Copy Your Wallet: Simple but effective. Every say 6 months dump the contents of your wallet on a copy machine and copy front and back of everything. File it someplace secure. If you loose your wallet you have a checklist of everything, account numbers, and on the back the phone numbers to call. …
Limited liability companies (LLCs) are the most popular entity used for closely held businesses. Almost every new business is formed using an LLC instead of a corporation. An important tax issue affects most LLCs – is the money you draw out subject to self employment tax (SE tax)? If so, you’ll have to pay…
Most life insurance should be held in an insurance trust to keep it out of your taxable estate, protect the proceeds from creditors and divorce, provide management, save state income taxes and more. With all these tremendous benefits, your trustees should be paying careful attention to monitoring and administering your trust. But few do….
Almost every business is organized as a corporation or LLC to prevent lawsuits from reaching your personal assets. If the business gets sued, all assets of the business might be at risk, but your house shouldn’t. However, the courts have pierced the corporation’s protection and let claimants get personal assets, like your house, in some…