First of all you may be thinking; why’s David who’s an Executive and Personal Coach offering financial solutions? Its very simple, I have found most coaches and individuals are unable to do what they need to do to improve their practice or lot in life because of the lack of money. Years ago I assisted hundreds of people to see the benefits of having a trust because every individual in the world should have one. AND EVEN MORE SO TODAY!
In a world where certain inalienable rights such as privacy, confidentiality, and prosperity are being diminished, trust accounts have proven to be an inspired manner whereby those rights may be maintained. It’s how the very wealthy remain very wealthy.
Increasingly, laws are being passed that allow personal assets such as cars, homes, and other personal possessions to be seized to satisfy court judgments (no matter how frivolous) against us, our businesses, or estates. This sudden seizure of assets could result from, among other things, neglecting to keep proper personal or financial records.
If the Tax Authorities in most countries pierce our corporate veil, deny our tax benefits or present us with a big tax bill, it can be extremely and unnecessarily traumatic. If we don’t pay, they file a “Notice of Tax Lien” or “Default” which liens all our property, real and personal. We attempt to borrow the money to pay our bill, and discover our credit has evaporated overnight. Since they’re really is no so-called privacy! Many have been caught up in this nightmare.
Many business persons seeking to expand there market penetration, have setup corporations in foreign countries – anticipating borrowing from lenders outside of the country where they have formed and set up their business enterprise. Only to find, that the laws, and political climate within that country are prohibitive to any lenders support.
Over extending him or her self, while project funding is delayed month after month, bank account(s) are attached/frozen, no matter how many checks were written and are outstanding.
This could begin a downward spiral; they (the country) will levy all savings and all investments. Bankruptcy no longer stops this dreadful process. Or in the U.S. salary and our spouse’s salary will be garnered. They will obtain a writ and seize our safety deposit box, even our irreplaceable family heirlooms can be seize.
If the situation really gets out of hand, they will eventually grab our IRA or other retirement accounts and the cash surrender value of our life insurance policies. Without notice, our real property and liquid personal property could be sold with no minimum bid. If that doesn’t pay the
bill, they will seek to levy our pensions. When we pass on, they’ll come after our estate! Moreover, if you’re going to begin to earn $21,000 a month don’t you think you should plan on how to keep your money? Its not how much money you make, its how much money you keep!
Moreover, on a different note, the elderly, in particular, are beginning to realize that what they once considered assets are now in fact liabilities, especially when it comes time to participate in so-called medical and retirement benefits.
David Tate, Veni Vidi Vici – for more information fill out the comment form below