LLCs, Lawsuits, and Lower Taxes!!
Bob Bluhm is an attorney specializing in asset protection and estate planning. He explains the importance of structuring assets to protect against liability and reduce taxes. He emphasizes that insurance alone is not enough and recommends using entities like LLCs to limit personal liability. Bob discusses the complexities of setting up an LLC and the importance of proper drafting and documentation. He also offers services to review and fix existing LLCs to ensure they’re set up correctly and provide optimal protection.
In terms of estate planning, Bob explains that it’s not just for the wealthy—everyone should have a plan in place. He recommends reviewing your estate plan every few years or after major life changes. Bob’s team at Asset Defense Advisors provides personalized service and helps clients navigate the legal and bureaucratic red tape. They also work with real estate coaches to tailor legal structures to fit their specific business models.
Takeaways
• Properly structuring assets is crucial for protecting against liability and reducing taxes.
• Insurance alone is not enough to provide comprehensive protection.
• Entities like LLCs can limit personal liability and provide tax benefits.
• Setting up an LLC requires proper drafting, documentation, and compliance with state laws.
• Estate planning is important for everyone, not just the wealthy.
• Estate plans should be reviewed every few years or after major life changes.
• Asset Defense Advisors offers personalized service and helps clients navigate legal complexities.
• They also work with coaches in the real estate industry to tailor legal structures to fit specific models.
Sound Bites
• If you are not properly structured, you have unlimited personal liability.
• An LLC combines the best of both worlds - limited liability and tax benefits.
• Once we form the LLC, there are many things that have to be done to make it a viable entity.
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