5 Pillar Asset Protection
Take steps to protect your wealth from all known and unknown creditors!
5-Pillar Asset Protection will help you identify risks that if unaccounted for can ruin you financially. Identifying the risk is important, but what’s equally important is identifying the potential solutions to protect against these risks. This book explains the pros and cons of solutions provided so readers will be able to make informed decisions about which ones will best fit their individual needs.
Pillar #1 Lawsuit protection: This includes protection from premises liability, professional negligence, texting and driving car crashes (which is six times more dangerous than drunk driving), etc.
Pillar #2 The IRS: Your #1 guaranteed creditor every year is the IRS. You can’t grow maximum wealth without taking steps to mitigate or eliminate income, capital gains, and estate tax.
Pillar #3 The Stock Market: The bi-product of unchecked investment risk is losing a significant percentage of your investible assets in the next stock market crash. Taking specific steps to hedge downside risk in the market is a staple of every asset protection plan.
Pillar #4 – Long-Term Care: 69% of people age 65 and older will need some form of LTC. Those costs can easily exceed $100,000 a year per person and MUST be planned for.
Pillar #5 – Estate Planning: Most estate plans are NOT set up correctly or are incomplete. This can cause wasted time, headaches, and significant expense as it relates to probate and medical/legal directives. For the affluent, it can cost millions in unnecessary estate taxes.
Let us help you review your financial risk
Financial planning means different things to different people
What our firm does is quite unique. When we deal with tax planning we hit on a number of different topics (many unique) to make sure we are being PROACTIVE not REACTIVE when it comes to planning strategies.
CPA | Accountant | EA
A CPA/accountant/EA typically thinks of tax planning as doing a tax return for a client and sending them the bill for the taxes due. Some might recommend a SEP IRA or SIMPLE Plan, but they typically do not deal with real tax planning strategies.
Attorneys
An attorney thinks of tax planning as doing someone’s living trusts so the client can maximize estate tax exemptions
Financial Planners | Insurance Advisors
A financial planner/insurance advisor typically thinks of tax planning as the use of a 401(k) plan.
Financial planning tools come in many forms
Correct corporate structure, Captive Insurance Companies, FLPs, “Freeze” Partnerships, Retirement Life (a tax free wealth building tool), Roth IRA and 401(k) Plans, Section 79 Plans, Equity Harvesting, 401(k) Plans, New Comparability Profit Sharing Plans, Defined Benefit Plans, 412(e)3 Defined Benefit Plans (and carve out plans), 401(h) Plans, Cash Balance Plans, ESOPs, Charitable Remainder Trusts, Charitable Gift Annuities, Family Foundations, Intentionally Defective Grantor Trusts, Long-Term Care Insurance, HSAs, Corporate Structure, Single Premium Life Insurance (with LTC rider), Roth IRA Conversions, etc.
What we want to impress upon potential clients is that if you are not using a firm that knows the above topics and more, YOU ARE NOT receiving the best advice possible.
Don’t do what everyone else does (the do nothing position), be proactive to protect your money from the IRS and state government. Remember, your number one guaranteed creditor every year is the IRS.