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A corporation is a business or company authorized to act as a single entity in matters pertaining to the law. There are several different types of corporations used to protect assets and limit personal liability.
Family Limited Partnerships
A family limited partnership is when two or more family members combine money to create a business. Each family member buys and holds shares in the business and has the potential to profit according to the number of shares they own.
Revocable and Irrevocable Living Trusts
A revocable living trust is a trust that the property owner, or trustor, can change during their lifetime. An irrevocable living trust cannot be changed once the grantor has signed, formed, and funded the agreement. Both types of trusts can be used to accomplish a variety of estate planning goals.
Strategic Tax Planning
Strategic tax planning is analyzing one’s financial situation and goals to make a plan to reduce tax liability.