Reliable and Tax Efficient Asset Protection Strategies
Believe it or not, living frugally and keeping a close eye on your bank account does not guarantee a bright future. Many have found themselves in financial mess despite years of hard work to accumulate substantial savings. Interest rates, inflation, taxes, medical and legal issues and many more are constant threats to financial freedom.
Sofra Partners is an award-winning accounting firm that helps businesses and individuals enjoy financial success through efficient strategies for asset protection. Sleep easy knowing that your personal assets and business assets will steadily appreciate and utilize tax benefits under the care of a solid asset protection specialist.
Proactive Asset Protection
An honest financial expert would tell you straight away that there is virtually no asset protection that is 100% fool proof. When it comes to protecting your assets, trust a company with extensive knowledge in asset protection strategies.
Sofra Partners is able to apply their extensive experience in family trusts, insurance, property investments, personal assets and so on. The team of experts proactively put together an asset protection structure that is most suitable for the individual situation of their clients.
The team takes time to get to know their clients and understand their appetite for risk as well as their financial objectives to find the perfect balance for an adequately protected wealth.
Asset protection is not a one-size-fits-all situation. A deep understanding in taxation laws, government compliances, compounding interests, business risk and so much more, are needed to pave the way to solid asset protection strategies.
The fact is that there are so many risks involved in acquiring assets. The more you accumulate, the more you risk to lose. Taking time to sit with professionals who can weigh in certain circumstances that threaten what you have worked hard for can save your family's future.
What are Possible Scenarios That Risk Assets Held?
Different kinds of investments entail different risks. There is no asset that guarantee the legal owner a future of wealth. Owning assets - whether it is business assets, family-owned assets or personal assets - require an asset protection structure to minimize any risk to potentially lose what you've worked hard for.
Certain circumstances cause significant losses of assets and net worth of individuals who worked hard to accumulate the asset.
Here are just a few possible scenarios on how one can potentially lose control of their wealth.
Wrong business structure
A corporation works as a separate legal entity from the business owner, minimizing business risks to the individual owners. On the contrary, businesses listed under a sole trader run the risk of exposing their personal assets when they build a business.
This means that creditors and investors can go after investment properties and assets in the own name of the trader if things go south. Naming assets under de facto partner names would not be a solution. Some creditors and financial companies can go after the de facto partner's assets as well.
On the other hand, a company structure under a corporation protect assets in the personal name of the business owners. Creditors can only go after assets owned by the corporation.
Creating a business structure is not as easy as deciding based on the liability of the owners though. There are many factors that consider the legal, financial and personal aspects of the business owners. Sofra Partners aim to protect your assets with all these in mind.
Why you need adequate asset protection for a business partnership
Effective asset protection strategies can protect a business from losing their assets in the unfortunate event of having to pay legal fees from situations like personal injury, disgruntled employee, unsecured creditor and relationship breakdown between business partners, among many more.
Once you asses the risks, you realize it takes only a moment to wipe out the financial objectives of a business. Sofra Partners is a full service accounting and finance firm that can help with asset protection and so much more. The team can recommend the right insurance companies that can cover possible risks to a business.
Family Relationship Breakdown
The family law court has seen one too many cases where awarding assets such as the family home and investment properties owned by a family member can get messy when there is a bitter family dispute.
Estranged spouses can lay claim to properties and asset base in the event of separation or divorce.
Why you need adequate asset protection for a business partnership
It is good practice to avail of adequate asset protection to prevent awful family disputes over an estate. Protecting assets can also protect relationships within the family especially when death or divorce happen.
Protect your assets by having an asset protection strategy created and executed by a team such as Sofra Partners. They are able to apply efficient tax benefits and measures to address disputes when necessary.
Ensure that your assets go to your intended family member or members without stamp duty - and with the value intact.
With a company like Sofra Partners working to protect your assets, you can sleep easy knowing your wealth and your family trusts are in good hands.
Investment property risks
There are dangerous fallacies about owning assets. One of the most dangerous ones is that investment property is an insurance for future wealth. Some would even dare claim it is a passive income - accruing in value every year without any risks of being stolen.
Owning property is a big responsibility that requires careful thought. Property investors need to stay on top compliances to avoid costly consequences. While people argue that tax benefits from owning property makes it an "easy business" - property investors face serious risks of losing their property without a credible company to protect the asset.
Rental property risks
Contrary to prevailing myths, rental properties can be a high risk business without asset protection strategies in place.
Legal fees from an injured tenant can amount to significant losses; taxes and compliances can be costly without a solid tax strategy; or frivolous creditors can jack up interest rates. Many more situations can be avoided with a team of professionals who are capable of protecting assets.
Why you need adequate asset protection for a business partnership
Sofra Partners is a multi-awarded accounting company that can help find the best insurance that covers vulnerabilities that many litigators and creditors go after.
Protecting your assets require careful planning to ensure that available tax benefits count and that business risks are minimized.
Protect your wealth by trusting the best company to trust for your asset protection requirement. We provide effective asset protection strategies to ensure that you get the best insurance, the most efficient taxes and provisions to protect and grow your wealth.
We can review discretionary trusts to shield from risks common to an investment property business. A discretionary trust is a binding legal agreement in which assets are put under the control of a trustee who will execute financial and legal decisions to ensure that they safely go to the intended beneficiaries.
Sofra Partners is a multi-awarded accounting company that can help find the best insurance that covers vulnerabilities that many litigators and creditors go after.
Protecting your assets require careful planning to ensure that available tax benefits count and that business risks are minimized.
Protect your wealth by trusting the best company to trust for your asset protection requirement. We provide effective asset protection strategies to ensure that you get the best insurance, the most efficient taxes and provisions to protect and grow your wealth.
We can review discretionary trusts to shield from risks common to an investment property business. A discretionary trust is a binding legal agreement in which assets are put under the control of a trustee who will execute financial and legal decisions to ensure that they safely go to the intended beneficiaries.
Free Initial Consult for Asset Protection
With extensive years of experience in full service accounting and finance solutions - including adequately protected assets - Sofra partners is one of Australia's leading asset protection specialists. Trust only a credible company for the very important task of ensuring your future, and that of your family's.
Talk to us about your asset protection concerns. First session is FREE so you have nothing to lose.
