There are many factors to consider when deciding whether to change the structure of your small business especially if it is growing and expanding. By this, for any type of change, it is important to make sure that you complete all the notifications and registrations required by the state law. If you need help in implementing the business structure that is the most advantageous for your individual circumstances, consult with us so we can guide you step by step with the process.
It is important to act as soon as possible and implement these four-year end—and other—year-end tax-saving strategies to lock in your savings and save your family thousands of dollars on your 2019 tax bill. Grabbing these opportunities before they vanish for good helps you get closer to your financial goals. Here are some tax-saving strategies should you consider at the end of 2019.
Though estate planning is mainly viewed as a way to pass on your financial wealth and property, when done right, it also enables you to preserve and pass on your true legacy: your memories, values, and wisdom. And it can also be a source of overall healing in the family. With the right support, having these all-important final conversations doesn’t have to be intimidating or awkward at all.
Safeguarding your child's inheritance is critically important to ensure that what you pass on is there when it's needed the most and put to the best use possible. Hence, choosing the right trustee and writing up guidelines and directions on how you'd like the trust assets to be used ensures your trustee is aware of your values and wishes when making distributions, therefore, prevent your heirs from going through court and conflict.
Managing Retirement Assets Investments yourself has its own pros and cons and whether you choose to manage your retirements assets investments on your own or hire a professional financial advisor, it is always important that you have a clear vision for your financial future and that you understand the financial concepts along with the legal rules associated with your kind of investments to ensure it is protected and to avoid hefty fines.
Including a Lifetime Asset Protection Trust in your plan is one great proactive step to help protect your child’s inheritance from all possible threats, while incentivizing them to invest and grow the money rather than squander and waste it. Indeed, the trust’s highly flexible structure, combined with its bulletproof asset protection makes it one of the most valuable gifts you can give your loved ones.
Building your own business takes a lot of courage and considerations because it requires great effort to acquire some level of recognition an already established business may have. Yet if you feel that purchasing a business that is already in existence is the best option instead of starting one from the ground up, then you must critically consider the following before purchasing one.
As a parent, one of the motivating factors driving your life's work is to leave your children an inheritance to help secure their future, and regardless of how much or how little it can be, in some instances, an inheritance can wind up doing your kids more harm than good. Putting up a Lifetime Asset Protection Trust is a must to prevent such from happening and to safeguard your hard-earned assets from being wiped out. Read here to know the benefits of these trusts in further detail.
As a business owner, it is critically important for you to maintain a summary of your business transactions and retain all important documents that can be used to verify the accuracy of your summary for tax purposes. Keeping good records of your transactions and tax invoices will help you to monitor the financial performance of your business as well as comply with your tax obligations.
Learn here the documents your small business should keep.
It is critically important that you understand your Life Insurance Settlement Options, whether you're the policy holder or beneficiary in order to maximize your policy's financial benefit and to reduce potential taxes. It is also important that you choose the settlement option that is best suited for your particular needs. Learn here the importance of each of them.