Don't Lose What You Worked so Hard to Achieve

Good post.
Failure is inevitable at some point in our journey. Sometime failure can be predicted, but most of the time it happens all of sudden. If we can somehow plan to protect ourself upfront, we can minimize the damage.


Rajesh Shakya
http://www.rajeshshakya.com
Helping technopreneurs to excel and lead their life!

I still can't quite figure out how Mr. Trump managed to get all these smart, good looking men working for him?

He must be much smarter than I could ever possibly imagine.

I'll see if I somehow can't do the math and figure that out! On second thought I will just give into the God's and accept it! Why not, it isn't such a bad deal now is it.

Coming to this here sight and getting all these valuable insights! One certainly couldn't find them anywhere else. Gems!

Michael,

I agree that too many people are in denial about getting their affairs in order in the event of an inevitable situation occurring. However, your insurances, traditional retirement plans, wills, and etc. will only provide basic, IF YOUR LUCKY, protections.

The best form of protections against lawsuit, divorce, death, and to minimize taxes ( you should be paying a single digit percentage of your income to taxes) is this...

PROPER ENTITY STRUCTURING!!!

It is amazing to me that people still own stuff in their own names. It is no longer how much you OWN that makes you truly WEALTHY but how much you CONTROL!

People often talk about how Mr. Trump has declared bankruptcy a few times. I would like it pointed out that, most likely, "Donald Trump" himself has not declared bankruptcy, but most certainly, I suspect, "Trump XYZ Corp." or "Trump ABC, LLC" has in fact been the ENTITY(ies) that have gone through bankruptcy, NOT Donald Trump, the man.

The lawsuit happy have arrived! Our assets MUST be protected with the proper entity structuring. It no longer is a matter of IF you will be sued but now a matter of WHEN!

I'm confident that almost every person reading this is an investor of one form or another and regardless if you have "risky assets" like real estate, cars, and medical practices or "non-risky" assets like stocks, those assets need to be held not in your personal names but in LLC's, LFP's, LLP's, C-Corps, Trusts, SELF DIRECTED ROTH IRA's, and/or a combination of all of the above!

I have traveled far and wide, spent tens of thousands of dollars, and thousands of hours learning how to bullet proof my investor's assets and my assets from Joe "sue happy" on the street, each other, and the IRS.

Do you think the Kennedy's, Trumps, and Oprah's of the world worry about probate or Inheritance taxes? Do you REALLY think they pay 20%? 30%? 40%? or more in income or corporate taxes???? It is about time that all of us learn how to do what the TRUMPS of the world do to protect ourselves!

IF any of you would like me to refer you to "The Country's Best Asset Protection Lawyer" just drop me an e-mail at...

StevenHinz@HelloWorld.com

I will gladly save you plenty of time travel and dollars to send you straight to the best in this area.

To all, Have a Fantastic Day!
Steven Hinz
Hinz-Dom LLC- A Family of Companies
Youngstown, Ohio

Michael, Thank you for pointing it out to everyone the importance of financial planning. I have been in financial planning arena for over 20 years. procrasination and denial are major obstacle when it comes to convincing the client to proctect their assets and income. it seem likes everyone is looking for the next best investment and often over look the proctection . I think you also need to bring up the the risk of taxes, compound tax effect and future tax increase, and social security benefits are also at risk. these are all of the erosion factors of you wealth .Great article, Thanks

At ten, fifteen years of age, think to act and strive to make a million dollars before you turn thirty.

Life should be an adventure. Don't be your worst enemy thinking that you cannot become someone with mega-bucks, someday. Change your attitude and accept that you can do it. For the next fifty years of your life, you'll have an adventure and, if you do succeed, possess millions of dollars. You probably created something that employs and generates a paycheck for hundreds of people every week.

At this future time, go ahead and look in the mirror and smile. Straighten that tie. Or imagine she wants to straighten your tie as you smile into the mirror.

Hello Mr. Sexton and other Trump University Students. This is an excellent post to contemplate – as an addendum of risk management, especially as we prepare for the inevitable phases of the normal life-cycle. I especially appreciate the approach you’ve taken concerning us very smart people denying the forks in the roads ahead of us. It is easy to have expectations of exempt from financial setbacks, but it’s not realistic. This yet we might not be able to afford to cover all of the possible risks; so planning I key.

I would agree that finding good advisors who will give phased emphasized tax planning is hard. Tax laws continuously change and the beginning entrepreneur may see several strategies that might apply, so Michael your advice is well pointed. We must do our homework and work with the financial team. As a novice I’ll heed your advice and review my situation. Thanks Mr. Sexton – take care.
Alphonso
Maryland

ohh babe, never apologize for talking about reality. Its not a negative thing, for a Knight to talk about protecting the Castle. Especially when the fools court add new kittens to Ocean 13 on the prowl. Its ok, they don’t call it the Lion Share for nothing. Protection is just part of the game. No matter how well kitty-cats can hunt, the Lions hold their prey.

Thanks for the Post.
I have a question that could use some insite... I own a small business that is going on 4 years now. I have worked extremely hard to create a solid reputable business, and at the same time support my family financially. Setting up for retirement, medical, or that negative thing that occurs in life, that will set us back financially. The sad thing is we are at the mercy of our clients, and banks.. and when the banks do not back us finacially because our FICO score isn't where they prefer it to be, that puts us in a situation to rely solely on our clients. When clients don't pay, then what? What we worked so hard to acheive has now begun to backslide in a weak state financially with no help from anyone. All the planning in the world does not gaurantee success. Personally it's all about who you know!....

Thanks
Steven Germain