collaboration

Welcome to Straight Talk. We at Legacy Legal and Family Legacy Trainings appreciate your enjoyment of our weekly insights on Building a Legendary Future and Creating Lasting Wealth and Legacy.

Over the past few months we have been working with successful business owners to provide advanced tax planning benefits and ongoing business and wealth building strategies and tactics. The success in these cases has come singularly from a collaborative effort of all professionals with a focus on the client’s best interest.

In one case, we did some planning last year to take advantage of the 5 million dollar gift and estate tax exemption. We prepared an advanced estate plan and the client is now taking advantage of a very advanced strategy in gifting whereby he is transferring property in a way that receives a reduced value for tax purposes. Much like going to a store and buying an item with a retail value at wholesale pricing. The collaborative effort of the C.P.A., the life insurance agent who originally referred me the case and the valuation expert have all been critical to seeing through to the success in this case.

In another case, through our trusted advisor services which is where we provide ongoing and continuous support for our clients, we worked through substantial business and tax savings strategies. In particular, we designed a program whereby the business owners could pay to themselves compensation fully deductible to the corporation, put that money away in a tax free way, and only pay income tax on about 30-40% of the income they withdrew from the business. In addition, the business owners required an agreement for what would happen if one of them should meet with an untimely demise. In this case, the life insurance agents, the valuation expert and myself all coordinated to plan, test, measure, and determine the optimal structure to benefit the client’s business.

Our vision is for business and families to build legendary futures-today. One that is financially and legally secure. Our mission is to build, protect and preserve wealth and legacy for generations.

Thank you for being a part of our Straight Talk community. We educate, transform and inspire business owners and families in enhancing the way they think and talk about wealth in money, values, beliefs and traditions. What is your Legendary Future? We welcome you to share your ideas and thoughts.

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