As a corporate and real estate attorney, I often work with
clients in developing tax efficient ways to pull money out of their businesses
and protect their wealth from creditors. In many instances this involves the
implementation of wealth and asset protection strategies. As an introduction to
the topic, I thought I would start with the basic question of what is asset
protection, and why you should be concerned with it?
An asset protection guru would probably tell you that asset
protection revolves around protecting your clients from future creditors who
can sue them typically for negligence.
a bit broader. My definition is:
anything that can take your money.” Who does this include that you may have not thought of
before?
- The
- The stock market when it declines
- Medical expenses like the inevitable long term care
expenses everyone will have in retirement - The
every year? The
that more likely to happen in any given year than a lawsuit? When a family
member pays $4,500 a month to stay in a nursing home, does that expense
decrease your family’s wealth? Same question for estate taxes and capital gains
taxes.
simple and legal ways for helping to lower their income taxes, invest in the
stock market where they could receive gains without fear of losing principal in
down markets, mitigate their long term care costs, and defer or avoid capital
gains taxes when selling an appreciated asset.
insurance or financial services salesmen, I am not trying to sell you anything
other than my legal and business planning expertise. In future postings, I plan
to address ways to protect your house and other important assets, as well as
strategies for tax efficient strategies for investing in real estate and for
extracting money from your business.
Altos, I practiced law in Silicon Valley for 14 years before moving
to Reno 6 ½
years ago. I moved for many of the same reasons—but primarily my wife Tammy and
I wanted to raise a family in a wholesome outdoor lifestyle environment. So far
it is working. We now have 6 year-old twins who are in kindergarten.
New Venture Attorneys
120
Reno, NV
(775) 825-5700 (Voice)
(866) 808-6662 (Fax)
mark@newventureattorneys.com
www.newventureattorneys.com
requirements imposed by the IRS, we inform you that any U.S. federal tax advice
contained in this communication (including any attachments) is not intended or
written to be used, and cannot be used, for the purpose of (i) avoiding
penalties under the Internal Revenue Code or (ii) promoting, marketing or
recommending to another party any transaction or matter addressed herein.
