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Business owners work hard to build their assets and establish their companies. Therefore, it’s essential to ensure that these assets are protected for the business’s continuity and the owner’s peace of mind. One way of safeguarding these assets is by utilizing a living trust. This article discusses how a living trust can protect your business assets. What Is a Living Trust? A living trust is a legal entity created to hold assets, often for the benefit of certain individuals. It’s called a “living” trust because it’s established while you’re alive, unlike a testamentary trust, which comes into effect upon your…
Navigating the intricacies of your financial legacy can be a daunting task. Understanding the nuances of the estate tax and implementing robust estate tax planning strategies can ensure that your beneficiaries enjoy the fruits of your labor without being overburdened by tax liabilities. What Is Estate Tax and Who Is Subject to Estate Tax? The estate tax, often called the death tax, is a tax levied on the total value of a person’s estate upon their death. If the estate exceeds certain thresholds, it becomes subject to federal estate tax, potentially diminishing the wealth passed on to heirs.
An LLC is a particularly flexible form of business entity that is governed by statute and most often is organized in the estate planning context as a ‘manager managed’ LLC.
To protect assets effectively, you have to store them in the right legal entity. However, that can depend on whether you’re looking to protect business assets, avoid estate taxes, or protect personal assets from legal liability while running a business.