Asset protection and tax planning are critical in ensuring your legacy flow smoothly in your family. There would be near-zero chances of your assets ending up with potential creditors and the government. But, that will require working with a law firm that has had years of experience offering asset protection, business litigation, probate, and taxation. Further, as Geoffrey C. Dietrich, JD explains, the best of such law firms should also devote their time, money and professional advice to charity work.
But, how else can such firms help you with your asset protection and tax planning? How can they help you build and protect your wealth, and pass it on to your next generation? How much can they ensure there is peace in your family on financial matters? Here:
Tax minimization strategies
You always could use saving some of the money that you spend paying tax, whether you own a business or are an employee. More so, if you have rental properties, you may need professional help to determine whether there is any avoidable tax that you could skip. That may seem not much every month, but, in the long run, could amount to a lot of cash that you could reinvest in your businesses. However, the best way to do that is to lay legal strategies. Most of these will include you setting up asset protection, charitable and dynasty trusts.
Creating a donor-advised fund or a private foundation can also assist in minimizing your taxes. But, whichever you opt for, first consult a reputable law firm to guide you in choosing a strategy which will work best for you. That way, you will minimize your taxes while protecting your family’s financial interests.
Asset protection
Asset protection, especially in estate planning, is crucial in protecting your property from unnecessary lawsuits. You, probably, have already undertaken asset protection measures before. Yes, that auto and homeowner’s insurance was part of that. But, these are just the simplest ways of protecting your assets. There are, however, many other ways that you can protect your assets. But, even with these, it is imperative that, together with your lawyer, you evaluate your financial goals against your family needs and the assets that you are protecting.
Asset protection can also include you setting up an LLC or any other business entity that will own your rental estates. You also can include a lifetime trust for your family in your living trust. Long-term insurance plans and offshore planning can act as asset protection, too. So, with these, you have a wide variety of options for asset protection from which to choose.
With asset protection, you will reduce your risks of losing assets to lawsuits. Divorces, car accidents, workplace accidents, business failures, and bankruptcy are among the issues that proper asset protection guidance and representation on will help to counter. However, always ensure that you consult an experienced law firm on matters asset protection. Doing so will help you in analyzing your financial risks from which you will determine the best tax minimization strategies for your business and to protect your family’s wealth.
