Asset Protection Strategies

 

 

Hey Doctors! Thanks for the calls this weekend on my post about tax planning high income solutions for the medical professional. Asset protection for clinics, hospitals, and doctors is a very hot topic right now. Any tax planning needs to include a strategy for protecting your assets from those pocketbook preditors!

Review this video Podcast I did a few months ago about the tax planning techniques for doctors and dentists and double check your financial thinking!



Have a healthy and wealthy day!

Gabby Huguenin
Wealth Coach
CEO Wealth Classes Coaching, LLC
www.WealthClassesCoaching.com
888-888-3612

P.S. If you're facing some tax challenges, cash flow issues, or need solid asset protection strategies give me a call! We have a number of powerful wealth building programs to help you in the process of building financial freedom.

Asset protection solutions are more important for certain types of businesses and individuals than others.  We all understand the value of insuring our homes, cars and lives but when things are going well it’s easy to forget about protecting yourself from the absurdity of pocketbook predators.  Don't let this craziness scare you because there is a solution. It's called Asset Protection Solutions!

There have been crazy cases where judges found a landlord liable for the alleged damages of another tenant’s cigarette smoke. Ridiculous awards have been made to plaintiffs for a wide variety of things that nobody in their right mind would believe is fair! I won’t waste any more time on the absurd, we all see the stories in the news so let’s just get down to protecting ourselves, our businesses and our assets with proper asset protection solutions.

Who’s at Risk?
Well, with more attorneys in this country than any place on the planet, if you’re an American, you’re at risk. But, if you’re in one of the following categories, you’re at higher risk:

• Architects
• Contractors
• Developers
• Engineers
• Physicians
• Dentists
• Medical Professionals
• Corporate Officers
• Financial Advisors
• Legal Advisors
• Real Estate Brokers/Agents
• Landlords
• Landlords
• Landlords

Oh, did I mention, landlords? It’s kind of funny in a sick kind of way. You work your tail off to find and purchase your first investment property. It takes you five years to get to positive cash flow. You net a couple hundred bucks a month and voila! You look like you’re a rich landlord with a big asset so you’re easy to spot and easy to sue! Ahhh, the joys of being a landlord.

A few weeks ago I did a post about the importance of getting all real estate out of your personal name and into appropriate operating entities that separate you from your assets and also allow you to fly a little more under the radar. Remember, if you cannot be found, you cannot be sued. Of course, you only do this in straightforward legal ways but it is possible to protect yourself better with a lower profile.

One of the asset protection solutions we teach our students in Wealth Classes Coaching is using LLCs, C corps or other entity to reduce your liability. We help our students find the state most favorable to their specific entity and then we incorporate all of these tactics into a long-term wealth building strategy that keeps the pocketbook predators at bay.

Effective asset protection solutions help to limit the ability of creditors to seize your assets or to even know where to find your assets. The typical attorney working for the plaintiff to attack your assets is going to do an asset search before she decides to take that person’s case. If there is nothing of value to be found, it’s harder for the predator to find a playmate!

If you want to learn more about asset protection solutions, give me a call for a no obligation phone consultation. Discover how my high net worth tax planning strategies and business tax write offs can put a little more cash in your pocket next year, call me for a free consultation. I sometimes joke about it but I really can spot significant tax savings opportunities for most people in a matter of minutes!

If your new to some of this wealth building talk and just want to get the basics, then you don't have to take some complicated tax planning course, just start right here with our free class called Wealth Principles Online.


Have a prosperous day!

Gabby Huguenin
Wealth Coach
CEO Wealth Classes Coaching, LLC
888-888-3612

P.S. Whether you are interest is reducing tax payment, setting up a small business, or creating an effective asset protection strategy, we have an individual wealth coaching program for you. Just call me! Watch this video to learn 7 Tax Saving, Money Making Tips You Can Use Today!




Disclaimer:
This information does not constitute a complete description of all or any one aspect of financial planning. There is no offer to sell or buy any financial product in this video or on our website. Please consult with a qualified financial, legal and/or tax professional before investing or modifying any aspect of your taxes, assets or finances. This information is strictly educational.

Last Minute Tax Tips and a Free 8-Week Class to Boot!

The end of the year is closing fast and now is the time to get the tax deductions you deserve by knowing what information to share with your CPA. Here are a few year-end tax tips to consider right now.

Year-End Tax Solutions:
Read a few of these tax-saving, money making tips and I’ll give you a wonderful financial educational tool for absolutely free at the end of this post.

1.    If you might owe taxes…  review the list of potential deductions. Do you know what’s available? Diane Kennedy’s book, Tax Loopholes of the Rich has a great list.   Also, Jackson Hewitt Tax Service has a quick list of tax deductions for free that are often overlooked. Review these lists and look at where you spend money. Then bring this list to your CPA. I have a list of around 300 deductions that I use with my wealth coaching clients.

2.    Prepare for next year with a system… What is your wealth building strategy? What is your money management system? What is your process for building lifelong wealth? If you are shrugging your shoulders at these questions then you need a system. Our most popular workshop is called the Infinite Wealth System and it teaches you how to be your own banker, get paid like a banker and reduce risk like a banker. But first, you must start thinking like a banker. This workshop is quite powerful but don’t take my word for it, listen to some of the students.

3.    Create a Tax Advantaged Environment… What that means is that you should be doing everything legally available to maximize your tax advantages and minimize your tax liability. For example, There are four ways you can protect your income and your assets for a more joy filled retirement.

• Entity Structuring – set up an LLC, a C Corp, an S Corp or other legal business structure that will give you the greatest tax benefits and asset protection. You never want to hold real estate personally and LLCs are often great vehicles for protecting your investment and your family from legal hassles.

• Banking System – Utilize the proper life insurance products to establish a system of managing your cash flow and earning the interest on things you finance instead of paying interest to the bank or finance company.

• Self-Directed IRAs With Checkbook Control - A lot of peoples’ retirement accounts have taken a beating in the last year but there is a way to recover some and do better next year. Set up a checkbook controlled IRA and tie it into your banking system to maximize your earning power while reducing tax liability.

• Elite Family of Trusts – Trusts are powerful vehicles for creating long-term wealth and setting up a financial legacy.

4.    Tracking Software (Quicken, Quickbooks, etc.) There are many programs to choose from but the most important point I want to make is that if you don’t know where your money is going you won’t know where it went. Solid wealth building strategies require that you track your money well. If you’re not on a good financial management software program this is the ideal time to set it up so you can be ready for the new year and a fresh start.

Now… about that free gift. Sign up for our free eight week Wealth Building Secrets program that you can take from home. No cost, no obligation. Just 8 weeks of wealth building tips, money making ideas, tax saving strategies and new ways of thinking about wealth, money, and prosperity. There’s no obligation and you can start right now! 

To learn more about our wealth coaching programs, wealth building guides, or other financial education tools, drop me a note or give me a call!


Have a prosperous day!

Gabby Huguenin
Wealth Coach
CEO Wealth Classes Coaching, LLC
www.WealthClassesCoaching.com
888-888-3612

By the way, if you are facing some tax challenges, cash flow issues, or need a solid asset protection strategy, there is no charge to give me a call! We have a number of powerful wealth building programs to help you in the process of building financial freedom.

Does your plan for retirement include you being there, fit and fine? I got a lot of feedback from my students yesterday on a few of my simple wealth building, health building tips so I thought I would add a few more.

If you want to see your retirement planning efforts pay off then you've got to take care of yourself in the meantime! We always talk about estate planning, establishing asset protection strategies and creating wealth in a tax-advantaged environment but we don't always talk a lot about our health!

You need to be strong and healthy to enjoy the fruits of your financial labor! Here are a few more health tips/wealth tips that we all need to be practicing by the time the retirement planning process ends and the retirement living begins!

Breathe to Achieve!
Too many of us live on caffeine while operating on high stress and low energy but the truth is, you’ll achieve more when your stress level is low and your energy is high. By learning to calm your nerves with focused breathing throughout the day you’ll have more energy, a lot more fun, and maybe make a lot more mun!

•    Let go of stress before a meeting starts by asking everyone to take just a minute or two to close their eyes, relax, and concentrate on relaxed breathing. Do the same thing for yourself when you are alone and about to start the next project.

•    "Slow down and breathe" is not a metaphor. Actually slowing down and taking a few extra deep breaths every hour refreshes the mind and re-energizes the body.

•    Be aware of your breathing throughout the day and actually focus your breathing on "inhaling all that is good" and "exhaling all that is not."

Manage the Snack Attack
Snarf down some donuts and coffee and you’ll be flying high for an hour or two but unless you get another sugar fix soon, you’ll hit the wall hard! Having balanced energy throughout the day assures higher productivity, more pleasant communications, and a lot less stress! Here are some snacking tips to keep your energy up and the stress levels down:

•    A great snack in between meals is a combination of raw or dry roasted nuts (for protein) and some fresh fruit (for healthy carbohydrates and natural sugars). It might be an apple, walnuts and light cottage cheese or non-fat low-sugar yogurt.

•    Avoid so called energy bars on the market that boost energy with massive sugars, artery clogging fats, and excessive carbohydrates. Avoid snack bars that use sugar alcohols. Sugar alcohols are a major reason many people cannot stomach most energy bars on the market today.

•    Make sure your snacks are tasty and enjoyable. Keep healthy snack options convenient and available at all times so you make healthy choices. Carry only snacks that include a balance of high quality proteins, healthy fats, and energy enhancing carbohydrates. The best snacks are natural. Fruits, nuts, and veggies!

There is no time like the present to implement a plan for change! If you are planning your retirement and haven't included your health maintenance strategy, this might be a good day to start!

Wealth without health is not that much fun!

Have a prosperous day!

Gabby Huguenin
Wealth Coach
CEO Wealth Classes Coaching, LLC
www.WealthClassesCoaching.com
888.888.3612

P.S. Total financial freedom doesn't have to be hard but it does take a little effort. But we've made it a lot easier with weekly classes, one on one wealth coaching and all kinds of audios, videos, and books to help you create your wealth building action plan. Have a question? Call me!

First, a couple reminders. Nov 14 , 15, we're having IWS 2. This is our next level in the Infinite Wealth System. If you've been to another Infinite Wealth System workshop or taken our online course you are qualified to go to the next level of our wealth training programs. Visit www.wealthclasses.com and click on classes to learn more. 

One of the topics of our last Connector Coaching call is a critical part of any wealth building strategy. Term Sheets are legal documents that create a clear starting point for a business venture. Here is part of the definition from Wikipedia...

A term sheet is a bullet-point document outlining the material terms and conditions of a business agreement. After a Term Sheet has been "executed", it guides legal counsel in the preparation of a proposed "final agreement". It then guides, but is not necessarily binding, as the signatories negotiate, usually with legal counsel, the final terms of their agreement.

There are several major documents you need to be aware of before starting any company be it an LLC a C corp, a joint venture or whatever. You need to know what they are to keep yourself out of trouble and to make sure your business venture has a good shot at success.

There are a lot of legal issues around these documents and I'm not an attorney nor am I giving financial advice on this blog. All I want to emphasize today is that we just had a great educational call on term sheets and it reminded me of the power of planning.

The more time you put up front in the planning phase, the less time you'll need to get to the profitability phase. Term sheets are crucial so do your homework. If you want to learn more about starting your own business, launching a joint venture, or just reducing your taxes, find out how one of our wealth coaching programs can help!

Here's a Podcast video describing the various wealth coaching programs we offer.



Have a prosperous day!

Gabby Huguenin
Wealth Coach
CEO Wealth Classes Coaching, LLC
www.WealthClassesCoaching.com
888-888-3612

By the way, if you are facing some tax challenges, cash flow issues, or need a solid asset protection strategy, there is no charge to give me a call!

We had a great call last night with my students who are working to discover new ways to grow and protect their wealth. Each Monday night during our Connector Coaching Program give specific wealth building ideas and actions to help build lifelong wealth.
Here are some of the points I shared last night about setting up the right type of entity structure to protect yourself and your assets.

Having the right legal entity structure does two very important things. 

1.  Tax Advantages - When set up properly the proper legal entity gives you significant tax advantages. This is what I mean when I talk about creating a tax-advantaged environment.

2. Asset protection – This is so important into today’s litigious society. When you have assets that everyone knows about, you are inviting others to come and get them! It is your legal right to protect what you have worked so hard to earn!

Here are some of the highlights from last night’s Connector call. Key points to remember:

1. The right entity structures separate you from your business. This keeps you and your assets apart so that if one or the other has any legal challenge, your entire financial system is not at risk.

2. Sole Proprietorships are great for startups because they are low cost, simple and still have some tax benefits. There are lots of tax deductions available to this entity. This might be a good structure for a very small business where a person is a freelance writer or a network marketing rep where there is really very little risk. Downside is – very risky if you get sued. Tip - Once you start to make over 60k or so find a more protective entity and have an attorney set it up properly. Another downside to this entity is that there are over 90 million lawsuits filed in the U.S. each year and sole proprietorships are quite vulnerable.

3. The Secretary of State in each state is where you can go to begin your business name search. This is just a starting point. Business names need to be registered in the state where they reside but you will also need to begin the trademark and registration process. Just because a business name is available on a local level doesn’t mean a larger corporation hasn’t registered the name nationally. Use an attorney on this.

4. LegalZoom.com and other similar services may be useful for legal documents when you have enough experience to know what to look for. For example: If you need an operating agreement for a new LLC you are setting up and you've done it before, LegalZoom might provide a starting point as a template to save you some time and money. But, be careful. Complicated entities require quality legal advice.

5. Real Estate – Never, ever put it in your own personal name. Always use an LLC or another entity but having real property in one’s name invites trouble. There is a lot of exposure in the real estate world so don’t risk it. No sole proprietorships in real estate.

6. General Partnerships – These are a little like sole proprietorships but require two or more partners. There are some benefits when you are fortunate enough to find a partner who is equally committed and capable of doing his/her share of the work (although that’s rare to find the perfect balance). Great for small business with clearly defined and divided responsibilities.

General partnerships can be easier to raise capital or get loans for a start up. Each partner files their own tax returns and all income and losses flow through to the individual partners. Downside – Some states require termination of the partnership when death, retirement, withdrawal, or resignation occurs.

There are ways around that but that’s fairly typical. More complicated than a sole proprietorship but there’s no double taxation that can occur in a c-corp. Exposure is high as all partners are responsible for the actions of the other partners. You better know your partner real well!

Tomorrow, I’ll get into additional entities such as LLCs, PLLCs, S - corps C – corps and more. If you want to join our weekly wealth building coaching program to learn how to grow and protect your financial future, drop me a note, give me a call, or visit my site for more info. Of course, all that said, the information I provide here is for educational purposes only so always get appropriate legal and accounting advice from professionals you trust.

Have a prosperous day!

Gabby Huguenin
Wealth Coach
CEO Wealth Classes Coaching, LLC
www.WealthClassesCoaching.com
888-888-3612

By the way, if you are facing some tax challenges, cash flow issues, or need a solid asset protection strategy, there is no charge to give me a call! We have a number of powerful wealth building programs to help you in the process of building financial freedom.

I'm always giving out wealth building tips but it's nice when a client gives them out for me!

"Hope of a future, faith in myself, techniques and tools to actualize a wealth plan." This is what people are saying about Wealth Classes Coaching and the wide variety of classes and workshops we provide. Rich people look at a dollar bill and see a seed. A seed that once planted, will grow into a harvest of plenty more. Yet that seed needs nurturing and feeding to grow to its full potential. What do you see when you look at a dollar bill?

If you are committed to building lifelong wealth but you don't know where to start, listen to one of our workshop participants as she talks about my business partner George Antone and our Infinite Wealth System workshops.  Here are Marina Read's thoughts about our wealth coaching programs...



Have a prosperous day!

Gabby Huguenin
Wealth Coach
CEO Wealth Classes Coaching, LLC
www.WealthClassesCoaching.com
888-888-3612

By the way, if you are facing some tax challenges, cash flow issues, or need a solid asset protection strategy, there is no charge to give me a call! We have a number of powerful wealth building programs to help you in the process of building financial freedom.

Legacy Solutions Now!

WealthClasses Coaching was founded early spring 2008 by Gabby Huguenin and George Antone. WealthClasses Coaching’s CEO and Director Gabby Huguenin has helped save entrepreneurs and W2 wage earners just under 14 million in income taxes over the past six years.

The intention behind Gabby's efforts is to help people in their process of building financial freedom and assist them in creating a legacy that will last for generations to come. The only way one can build lifelong wealth that will make a difference long after you are gone is to protect your assets and do everything legally possible to reduce your tax liability. That's where Gabby comes in!

WealthClasses Coaching has protected the assets of 38 students in 2009 and hundreds over the past 6 years. This is accomplished through an ongoing mentoring process. The significance of the smaller number is the individual support on a one on one basis.

Watch this video as Gabby describes various wealth coaching programs she offers.



WealthClasses Coaching breeds success for its students with the proven success systems and strategic alliance with WealthClasses Inc. founded in 2006 by George Antone and the famous “Infinite Wealth System”  Watch this video, with famous Entrepreneur Jeff Black to discover how wealth coaching can be a profitable part of your wealth building strategy.



To learn more about our wealth coaching programs, wealth building guides, or other financial education tools, drop me a note or give me a call!


Have a prosperous day!

Gabby Huguenin
Wealth Coach
CEO Wealth Classes Coaching, LLC
www.WealthClassesCoaching.com
888-888-3612

By the way, if you are facing some tax challenges, cash flow issues, or need a solid asset protection strategy, there is no charge to give me a call! We have a number of powerful wealth building programs to help you in the process of building financial freedom.

We had a great call last night with my students who are working to discover new ways to grow and protect their wealth. Each Monday night during our Connector Coaching Program give specific wealth building ideas and actions to help build lifelong wealth.
Here are some of the points I shared last night about setting up the right type of entity structure to protect yourself and your assets.

Having the right legal entity structure does two very important things. 

1.  Tax Advantages - When set up properly the proper legal entity gives you significant tax advantages. This is what I mean when I talk about creating a tax-advantaged environment.

2. Asset protection – This is so important into today’s litigious society. When you have assets that everyone knows about, you are inviting others to come and get them! It is your legal right to protect what you have worked so hard to earn!

Here are some of the highlights from last night’s Connector call. Key points to remember:

1. The right entity structures separate you from your business. This keeps you and your assets apart so that if one or the other has any legal challenge, your entire financial system is not at risk.

2. Sole Proprietorships are great for startups because they are low cost, simple and still have some tax benefits. There are lots of tax deductions available to this entity. This might be a good structure for a very small business where a person is a freelance writer or a network marketing rep where there is really very little risk. Downside is – very risky if you get sued. Tip - Once you start to make over 60k or so find a more protective entity and have an attorney set it up properly. Another downside to this entity is that there are over 90 million lawsuits filed in the U.S. each year and sole proprietorships are quite vulnerable.

3. The Secretary of State in each state is where you can go to begin your business name search. This is just a starting point. Business names need to be registered in the state where they reside but you will also need to begin the trademark and registration process. Just because a business name is available on a local level doesn’t mean a larger corporation hasn’t registered the name nationally. Use an attorney on this.

4. LegalZoom.com and other similar services may be useful for legal documents when you have enough experience to know what to look for. For example: If you need an operating agreement for a new LLC you are setting up and you've done it before, LegalZoom might provide a starting point as a template to save you some time and money. But, be careful. Complicated entities require quality legal advice.

5. Real Estate – Never, ever put it in your own personal name. Always use an LLC or another entity but having real property in one’s name invites trouble. There is a lot of exposure in the real estate world so don’t risk it. No sole proprietorships in real estate.

6. General Partnerships – These are a little like sole proprietorships but require two or more partners. There are some benefits when you are fortunate enough to find a partner who is equally committed and capable of doing his/her share of the work (although that’s rare to find the perfect balance). Great for small business with clearly defined and divided responsibilities.

General partnerships can be easier to raise capital or get loans for a start up. Each partner files their own tax returns and all income and losses flow through to the individual partners. Downside – Some states require termination of the partnership when death, retirement, withdrawal, or resignation occurs.

There are ways around that but that’s fairly typical. More complicated than a sole proprietorship but there’s no double taxation that can occur in a c-corp. Exposure is high as all partners are responsible for the actions of the other partners. You better know your partner real well!

Tomorrow, I’ll get into additional entities such as LLCs, PLLCs, S - corps C – corps and more. If you want to join our weekly wealth building coaching program to learn how to grow and protect your financial future, drop me a note, give me a call, or visit my site for more info. Of course, all that said, the information I provide here is for educational purposes only so always get appropriate legal and accounting advice from professionals you trust.

Have a prosperous day!

Gabby Huguenin
Wealth Coach
CEO Wealth Classes Coaching, LLC
www.WealthClassesCoaching.com
888-888-3612

By the way, if you are facing some tax challenges, cash flow issues, or need a solid asset protection strategy, there is no charge to give me a call! We have a number of powerful wealth building programs to help you in the process of building financial freedom.

My friend Lance Hood is putting together a large group of authors, speakers, and experts on everything related to creating wealth for a FREE online teleclass series. He asked me to produce a quick video overview of what I will be speaking on. After I finished the video for his promotional purposes I took the same wealth building ideas I talked about in that video and put them into this Podcast.

There are seven tax-saving, money making ideas in this Podcast and you'll even find ways to put your little ones on the payroll. In 2009 you can pay your children $5,700. That's one way to shift some income and lower your tax liability. Of course, I'm speaking in general terms so always check with your tax professional regarding your unique situation.




With 65% of you money flying out of your pocket in taxes and interest you need to learn to use dividend paying life insurance policies to create a tax advantaged environment. If you want to begin building lifelong wealth two of the most powerful tools to do so are real estate and specific types of insurance policies. The cash surrender value in the right type of policy is fundamental to the structure of the banking system that we teach our clients to set up. Check out this Podcast to hear seven wealth building ideas so you can start creating your own wealth building program.

Have a prosperous day!

Gabby Huguenin
Wealth Coach
CEO Wealth Classes Coaching, LLC
www.WealthClassesCoaching.com
888-888-3612

By the way, if you are facing some tax challenges, cash flow issues, or need a solid asset protection strategy, there is no charge to give me a call!