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Financial and Asset
Protection Services
 | Business Incorporation:
While forming a corporation is not a perfect Asset
Protection strategy, it is one of the best techniques around
to minimize liability. For example, one cannot hide behind
the corporate veil to avoid paying payroll and sales taxes.
These are viewed as “public trust funds” and the
offices/owner of the corporation will ultimately remain
liable for these taxes. However, there is added protection
within one’s corporation when it comes to other issues and
liability( discuss with your attorney for further details).
Forming a corporation can be a confusing task since there
are many different types of corporate entities to choose
from© Corp, S Corp, LLC, etc). While one may form a
corporation by calling one of those toll free numbers, I
suggest that if you are serious, its much better to pay a
bit more and pick up the tax advice that should go hand in
hand when forming your Corporation.
A Tax oriented CPA may form your corporation and most
probably for less fees than a typical law firm would charge.
However, it’s the various Tax Elections that are most
valuable which the CPA - Business Advisor can comment on
prior to forming the Corporation. |
| Long Term Care Insurance:
While most people think about life insurance and yes, this
is a most important area, what about our Long Term Care
needs? The statistics are staggering....about 50% of senior
citizens will eventually need additional forms of care
either in one’s home or in a facility.
The question is from where will we pay for this additional
care. The money will not be covered by Medicare and to gain
Medicaid coverage is most difficult nor does Medicaid allow
one to choose the facility they may wish to reside in. One
can invade your savings which may be wiped out in a short
few years if you believe that the annual cost of Long Term
care may reach $50,000-$75,000 per year depending upon where
you reside.
Long Term Care Insurance can protect your assets and
preserve your Retirement savings.
While one does not need an LTC policy at a young age (prior to age 50-55), issues such as rising annual premiums
and insurability (future illnesses) may be excellent reasons
to lock in a lower cost LTC Program at an earlier age. |
| Life Insurance and Disability Planning:
The basics of financial planning requires that one protect
their assets, their survivors and one’s inability to
continue to earn a living. Life Insurance is a very involved
area, there are many different forms of life
insurance...however, the key point here is to have adequate
coverage to allow one’s family to continue their lifestyle,
to possible pay off the mortgage and to provide for college
education in the event of one’s death.
Disability planning involves taking the steps needed to
protect one’s income in the event you can no longer work and
therefore, lose your stream of income. The disability policy
will accomplish this. There are complicated areas here such
as the definition of disability and while no insurance
coverage is perfect, the idea is to have some form of
protection. |
| Retirement Annuity Investments:
There are different levels of investment risk for different
people at certain times in their lives. As one approaches
retirement, as one enters retirement and as one gets deeper
into their retirement years, one’s investment mix must be
modified for suitability during these changing times in
one’s life cycle.
A portion of one’s overall investment mix with respect to
Retirement, may be the Retirement Annuity. The world of
annuities can be very complex and one could literally attend
a seminar for hours on this subject. However, keep in mind
that the Annuity has certain guarantees(depending upon which
annuity product and which annuity company) which may prevent
loss of one’s capital in a falling market. One may also give
up some gains in a rising market in certain annuities in
exchange for the downside protection. The Annuity is really
designed to grow on a tax deferred basis and then to provide
an additional income stream for you during your retirement.
Many Annuities today are no longer competitive and they may
no longer be the right annuity for you at this point in
time. |
| Safe Money Advising:
Are you looking for the hot stock Du Jour or the Hot Mutual
Fund Top Performer which just hit the front pages? If so,
then Safe Money Advice is not for you. However, if you are
looking for sound, stable and suitable investment ideas,
then you are a “Safe Money Client”.
A portfolio of bonds with various maturity dates (laddered
portfolio), safe stable mutual funds, certificates of
deposit, annuity linked to interest rates, guaranteed
annuity linked to
the stock markets, dividend paying stocks( companies with
historical increases in the dividend payout) are all
examples of Safe Money Strategies.
The right mix of these investment ideas is the key to “Sleep
Well at Night Investing”
For assistance with your Safe Money Concerns call 631
495-4929
Free brief phone discussion - call 800 687-8701
Eric J. Engelhardt, CPA, CFP®
Safe Money Advising - Certified Financial Planner
Practitioner |
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