As a business owner, you may want to protect the assets you have earned throughout the course of your career. You do not want to risk them becoming the target of lawsuits or court judgments.
You may also want to pay the lowest state and federal taxes on them. To protect them and avoid a large tax bill, you may utilize a legal option like an asset protection trust in Tampa, FL.
Tax Loopholes
When you utilize this option, you may have a number of legal loopholes available to you to avoid a large tax bill at the end of the year. You may have no interest in paying thousands of dollars, if not more, to the IRS or state in taxes. You may simply want to maintain your assets without risking them being lost because of hefty tax bills.
Your business lawyer can explain to you how to establish a trust to put them into and what actions to take to protect these assets from taxes and seizures. You likewise may have no reason to liquidate them just to satisfy a large tax bill.
This option may also spare your assets from targeting in a costly lawsuit against you and your business. You avoid having to give them up or sell them to pay off a settlement or judgment.
Find out more about an asset protection trust in Tampa, FL online. Contact The Greenberg Law Firm at https://barrygreenberglaw-tampa.com.