There are many ways in protecting your wealth and all the things you value. One very useful way in protecting all that you have would be Asset Protection. The goals of Asset Protection is 1) Use of one or more entities to protect businesses and personal assets from creditors, judgments and seizures 2) Minimize federal and state taxes 3) Confidential ownership of business and personal assets. So how do we do all this? A few tools that we use in protecting our assets are through Limited Partnership, Limited Liability Companies, and/or Corporations.

                Starting with Limited Partnerships, this tool is comprised of one General Partner and one or more Limited Partners. The General Partner is the only one who has control over the partnership, its assets and its wealth.  Similar to a Living Trust, a Limited Partnership is nothing more than a document or an entity, which legally holds title to assets.

                Besides the Limited Partnership approach, there is also a more sophisticated approach which is through Limited Liability Companies (LLC). Limited Liability Company is another way in protecting your assets. Limited Partnership and LLC are very alike but there are two distinct differences between them. In a Limited Partnership, the limited partners cannot participate in managing the business, in an LLC they can. Also, in a Limited Partnership, the general partners are personally liable for business debts, in an LLC, all owners get the benefit of limited liability protection from business debts and claims.  This type of entity, LLC, helps eliminate the downside for a General Partner in a Limited Partnership entity, which are the liabilities for your partners’ acts. This entity has a manager(s), which would be you or whomever you wish and as many additional members as you wish. Each of these members can contribute assets to the LLC.

                In addition to Limited Partnerships and LLC, Corporations can also help in protecting your assets, especially for business purposes. Your assets would be owned in the name of the corporation. Debts, credit cards, vehicle loans, mortgages, and the like would be in the corporate name. Through the corporation you have limited your liability and gained a great deal of privacy and protection. A corporation offers many tax benefits, unlike a sole proprietorship. By using a corporation, you can take advantage of the 15% tax bracket which is a lot lower than individual rates, which can go all the way up to 39%, and that doesn’t include the state’s share. If you haven’t started your corporation yet, or even if you have, you may want to convert the corporation to either an LLC or turn it into an S-Corporation. The Standard Corporation, within which you would have a corporate and individual tax liability, is called a “C” Corporation. In a C-Corporation, tax rates range from 15% up to $50,000 of profits, to 25% of the nest $25,000. After this, the rates begin to get closer to individual rates, which are quite high.

                Asset Protection may be a complicated process but it’s always better to protect what you have than to lose it all. A few tools in protecting your wealth are through Limited Partnership, LLC, and Corporations but there are also other ways in doing so. Call us today for more information in protecting your assets at (949) 262-1100. Or visit us at: http://www.stevensearsattorney.com

Dual citizenship refers to the legal right some individuals have to be citizens of more than one country.  There are advantages to dual citizenship.  It can save individuals money on taxes and other legal fees.  Plus, there is a certain amount of freedom that goes along with having citizenship in two or even more countries.

However, you may wonder if having dual citizenship is legal or not.  Whether or not this is legal depends on the laws of all countries you inhabit.  Worldwide, of course there’s no law as to how many countries you can live in.  However, if you live and make money in one country, you have to make sure that living elsewhere and making income is permissible with that first country.  There may be various rules and procedures you have to follow.

For example, what if you are born in one country but want to become a citizen in another one?  Some countries might demand that you disassociate yourself from other companies.  In other instances, becoming a citizen of another nation doesn’t necessarily disqualify your citizenship in another country.  Furthermore, some countries automatically disassociate you while others require written notice.

What’s important to remember is that according to authorities, you are a citizen of the country you are currently staying in.  Therefore, when you are in Canada you are not an American citizen according to the most individuals.  All that matters is that you follow the law of the country you are staying in.  This means taking all related obligations like taxes, military service, and certain travel restrictions.  In unusual cases, like if American doesn’t permit traveling to a Middle Eastern country, yet Canada does, your traveling plans would have to respect the wishes of each country, depending on which you are staying in at the time.  

You’re not considered a man (or woman) who is multi-national according to the law.  This is what you can pride yourself of being, personally speaking, a man or woman who has assets in more than one country.  However, the country you live in will only expect honesty with regards as to your active citizenship.  When you are in America, you follow America’s rules.  (No policeman will have any compassion for you if you state you were not doing anything illegal by Canada’s standards!)

There is an never ending amount of information on products that are available that promise to teach you how to get rich the easy way. Yet, most of it never really works. Most people that pay $ 40 for a program that promises instant wealth only end up with $ 40 less in their bank account.

Why does it seem that the easy way to get rich almost never works?

No matter what field you want to make money in, there is a process that you must go through in order to make money. If you don’t go through the process, you are not going to make money. It’s that simple. Goes back to cause and effect. Without the right cause, you won’t get the right effect.

Instead of looking for shortcuts, you should find a process that you can use to create wealth and FOLLOW that process. Don’t expect to take a bunch of shortcuts and end up with the result that you desire. You have to be able to pay the price to get what you want. And in the case of building wealth, that means you have to take the actions that will manifest wealth in YOUR life.

The mindset is the beginning.

A lot of hype gets thrown in about the million dollar mindset. It is important. It’s the building block or the foundation on which you will be able to create real wealth. But, it’s not the end of the process. It’s just the beginning. You cannot just adopt a mindset and then do nothing else and expect everything to fall into place.

Would you like to learn more about how YOU can manifest wealth?

Copyright © 2009 Bryan Appleton. All Rights Reserved.