As a small business consultant in Arizona, I constantly see people make one easily avoidable mistake: neglecting to plan their financial futures because they’re not wealthy. But you don’t need to be a multi-millionaire to develop a financial game plan, that’s how you become one!
Go Beyond Tax Positioning to Shield More Money
Financial planning is more than tax positioning and payroll. It’s also a defensive play that ensures your business, family, and employees can continue in the wake of an unforeseen tragedy or lawsuit.
Small businesses that craft protective asset positions can shield their money from creditors and Uncle Sam. A solid plan can also serve as a powerful bulwark against bankruptcy seizures and creditors.
Ask a Small Business Consultant in Arizona: Should You Create an LLC To Save on Taxes and Protect Assets?
At the very least, anyone who works for themselves or runs a small business should seriously look into creating a limited liability company, or LLC. Doing so will bar creditors from accessing personal assets. Plus, it provides financial opportunities that can prove beneficial down the line.
Small Business Owners Should Look Into Trusts
Speaking of trusts, they’re often an excellent tool for protecting both personal money and business profits. They can significantly reduce inheritance tax obligations and protect funds from other federal, state, and local taxes.
Holding Onto Money For Your Twilight Years
Will you have enough money to afford elder care when the time comes? It’s costly, and private insurance often doesn’t cover the fees. So it’s imperative to start planning early.
In the Event of Tragedy
It’s unpleasant to think about, but financial planning can make all the difference in the wake of a family provider’s or small business owner’s death.
Failing to have a posthumous asset protection in place triggers probate proceedings, which can take a long time — especially if there’s no will.
Trusts, like an LLC, can also help guard money from creditors.
Connect with Small Business Consultant in Arizona Aaron Kelly
If you’re a small business owner in Arizona, let’s talk about how you can better position yourself financially to protect assets. Financial planning isn’t just for the rich. Safeguard the future of your business and family by creating a smart, long-term financial plan. Get in touch today. Let’s start the conversation.
