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If you're not worried about getting sued and losing everything, you should be.Get your house in order with Asset Protection.Asset Protection is critically important as you create your wealth. Done properly it provides for lowering your tax bill, improving your returns and most important of all “asset protection”. California and Texas are the two most litigious states on the planet. Third is NSW in Australia. It’s an issue that you must address if you are to keep the wealth you create. And like everything we have spoken about here; it’s NOT difficult. Just a bit of common sense. Now I must tell you that I am NOT A TAX ADVISOR OR ACCOUNTANT OR LAWYER. The information provided here if for information only and you must make your own decisions about structures. Seek good advice! Also, everybody’s situation is different so you really do need to seek specific advice. The one bit of advice I will give you though is to not go to you standard Tax Accountant for this. You need someone more specialised. I use a Strategic Accountant to take me through the assent protection and tax issues for my situation. He refers me to a specialist asset protection Lawyer when I need something more specific or unusual. My Strategic Accountant shows me whether to use a Trust or Company or combination of these to invest in and which structure is best for my Stock Market Business, my Real estate Business and my Internet Business. If you are just getting started then you can always begin with the Stock Market Business in your own name and when you have sufficient cash you can engage the services of a Strategic Accountant to set you up properly. Just don't leave it too long. Questions to ask when selecting a Strategic Accountant: 1. Are you up to date with Real Estate tax and asset protection laws and do you have specific real estate experience 2. Do you know about selling options and do you know what happens if my covered calls get exercised (what happens is that you get to keep the premium as we know but you also get a capital gain because you are selling your shares at a higher price that you bought them. Capital gains are treated differently than income in tax) 3. Have you got experience in asset protection – ask them what happens if the entity that you buy your property in gets sued. (What actually happens is that although you will have insurance, insurance companies will do all they can not to pay out. If you’re not structured correctly you’ll lose all the equity you have in those properties even though you are fully insured – watch out for this one) Make sure you feel comfortable and that they take the trouble to explain things in simple terms. You will pick up the lingo quickly enough but sometimes you need to have things explained simply the first time. Remember too that laws are different from State to State so you need someone in your area. Like to get some more information on Asset Protection,
Structure and Tax. I'm not surprised. Click here for more information...
Asset Protection
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