Sometimes it takes a crisis, like the one we’re experiencing now with the Coronavirus (COVID-19), to put things in perspective. It prompts us to take measures to protect what’s important and better prepare for our future.
That’s where legal planning comes in. Without it, your family could be left with a huge financial burden, your assets could get stuck in probate for years, your business could go under and you may never be able to retire.
1. Protect Your Future with Estate Planning
Simply put, estate planning is the process of arranging your affairs for when you pass away. This allows you to make decisions about the distribution of your wealth, usually decided by a probate judge. The most popular estate planning option is a Revocable Living Trust (RLT).
RLTs not only ensures that you meet your financial and family goals after you pass away, but the types of things you can include in the trusts are endless: personal residence, personal bank accounts, jewelry, intellectual property, life insurance, works of art, and more.
2. Protect Your Future with a Real Estate Privacy Trust (REPT)
If you’re a real estate investor and think you don’t need an REPT, think again. REPTs protect you from liens, title claims and HOA claims, and discourages litigation due to its strict privacy provisions.
There’s no requirement to register the Trust nor are there public records of officers, directors, and shareholders. The trustee keeps control of the Trust records and the identity of the beneficiaries in a secure location. The only people who know about your beneficial ownership, are you, your attorney, and the trustee.
3. Protect Your Future with Retirement & Succession Planning
According to the Employee Benefit Research Institute, 46% of American workers have less than $10,000 saved for retirement. Do you fall into this category?
If so, putting corporate income into a retirement plan can offer you long-term benefits. A Defined Benefit Plan is one of the most advantageous plans available. This is a great option if you want to retire within seven to 15 years and have significant dollars to contribute.
Retirement planning is not just for the elderly and Trusts aren’t just for the wealthy. The sooner you take action to protect your future, the more resilient you’ll be in times of uncertainty.
If you’re ready to turn your dream business into a reality, look no further than Nevada Corporate Headquarters. From business entity formation to accounting and taxes, building business credit and estate planning, our comprehensive asset protection strategies are second to none and are proven to help businesses successfully launch and grow.
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