Asset Protection for Business Owners and High-Income Earners: How to Protect What You Own from Lawsuits and Creditors [NOOK Book]

Overview

Congratulations! You have worked hard for many years and own a booming business; or perhaps you are a successful doctor, attorney, CPA, or another high-income earner. Making that money was difficult; now, you have to create a strategy to keep it. Unfortunately, you are on the radar with pending lawsuits from other businesses, employees, business partners, past marriages, relatives, the government, or anyone else who thinks they can reach your assets. With a little knowledge and access to the Internet, anyone can ...
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Asset Protection for Business Owners and High-Income Earners: How to Protect What You Own from Lawsuits and Creditors

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More About This Book

Overview

Congratulations! You have worked hard for many years and own a booming business; or perhaps you are a successful doctor, attorney, CPA, or another high-income earner. Making that money was difficult; now, you have to create a strategy to keep it. Unfortunately, you are on the radar with pending lawsuits from other businesses, employees, business partners, past marriages, relatives, the government, or anyone else who thinks they can reach your assets. With a little knowledge and access to the Internet, anyone can discover a lot of information about you, including: your home, cars, boats, real estate, bank, and investment accounts - essentially everything you own. On average, 80,000 lawsuits were filed in 2006 each day. Fortunately, you can act now to protect yourself and family later. In this easy-to-read and comprehensive book, you will learn the simple steps you need to do to protect yourself before there is a problem. The book provides a number of worksheets to help you decide the best plan of action for your financial position and personal needs. You will learn the ins and outs of protecting yourself and your family through legal methods, such as corporations, family limited partnerships and trusts, family saving trusts, offshore trusts corporations, and limited liability companies (LLCs). You will learn how to reposition your assets into legal entities that you control, creating bullet-proof security. You will learn about irrevocable living trusts, creating and maintaining LLCs, equity-stripping techniques, privacy plans, durable power of attorney, bankruptcy legislation, and estate planning for high-income individuals, as well as living, testamentary, and pour-over wills. The trick is to own nothing directly but control everything legally.
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Product Details

  • BN ID: 2940012609267
  • Publisher: Atlantic Publishing Group, Inc.
  • Publication date: 4/26/2011
  • Sold by: Barnes & Noble
  • Format: eBook
  • File size: 3 MB

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Sort by: Showing 1 Customer Reviews
  • Posted May 25, 2010

    On point

    So what does a book about asset protection have to do with the average American business owner who may be wondering if they will be able to pay the weekly salary of their two, already underpaid employees? Plenty, I had to admit after reading "Asset Protection for Business Owners and High-Income Earners: How to Protect What You Own From Lawsuits and Creditors" by Alan Northcott.

    With 290 pages to spare, Northcott uses this space wisely, by laying out the case for the necessity that is asset protection. "...[C]omplacency is not an option," he writes, because after all, there is a one in five-- or three-- chance that you may be sued next year.

    Then, in simple, layman's terms and through the use of sporadic personal case studies, he makes an excellent argument for why it is a good idea to (figuratively, and as the book cover suggests) keep assets under lock and key plus why business assets should be separated from personal assets. Covering such useful topics as the how tos of business entity formation, prenuptual agreements, wills, and more, he gets to the bottom line: If you value it, protect it. The book is an excellent read for any ethical-non-Swiss-account-holding business owner.

    1 out of 1 people found this review helpful.

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