Like Benjamin Franklin said, “if you fail to plan, you are planning to fail.” If you want to be successful at most things, you must have a plan. The purpose of planning is to create the best circumstances you can for yourself, in the future. In order to see that your future goals are achieved, planning is a critical process in developing those goals. Planning generally includes both short-term and long-term goals. This is just as true in finance, as it is in other areas of your life. … [Read more...] about Long Term and Short Term Financial Goals
Asset Protection Planning
Protecting Business Assets from Lawsuits
Protecting business assets from lawsuits is something all business owners should consider. Asset protection simply means shielding your asset from creditors of all kinds. Selecting the most effective, and legal, methods to protect your assets is a concern for everyone, especially those who own their own business. But, remember, that creditors are not only bill collectors, but also anyone who obtains a legal judgment against you. That includes lawsuits. The best way to prepare for the … [Read more...] about Protecting Business Assets from Lawsuits
Free Report: Avoiding Fraudulent Transfers in California When Protecting Your Assets
The purpose of asset protection planning is to evaluate your assets and arrange them in a way that they can be protected against loss. Transferring assets to various types of trusts and establishing retirement accounts are some common strategies for asset protection. However, if your protection plan is not executed correctly, you may find yourself accused of creditor fraud or tax evasion. Understanding what a fraudulent transfer is, as well as how to avoid it, is the first step to keeping your … [Read more...] about Free Report: Avoiding Fraudulent Transfers in California When Protecting Your Assets
What are Fraudulent Transfers?
If you want to protect your assets for your beneficiaries in the future, then having an asset protection plan is extremely important. The purpose of asset protection planning is to evaluate your assets and arrange them in a way that they can be protected against losses such as debts and legal judgments. Transferring assets to various types of trusts and establishing retirement accounts are some common strategies for asset protection. However, if your protection planning is not done right, you … [Read more...] about What are Fraudulent Transfers?
The Tax Implications of a Closely Held Corporation
One of the first steps in starting your own business is determining the type of business entity you intend to create. There are several different business entities, and the type you choose will have an effect on the tax consequences your business will face. Possible business entities include sole proprietorships, partnerships, corporations, S corporations, and Limited Liability Companies (LLCs). If you are considering establishing a C corporation, which could possibly be treated as a “closely … [Read more...] about The Tax Implications of a Closely Held Corporation
Free Report: Common Mistakes in California Asset Protection
Asset protection is an important part of general estate planning. Being able to properly shield your assets from creditors is crucial in preserving your estate for your family. Creditors include, not only bill collectors, but anyone who obtains a legal judgment against you, such as with lawsuits. Asset protection can be tricky, though. Here are a few of the most common mistakes that people make when they attempt to protect their assets. Seeking the advice of an estate planning attorney can help … [Read more...] about Free Report: Common Mistakes in California Asset Protection
How Can I Protect My Assets from Lawsuits?
A common concern for many clients is asset protection, which means shielding your assets from creditors. Not all creditors are bill collectors. If someone obtains a judgment against you, as the result of a lawsuit, your assets will also be at risk. So, if you are wondering, “how can I protect my assets from lawsuits,” asset protection planning is the way. Which of my assets are at risk? Asset protection can be a very complicated area of the law, as it is governed by both federal and state … [Read more...] about How Can I Protect My Assets from Lawsuits?
Do Revocable Trusts Provide Asset Protection?
One of the most common goals in estate planning is to ensure that your assets will pass on to your heirs upon your death, instead of your creditors. Trusts are particularly useful legal tools for protecting assets, but not every trust can accomplish that goal. Whether your trust is revocable or irrevocable, meaning whether its terms can be changed or not, makes a difference when it comes to asset protection. When clients ask whether revocable trusts provide asset protection, the answer, … [Read more...] about Do Revocable Trusts Provide Asset Protection?
Protecting Your Assets From Lawsuits in California
Protecting Your Assets From Lawsuits in California from Scott Schomer Shielding your assets from creditors is an important part of business and estate planning. When we think of protecting our assets, we often think of sheltering our assets from bill collectors, mortgage companies, etc. Learn more about protecting your assets in California in this presentation. … [Read more...] about Protecting Your Assets From Lawsuits in California
