At LMT we work with large and small business owners to empower them to succeed at the highest levels. By gaining an understanding of your specific goals and challenges, we can custom design different programs to maximize tax mitigation, succession planning and asset protection. We pride ourselves on being able to accomplish this without any change to your business structure or the way you operate your business. Your advisers are always included; a team approach is utilized to ensure your confidence and peace of mind.
Running your own business is an incredibly risky, and frequently difficult venture. While business owners are excellent at creating and acquiring assets, when it comes down to protecting these assets they are typically at a loss for what strategies are available. Comprehensive asset protection planning is a very complex topic that touches on almost every aspect of business ownership. Your individual plan will depend on your unique goals and comfort levels. But the end goal is the legal protection of your hard-earned assets. Every reputable, honest business is allowed these protections.
It turns out that very few business owners have a plan in place for when they step out of the business. Some believe their sons or daughters or another key person will take over. Others assume a competitor or other business will buy them out. Statistically, the vast majority of owners really have no solid plan for leaving and, whether you are in your twenties or seventies, having a viable succession plan is extremely important for you to take full advantage of the strategies that exist when you decide to exit your business.
Many privately owned businesses are subject to excessive taxation on their profits forcing them to choose between two options to reduce these taxes; bonuses or purchasing equipment. But what if you could operate in a way that allowed your profits to be tax deferred indefinitely? There have been recent changes in tax and labor legislation that allow your business to operate on a pre-tax basis. Pre-tax is synonymous with untaxed, meaning your buying power per dollar earned increases significantly. With the increase in buying power you can purchase another business or a competitor, equipment, real estate, investments or insurance with dollars that are not taxed.