The Importance of An Asset Protection Plan

The Importance of An Asset Protection Plan

A well-outlined asset protection plan is a powerful deterrent against lawsuits.  Asset protection planning involves a comprehensive and integrated estate planning strategy that includes short- and long-term financial objectives. When planning, your focus should be to devise a plan that addresses and supports both your professional and personal goals.  Unfortunately, we live in a society where creditors and individuals can be predatory against people with substantial assets, and knowing that the average person never wants to go to court often force people to settle frivolous lawsuits as their game of choice.

Asset protection plans differ depending on the kinds of assets owned. High-risk assets include tools, business equipment, rental properties, and vehicles.  Safe assets include stocks, bonds, and bank accounts.

If you own a business, your primary objective is to separate personal assets from your business assets to prevent any parties from going after your assets. Corporations like LLCs, S, and C Corps are going to be some of the traditional ways to initiate that protection whereas sole proprietorship, DBA, or general partnership offer limited or no protection against these types of predators.  Trust and offshore accounts also limit the risk of exposing your assets.

Asset protection is priority 1 for those individuals who want to secure themselves from lawsuits however there is no single way to protect your assets as everyone’s needs adherently differ. A qualified asset protection professional will analyze your personal and professional risks, exposure, and possessions along with your goals for you, your beneficiaries, and business so your asset protection plan is specifically catered to your needs.

 

To discuss your financial planning objectives I am available upon request and can be reached at my website JeffreyLevine.Solutions for inquiries and appointments.

Great Ways To Reduce Your Business Tax Liability

Great Ways To Reduce Your Business Tax Liability

From business expenditures to careful reserves, there are a diversity of approaches that business owners can utilize to reduce the share of their business income that can be taxed.

Four major factors a business should consider are:

Are we making smart purchases and investments?

Do we know which deductions we can legally make?

How do we avoid an audit?

How can we reduce our tax exposure?

Do our charitable contributions count?

Are we eligible for Federal Tax Credits?

To ensure that you are calculating your business taxes correctly, work with a tax preparation specialist or certified accountant throughout the year. A qualified advisor can outline the laws and regulations relevant to your strategic decision-making that will reduce your tax liability and ensure that your business receives every deduction, credit, or tax exemption possible.

I am available at your convenience to discuss these matters, I can be reached at JeffreyLevine.Solutions today.

Basics Strategic Management in Business

Basics Strategic Management in Business

You don’t have to be a rocket scientist to start a business, but it does require you have a basic knowledge of key skills. The key skills involve understanding how to effectively manage people, operations, sales, marketing, strategic planning, and financial accounting objectives.  If these skills are not your strong suit engage consultants, advisors, and employees to supplement what you lack.  Focusing on your strengths and delegating your weaknesses gives you an advantage at rapidly scaling your business.

Strategy is defined as knowledge of specific goals, the uncertainty of unexpected events and the need to take into regard the likely or realistic conduct of others. Strategy is the blueprint of choices in an organization that demonstrate its purposes and objectives and defines the type of company it will turn out to be.

Management strategies are a series of techniques for controlling and directing a business to achieve a set of predetermined goals. They include strategies for goal setting, leadership, business administration, and operational activities that provide a clear sense of direction for the company and its employees about its market, consumers, credibility, and competitors which ultimately induce systematic profitability.

There are many factors to consider when taking on this sort of venture and I suggest getting the right counsel from the beginning to support you in those endeavors. If you or your team would like a consultation to discuss your strategic business planning strategies, schedule an appointment at JeffreyLevine.Solutions today. I would be glad to be of service to your organization’s needs.

What Are the Advantages to a Holding Company for Tax Purposes?

What Are the Advantages to a Holding Company for Tax Purposes?

If you own shares in a company understand that if you collect any dividend payments from that company, you will be responsible for the tax consequences. However, if the holding company you own also owns your shares in the corporation, dividends paid to your entity will largely be tax-free.

United States tax law allows a holding company to receive a deduction for dividends received from its corporation and to defer a percentage of the taxable income.

What Is a Holding Company?
The traditional holding company has no operations, activities, or direct business; however, its specific purposes are to owns shares in another company. The assets can consist of shares of stocks that can be backed by anything that has value. If you are planning on investing in companies through stocks, securities, or bonds, you will encounter the term “holding company.” Many of the most successful companies in the world are holding companies.

Ways To Use A Holding Company
 Assets in a retirement fund can be utilized as a type of pension if required if they are in a holding company
 Company profits can be converted to the holding company as dividends
 Tax-free dividends can be distributed to the holding company as the beneficiary
 Holding company shares can be placed in a trust
 The holding company can be held by single or multiple people creating the leverage to divide dividend payments and taxes.

Subsidiary vs. Holding Company
A company can set up a subsidiary, and if the subsidiary doesn’t succeed, the parent company is not liable for the debt as the two companies are separate entities who pay their own taxes on their income. A subsidiary company can make its own choices and manage itself, without approval from the parent company which can still maintain its control by just being the sole shareholder.

To learn more about how you can benefit from revolving your tax plan around your holding company and subsidiary company, schedule your free consultation today at JeffreyLevine.Solutions today.

Financial Advisor vs. Wealth Manager

Financial Advisor vs. Wealth Manager

Financial advisors deliver planning and organizational resources for their clients. The term financial advisor is unspecific. Advisors specialize in retirement planning, estate, college, business, tax planning, portfolio building or anything related to the generalized management of your finances like setting goals, picking investments, saving for an emergency fund or assessing risks.

Wealth managers are much more systematic and typically work with high – net worth clients.  Most wealth managers have expertise in financial advisors, yet many financial advisors may not be able to assist you with managing your wealth. Both financial advisors and wealth managers, set their own minimum account requirements, so terms and conditions will likely vary based on your requirements.

I take a collaborative approach to both financial planning and wealth management. Whether it’s company taxes or individual retirement objectives, I will review your current financial position to help you strategize your future financial goals then help you build a savings and investing roadmap that itemizes your options for asset protection and building. I am qualified as both a wealth manager and financial advisor and am looking forward to helping you reach your financial ambitions expediently and comprehensively.

Schedule your free consultation at JeffreyLevine.Solutions today.