Asset protection planning, no matter what anyone tells you, was never meant to be a tax avoidance tactic. Asset protection planning is a legal option for planning your wealth in advance of a claim or the threat of a claim.
As the saying goes, “Death and taxes are something you simply can’t ignore.” Both are inevitable and although most people understand this phenomenon and in turn, prepare by paying their taxes on a quarterly or yearly basis and others set up their estates to ensure that their affairs are in order and their families are protected when they make their transition. For many, however,
By taking care of yourself, you are in a better position to enhance and grow your wealth. You will be able to make sound, financially savvy decisions because you are not tired, depressed, inexperienced, or stressed.
Retirement planning and contributions have been a part of America since 1875 when they were first introduced to the workforce as a private pension plan. Twenty-four years later, there were 13 private pension plans in the country and in 1913, the federal government stepped in and began taxing pensions paid, stating they were similar to wages and therefore must be taxed.