The very best in asset protection always incorporates employee awareness for small business owners. All too often, business owners make all or a combination of the following three critical mistakes:
1. They fail to form a business entity which feasibly can create protection from lawsuits filed by employees, suppliers and customers;
2. They fail to carry the appropriate amount of commercial insurance necessary for the operation of the business; and
3. They fail to distinguish between the proper organization of the business and the smooth running of the business as it regards employer obligations and employee rights under the law.
I urge business owners to form a structured formal business entity capable of inside and outside protection– by that I mean protection from internal lawsuits as well as from external lawsuits. Contact G.A.I.T.E.way Business Solutions at www.gaiteway.net, in order to obtain the proper commercial insurance, health insurance and the full gamut of legal and coaching business expertise, in order to ensure the smooth operation of your business and the protection of its valuable assets. Finally, I would urge that every business owner create a twofold the level of protection through the utilization of a irrevocable living trust. With this great tool, you can provide a vehicle for the smooth transition of your assets after you pass, as well as an additional layer of protection for your business during your lifetime.
Remember, lawyers for business owners everywhere recommend employer-employee awareness; entity creation; and insurance insulation for the BEST ASSET PROTECTION available.
Below is a brief recap of relevant estate planning guidelines. Please see an Estate Planning attorney at WFBLC, Inc. for a plan tailored to your particular business and family needs. Highlights of a bill Congress passed Tuesday aimed at averting wide tax increases and budget cuts scheduled to take effect with the New Year. The measure would raise taxes by about $600 billion over 10 years compared with tax policies that were due to expire at midnight Monday. It would also delay for two months across-the-board cuts to the budgets of the Pentagon and numerous domestic agencies. Highlights: —Income tax rates: Extends decade-old tax cuts on incomes up to $400,000 for individuals, $450,000 for couples. Earnings above those amounts would be taxed at a rate of 39.6 percent, up from the current 35 percent. Extends Clinton-era caps on itemized deductions and the phase-out of the personal exemption for individuals making more than $250,000 and couples earning more than $300,000. —Estate tax: Estates would be taxed at a top rate of 40 percent, with the first $5 million in value exempted for individual estates and $10 million for family estates. In 2012, such estates were subject to a top rate of 35 percent. —Capital gains, dividends: Taxes on capital gains and dividend income exceeding $400,000 for individuals and $450,000 for families would increase from 15 percent to 20 percent. —Alternative minimum tax: Permanently addresses the alternative minimum tax and indexes it for inflation to prevent nearly 30 million middle- and upper-middle-income taxpayers from being hit with higher tax bills averaging almost $3,000. The tax was originally designed to ensure that the wealthy did not avoid owing taxes by using loopholes. —Other tax changes: Extends for five years Obama-sought expansions of the child tax credit, the earned income tax credit, and an up-to-$2,500 tax credit for college tuition. Also extends for one year accelerated “bonus” depreciation of business investments in new property and equipment, a tax credit for research and development costs and a tax credit for renewable energy such as wind-generated electricity. —Unemployment benefits: Extends jobless benefits for the long-term unemployed for one year. —Cuts in Medicare reimbursements to doctors: Blocks a 27 percent cut in Medicare payments to doctors for one year. The cut is the product of an obsolete 1997 budget formula. —Social Security payroll tax cut: Allows a 2-percentage-point cut in the payroll tax first enacted two years ago to lapse, which restores the payroll tax to 6.2 percent. —Across-the-board cuts: Delays for two months $109 billion worth of across-the-board spending cuts set to start striking the Pentagon and domestic agencies this week. Cost of $24 billion is divided between spending cuts and new revenues from rule changes on converting traditional individual retirement accounts into Roth IRAs.
BEST ASSET PROTECTION SERVICES GROUP: WFB Legal Consulting, Inc. *Please be advised that this communication is for general public informational use only and does not establish an attorney-client relationship. For more information, please contact WFB Legal Consulting, Inc.—a BEST ASSET PROTECTION Services Group at (949) 413-6535.
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