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How To Protect High Income, Bonuses & Dividends

How To Protect High Income, Bonuses & Dividends

How to protect high income? I am an executive of a start-up company that made me part of the executive management.  My income from my position with my salary, bonuses and dividend income from my stock will afford me a mid to high seHow to protect high incomeven figure income per year. I want to protect these assets and any future acquired assets.  How can I best achieve this? George M., Florida

You are smart to ask  how to protect high income and plan your asset protection ahead of time.  If you wait until there is a problem you always lose.  There are certain questions you need to consider first. How risky is your business?  Are you a detail person?  Do you have a family? These questions will help you or you and your attorney know what vehicles you should use in you asset protection.

You are living in a great state to protect your home because Florida has an unlimited homestead provision.  It is always a good idea to hold your home in your own name for tax reasons and Florida makes this easy.   I recommend that you form a living revocable trust, no matter your personal situation a living trust is always a good way to start.

Depending on your other assets and your family situation you could consider forming a Family Limited Partnership FLP, or a Limited Liability Company (LLC) to hold those assets you want to protect.   These entities if well maintained will offer a good liability shield.  Your planning should  include not just liability but also tax considerations and ease of management. I have a “Money Making & Asset Protection Boot Camp” to help people like you on a personal level.

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