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3 Things Business Owners Should Know About Asset Protection

There are many benefits of being a business owner. For some, it is the ability to maintain a healthy home life. For others, it is the ability to have independence, autonomy, and creative control of their own work. For nearly every business owner, there is a high level of personal satisfaction in the creation of a company. But being able to safeguard and protect that freedom is paramount to the success and longevity of a business. Creating an effective asset protection strategy entails three steps: Drafting the right entity structure. Creating clear separation between assets. Gaining insight into what risks the business may encounter. Legal Structures Creating a legal entity that not only allows for a good tax strategy, but also creates boundaries around business assets and reduces the liabilities that can occur in the normal course of business, is key when creating an asset protection plan. Limited Liability Companies...
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All’s (Not) Fair With Passing Down the Family Business

In the HBO series “Succession,” an extremely wealthy and powerful family works through handing down a corporation to the next generation. Every awful emotion and motivation come into play as siblings wrestle their parents for money, power and influence. The shows’ creators were inspired by great media families and their dramas—the Murdochs (Fox) and the Redstones (Viacom), for example—and what is abundantly clear is that while business successions are often messy, family-business successions have the potential to be a real-life horror story. Let’s assume that you don’t aspire to emulate a cable-television drama as you plan the next steps for your family business. Even the most harmonious family will endure some stresses as you strive to pass on a business in an equitable manner. Interpersonal dynamics within the family become at least as important as the business dynamics. Take, for instance, a family business in which not all the next...
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The Right Business Structure Could Save You Millions

When a family business achieves runaway success, there’s a lot to celebrate. But what the family may not anticipate is the tax burden, which makes Uncle Sam a not-so-silent partner in the family’s newfound wealth. That’s where good tax advice can make a huge difference. A client came to us because he wanted to sell his company. The firm hit it big with one highly profitable product and was worth millions. The time had come to consider transferring ownership to the next generation. They asked for a projection of his future wealth and an estate plan. Almost immediately we spotted an immense problem. Like most budding entrepreneurs, the client (and his attorneys) did not give much thought to future tax consequences and asset protection when choosing a corporate structure. Corporate structure has a huge impact on the taxes a business will pay. When a company is in its infancy, the...
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Relocating Right: With Tax Advantages

Relocating a business can be an exercise in frustration. The search for new premises, unloading the current location, the logistics of moving and staffing—and then there are the taxes. All and all, it can be a headache. But there are ways to ease the pain, especially where taxes are concerned. In the case of a client we’ll call Bill, we were able to use a maneuver called a 1031 Tax Exchange to help. Bill owned a manufacturing firm in California. He wanted to relocate to Utah, and asked us to help him find an appropriate site for a factory. Complicating matters were the extreme valuations of California real estate—in the years that Bill had owned his factory there, the building’s value had skyrocketed, creating a capital-gains tax liability likely to be in the millions. During our conversation, we realized that Bill could defer taxes by creating a “swap” of one...
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New Rules Affect Retirement Savings Advice

On April 6, 2016, the Department of Labor (DOL) issued new "conflict of interest" rules regarding financial advice as it relates to retirement plans and IRAs. The new DOL rules generally hold financial professionals to a fiduciary standard if they receive compensation for providing investment advice to retirement plan participants or IRA owners, which means they must act impartially and in their clients' best interests. Here are answers to some basic questions about the new rules. What is a "fiduciary" and why does it matter? "Fiduciary" is a term for an individual who has a legal or ethical duty to act for another's benefit. When a financial professional provides investment advice or recommendations to an IRA owner or an employer-sponsored retirement plan participant, and in doing so receives compensation, the new rules generally hold the financial professional to a fiduciary standard. In other words, the financial professional must put the...
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Vantage Advisors, LLC
50 East 100 South #101
St. George, UT 84770
Phone: 435-628-6336
Email: info@vantageadvisorsllc.com

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