Taking Care of Your Hard-Earned Assets
When you've worked hard to accumulate assets, especially when some of them are invested in ongoing business concerns, you should take a moment to consider the importance of tax planning and asset protection.
At Schmiesing, Blied, Stoddart & Mackey, our lawyers will carefully assess the details of your personal situation and listen to your goals, then recommend an array of tax planning and asset protection options. Contact us at our main office in Orange County, California, to discuss what we can do for you.
Protecting Your Business and Family
Whether you have a stake in a large partnership, run a small business, or own one or more rental properties, you should be able to take normal business risks without endangering your personal and family finances. Asset protection is the protection of personal and business assets from creditor liability and litigation.
The most common asset protection mechanism is the establishment of a legal entity such as a corporation, limited liability company (LLC), family partnership or family limited partnership to hold title to some or all of your assets on behalf of you and other family members.
These structures, in addition to reducing your personal exposure to liability, may also have positive tax planning consequences.
Another asset protection device is the prenuptial (also known as premarital) agreement. Under California's law of community property, if you want to keep your business assets separate from your family assets, you may need to reach a premarital agreement to that effect.
When you need skilled, experienced California attorneys to guide you through the tax planning and asset protection process, don't hesitate to contact us.
Planning to Reduce Tax Burdens
Our firm offers a wide range of services to help you minimize your tax liability in accordance with federal, California and local tax laws. We can assist you with effective tax planning to reduce income taxes, gift taxes and estate taxes.
Among the specific services we offer are preparation of federal estate tax returns and real property tax planning to avoid reassessment under California Proposition 13.