Archive for the ‘Asset Protection Tools’ Category
Estate Planning Checklist
June 24th, 2010
Below are some estate planning profile checklist questions to help you determine if you need an estate plan.
| 1. | Estimated total net worth __________________ | |
| 2. | Do you have a will? | Y/N |
| 3. | Do you have a will that takes advantage of the $1,000,000 exemption equivalent? | Y/N |
| 4. | Do you have a will that takes advantage of the $1,120,000 Generation Skipping Exemption? | Y/N |
| 5. | Do you have trusts in Will for children and grandchildren? | Y/N |
| 6. | Do you have all assets titled properly to take advantage of the $1,000,000 exemption and the $1,120,000 Generation Skipping Exemption? | Y/N |
| 7. | Do you have liquid assets set up in their tax exempt estate (outside their estate) to pay estate taxes. | Y/N |
| 8. | Have you done financial projections to determine your exposure to estate taxes in the future? | Y/N |
| 9. | Have you claimed maximum discounts on any gifts your made? | Y/N |
| 10. | Have you reviewed/created a buy/sell agreement for your business? | Y/N |
| 11. | Have you done the proper planning so you don’t fall into the IRA / Qualified Plan trap (up to 70% of retirement plan to the government)? | Y/N |
| 12. | Do you have mandatory or discretionary income in the unified credit trust? | Y/N |
-
Tax Qualified Retirement Plans
Posted in Asset Protection Tools | 
Tags: discretionary income, estate planning checklist | 
No Comments »
Tax Deductions for Foreclosure Business – Part Five
December 4th, 2008
Tax Deductions for Foreclosure Business (Continued)
-
Signs on your lawn or some prominent location (“I buy houses”)
-
Signs on your car (“I buy houses”)
-
Signs (sales) to sell your foreclosure properties
-
Tape recorder to record courthouse records and other business matters
-
Tools for repairs to foreclosure properties
-
Toys or games (safe ones) for homeowner’ s children to play with during foreclosure negotiations
-
Thank you cards to referral sources of foreclosures
-
Out of town travel expenses to check out properties and to visit preforeclosure homeowners and banks
-
TV used solely for business-related video and Internet
-
Video equipment and VCRs to view foreclosures and other distressed properties
Tax Deductions for Foreclosure Business – Part Four
November 25th, 2008
Tax Deductions for Foreclosure Business (Continued)
-
Multiple listing service (MLS) fees to find distressed properties and motivated sellers
-
Measuring tools and devices to check out distressed properties
-
Newspapers, legal, foreclosure listings (purchase or subscription)
-
Newspapers, other, listing properties for sale and legal notices (purchase or subscription)
-
Notary fees for legal documents
-
Notary licenses, bonding and renewals for legal documents
-
Notepads and clipboard to evaluate distressed properties
-
Odor killers kill to foulest of odors in distressed properties
-
Phone and / or cell phone for your foreclosure business
-
Photographs of distressed houses and sending to the lender
-
Photo supplies and accessories
-
Pre paid legal services pertaining to foreclosures and other legal matters in your business
-
Prepayment penalty for early payoff of a mortgage
-
Publications on foreclosure lists and courthouse information
-
Re estate data such as REDI (cost or subscription)
-
Record keeping software such as Quicken or Quick Books for your foreclosure business
-
Recording and other fees for legal documents
-
Seminars on foreclosures to attract distressed sellers, motivated buyers and investors
-
Shirts, jackets, or other apparel with ” I buy houses ” information