Cover image for Wealth protection secrets of a millionaire real estate investor
Wealth protection secrets of a millionaire real estate investor
Bronchick, William.
Personal Author:
Publication Information:
Chicago, IL : Dearborn Trade Pub., [2003]

Physical Description:
xvi, 206 pages : illustrations ; 23 cm
Liabilities affecting your personal and family affairs -- Liabilities affecting small businesses -- Liabilities affecting property owners and landlords -- Using trusts for privacy -- More strategies for appearing broke -- A comparison of business entities -- Putting the pieces together -- Sample asset protection plans -- Estate planning strategies -- More legal issues.
Format :


Call Number
Material Type
Home Location
Item Holds
KF1079.Z9 B76 2003 Adult Non-Fiction Non-Fiction Area

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Successful real estate investors and entrepreneurs who've spent countless hours building wealth often see their profits dwindle due to an IRS hitch or other legal snag. After working so hard to be prosperous, investors need to know how to hang on and preserve their wealth. In a clear, methodical and accessible way, this book outlines the steps and techniques to safeguard investments. only to attendees of his seminars. In this book he shares his methods including how to: use trusts for asset protection and tax savings; hire family members for tax deductions; create a paper trail to help during a lawsuit or IRS audit; defer income tax payments without a penalty; slash taxes through the use of corporate entities; gain protection from financial ruin in a divorce; understand the secrets of life insurance to minimize costs and financial risks. Also included are sample asset protection plans that can be easily modified.

Author Notes

William Bronchick, CEO of LegalWiz Publications, is an attorney, author, and noted real estate speaker

Table of Contents

Introductionp. ix
A Nationwide Epidemicp. ix
Theories of Liabilityp. x
Lawsuit and Asset Protectionp. xi
Plan Earlyp. xii
"A"--Avoid Lawsuits and Personal Liabilityp. xii
"B"--Appear Brokep. xiii
"C"--Control But Don't Ownp. xv
Section 1 Avoid Lawsuits and Liability
1. Liabilities Affecting Your Personal and Family Affairsp. 3
Owning Property Jointlyp. 3
Divorcep. 5
Improper Use of a Living Trustp. 7
Letting Kids Drive Your Carp. 8
Failing to Keep Adequate Insurancep. 9
Cosigning a Loanp. 10
"Social Host" Liabilityp. 10
Dog Bitesp. 11
Childrenp. 11
Reporting Incidents to the Insurance Companyp. 12
Failing to "Put It in Writing"p. 12
Opening Your Mouth Too Widep. 13
2. Liabilities Affecting Small Businessesp. 15
Doing Business as a Sole Proprietorp. 15
Doing Business with Partnersp. 16
Using a Corporation Improperlyp. 17
Failing to Designate Your Corporate Capacityp. 18
Personally Guaranteeing Corporate Liabilitiesp. 19
Allowing Your Spouse to Cosignp. 20
Paying Yourself before Covering Your Payrollp. 20
Using Copyrighted Materialp. 21
Failing to Delineate Carefully between Employees and Independent Contractorsp. 21
Employee Lawsuitsp. 23
3. Liabilities Affecting Property Owners and Landlordsp. 25
Owning Real Estate in Your Own Namep. 25
Failing to Maintain Your Property and Boundariesp. 27
Allowing Someone to Assume Your Loanp. 28
Fair Housing Issuesp. 29
Environmental Liabilityp. 30
Americans with Disabilities Actp. 31
Section 2 Appear Broke!
4. Using Trusts for Privacyp. 35
Use Land Trusts to Hide Your Real Estatep. 35
Personal Property Trustsp. 38
5. More Strategies for Appearing Brokep. 39
Mortgage Your Real Estate beyond Its Valuep. 39
Encumber Your Personal and Business Assetsp. 42
"Devalue" Your Real Propertyp. 43
Convert "Nonexempt" Property to "Exempt" Propertyp. 43
Fractionalize Your Ownershipp. 46
Section 3 Control, Don't Own!
6. A Comparison of Business Entitiesp. 49
Sole Proprietorshipp. 49
General Partnershipp. 50
Limited Liability Partnershipp. 50
Corporationsp. 51
Trustsp. 54
Limited Partnershipp. 61
Limited Liability Companyp. 65
Summary of Legal and Tax Issuesp. 67
7. Putting the Pieces Togetherp. 73
Separate Assets According to Riskp. 73
Separate Personal Assets from Business Assets--and Business Assets from Your Businessp. 75
Combine Entities for Virtually "Bulletproof" Protection of Your Real Estatep. 76
Multiple Corporations for Maximum Protectionp. 78
8. Sample Asset Protection Plansp. 81
The Real Estate Entrepreneurp. 81
The Single Professionalp. 83
The Partnershipp. 84
The Estate Plannerp. 85
9. Estate Planning Strategiesp. 87
Basic Estate Planning Issuesp. 88
Minimizing Estate Taxes with Gifts of Partnership and LLC Interestsp. 89
Valuation Discountsp. 91
Avoiding Ancillary Probatep. 93
Continuity of Businessp. 93
10. More Legal Issuesp. 95
Bankruptcyp. 95
The IRS as a Creditorp. 97
Insurancep. 98
Fraudulent Conveyancesp. 100
What to Do Nextp. 102
Appendixp. 105
State Homestead Law Exemptionsp. 105
Federal Bankruptcy Exemptionsp. 109
Excerpts from Sample Fraudulent Transfer Lawp. 111
Excerpts from California Community Property Lawp. 114
Abusive Trust Tax Evasion Schemes (IRS Article)p. 115
Sample Independent Contractor Agreementp. 121
Sample Agreement to Convert Community Propertyp. 123
Sample Joint Venture Agreementp. 126
Sample Land Trust Agreementp. 128
Sample Living Trust Agreementp. 132
Sample Family Limited Partnership Agreementp. 146
Sample Limited Liability Company Operating Agreement (Short Form)p. 152
State of Nevada Domestic Corporations Filing Packetp. 154
IRS Form SS-4 Application for Employer Identification Numberp. 163
IRS Form 2553 Election by a Small Business Corporationp. 171
IRS Form SS-8 Determination of Worker Status for Purposes of Federal Employment Taxes and Income Tax Withholdingp. 177
UCC Financing Statementp. 182
Glossaryp. 187
Resourcesp. 191
Incorporation Resource Directoryp. 191
Department of Corporations/Secretary of State Offices and Web Sitesp. 193
Suggested Readingp. 200
LegalWizp. 201
Indexp. 203