Accountancy Resources
You work hard for your money and the last thing that you want is to get it taken away from you within litigation, from taxes, or for probate and taxes to take a great portion of your succession away from your family. It is vital to implement methods of safeguarding your wealth so that you can rest assured, knowing that your wealth is protected.
Unless you’re a doctor, or in some other high-risk profession, you probably don’t think too much about the chance of getting sued. In reality “43% of small business owners have been threatened or involved in a lawsuit”, according to the American Society of Asset Protection.
Whether or not you own a business, it is essential that you safeguard your wealth so that it won’t be accessible to prosecutors or creditors seeking to settle debts within a lawsuit. Simply by joining a limited liability company or LLC you can be safeguarded by laws that protect LLC members from company lawsuits. The legal fees alone that are involved in lawsuits can add up to thousands of dollars, if you ever do find yourself in a lawsuit you’ll be able to rest assured knowing that you have protected your assets.
If you structure your assets properly, you could literally be saving yourself thousands of dollars. A business with an income of $100,000 to $150,000 can easily structure their assets to save 2.7%-4.6% or $2,700 – $6,900 in self-employment taxes but a lot of small businesses are unaware of this savings. Another way to save money on taxes is by transferring your property into a charitable remainder trust or CRT so that when it comes time to sell your home, rather than spending up to a couple hundred thousand dollars in taxes, you wouldn’t have to spend any because it would all be within a CRT.
You’ve worked hard throughout your life and want to be confident that your assets are properly passed down. While many think that their will is an adequate measure to ensure their wealth is dispersed to their specifications, when actually “50% of your assets could be lost to taxes and probate” after you pass. An asset protection expert can assist you in safeguarding your wealth by teaching you how to utilize Family Limited Partnerships to safely transfer money to your next generation after you pass. They also have an in-depth knowledge of homestead laws which can help protect the value of your home from creditors, taxes, and occurrences that may arise following the death of a spouse.
In the grand scheme of things, taking the time and effort to safeguard your assets from potential lawsuits, taxes, and by ensuring a succession of your wealth is safeguarded, you will save thousands, making it well worth the effort.
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