I am an executive of a start-up company that made me part of the executive management. My income from my position with my salary, bonuses and dividend income from my stock will afford me a mid to high seven figure income per year. I want to protect these assets and any future acquired assets. How can I best achieve this? George M., Florida
You are smart to plan your asset protection ahead of time. There are certain questions you need to consider first. How risky is your business? Are you a detail person? Do you have a family? You are living in a great state to protect your home because Florida has an unlimited homestead provision. It is always a good idea to hold your home in your own name for tax reasons and Florida makes this easy. I recommend that you form a living revocable trust. Depending on your other assets and your family situation you could consider forming a Family Limited Partnership FLP, or a Limited Liability Company (LLC) to hold those assets you want to protect. Planning should include not just liability but also tax considerations and ease of management. I have a “How to Make It and How to Keep It Boot Camp
” to help people like you on a personal level.