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When it comes to building and preserving wealth, entity structuring plays a crucial role. Understanding how to legally set up and manage business entities can provide significant financial advantages, especially when it comes to asset protection and tax efficiency. This is not just theory, it’s a well-established practice among the wealthy.
In this video, tax expert Karlton Dennis breaks down exactly how the rich use LLCs for asset protection and tax strategy. He offers a detailed explanation of the various structuring techniques that the wealthy use, from setting up multiple LLCs for different purposes to utilizing specific tax elections that reduce exposure and increase deductions.
Many of the tax strategies used by the wealthy are perfectly legal and accessible to everyday people, if you know where to look. By mimicking the entity structuring methods used by the top earners, you can better protect your assets and potentially minimize how much you owe in taxes each year. LLCs, in particular, offer a flexible and powerful way to manage income and liabilities.
CHAPTERS:
0:00 Intro
0:18 What is an LLC?
1:05 The "T Formation Chart"
2:06 The 5 Main Types of LLCs
2:10 LLC Type #1: Holding Company for Assets
3:25 LLC Type #2: Operational LLC for Your Business or Side Hustle
4:28 LLC Type #3: LLC Taxed as an S Corporation
5:49 LLC Type #4: Management Company LLC
6:43 LLC Type #5: Family or Multi-Member LLCs for Legacy and Gifting
7:47 Final Thoughts
8:33 Bonus Tip!
9:34 Outro
*Disclaimer: I am not a financial advisor nor am I an attorney. This information is for entertainment purposes only. It is highly recommended that you speak with a tax professional or tax attorney before performing any of the strategies mentioned in this video. Thank you.
#assetprotection #hideassets #howtherichusellcs
