It is not just a matter of finding rare deductions or making unnecessary purchases to qualify for others. It’s not about picking the right stocks or mutual funds (or investments). In fact, it’s not about some compartmentalized approach that you’d get by following the advice of your CPA, your financial planner, or your estate planning or transactional attorney.
Real wealth building and life planning is about structuring your business and personal life so that all the moving pieces involved in your finances work in harmony to protect your assets from creditors, predators, the government, (and yourself) so you can earn and keep more.
Business owners and entrepreneurs take risks that most people aren't willing to take. They put up their own money, invest their time, and sometimes starve or push themselves to exhaustion to get their business or idea up and running.
And although you may be willing to bet on yourself, you should not take the unnecessary risk of starting a business that doesn't have adequate liability shield and asset protections.
Asset protection is accomplished in many ways, starting with which kind entity (or entities) you form and which state you form it in. From there, you will want to structure your business in such a way that you can minimize your personal liability for business debts and minimize your business's tax liability.
Estate planning is about a lot more than making sure your future is secure and that your heirs will be well taken care of. It is also about maintaining or increasing your present lifestyle, protecting your assets, and giving yourself the means to enjoy the one life you have.
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Kevin Clayson & Steve Earl
DFY Real Estate, co-founded by Kevin Clayson and Steve Earl, empowers individuals to achieve financial independence through accessible real estate investing using their "Moneyball Real Estate System."
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