to learn more about Domestic Asset Protection Trusts. Domestic Asset Protection Trusts … [Read more...] about Domestic Asset Protection Trusts
Naming a Trust as Beneficiary of an IRA
Whom should you name as the beneficiary of your IRA or Qualified Plan? Sometimes, it can be best to name a trust for your intended beneficiary. Read on to see the protections a trust can offer that a direct designation of the individual would not. Naming a Trust as Beneficiary of an IRA … [Read more...] about Naming a Trust as Beneficiary of an IRA
Estate Planning is About More Than Taxes
Estate Planning addresses many concerns, not just taxes. It can protect beneficiaries from their own creditors, provide divorce and remarriage protection, and protect the benefits of children with special needs. Learn more about how Estate Planning can help protect your beneficiaries by providing privacy and other benefits. Estate Planning is About More Than Taxes … [Read more...] about Estate Planning is About More Than Taxes
