By A strategy to protect assets and minimize tax liabilities is to structure your business holdings in several layers. This can involve setting up a Limited Liability Company (LLC) and transferring assets into it, which can provide liability protection for personal assets. The LLC can then be owned and managed by a C Corporation, which can offer certain tax advantages. Establishing a trust fund to manage the C Corporation, which then manages the LLC, can provide an additional layer of asset protection and further reduce taxes. Finally, setting up two trust funds to manage the entire business can offer additional protections and ensure proper estate planning. However, it is essential to work with qualified legal and financial professionals to ensure that these structures are set up correctly and in compliance with applicable laws and regulations. Also, don’t put the LLC in your name. Instead, put it in a C-Corp or another LLC.
TLDR;
- Stop putting everything in your personal name and put everything in your LLC’s name.
- Don’t put the LLC in your Name
- Open a C-corp to run through the LLC.
- Get a trust fund that runs the C corp that runs the LLC
- Then get 2 trust funds that run the whole business
