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Protect Assets from IRS
Good asset protection strategies for the IRS
Asset Protection Reminder: Always Remember that the IRS is a Creditor!
Asset protection goes much further than simply protecting assets from the possibility of a frivolous lawsuit. There are many other reasons for people to take asset protection action to protect their assets and, of course, the attack of creditors is one of the most important reasons. However, don’t forget about the IRS. That agency that will nickel and dime you every chance they get. So, asset protection will protect assets from a lawsuit, but will also from creditors like the IRS.
To every person in the country, the IRS poses a threat as a creditor. It is possible that clients will never encounter a lawsuit, but they will always be at risk of being attacked by the IRS. This is why asset protection is so important. Most people want to know how this can be done, so we will address some tools that can be used to protect assets from the IRS.
How to Protect Assets from the IRS:
- IRAs, Defined Benefit Plans and 401(k) or Profit Sharing Plans do not require the client to fund the account maximally. Individuals should actually avoid doing so to avoid adverse tax situations.
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- Read more on the Super 401(k)
- Read more on the Roth IRA Contribution Limits
- Captive Insurance Companies, or CICs, can assist in saving money on taxes such as gift, estate and income.
- Section 79
- Capital Split Dollar Plans
- Cash Value Life Insurance, in particular Revolutionary Life (Read more on Asset Protection, Life Insurance, Cash Value Policy, Bankruptcy
- Charitable Planning (Read on Charitable Gift Annuity
- ESOPs (Employee Stock Ownership Plan)
Read more on IRS Demutualization
Managing Director, Estate Street Partners, LLC
Mr. Beatrice is an asset protection, award-winning trust and estate planning expert.
Estate Street Partners, LLC
Uncompromising, Alternative and Exclusive Estate Planning & Wealth Management for an Accelerated Chartered Roadmap to Financial Success
71 Commercial Street #150, Boston, MA 02109
toll-free: 888-93-ULTRA (888-938-5872)
tel: +1.508.429.0011 fax: +1.508.429.3034
Only by appointment: 2235 E. Flamingo Road, Suite 201-G, Las Vegas NV 89119
toll-free: 888-93ULTRA (888-938-5872)
tel: 702.615.7616 fax: 702.796.6694
