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Legal Entities

I take a LOT of classes, read a lot of books (audio books are fantastic and I sometimes pop them into my car while driving long distances), and learn as much as I can as well as I can in our quest to become financially free as risk free as possible.  Legal entities are a must.  You might never be a victim of a lawsuit or an IRS audit, but if you ever are, you will be glad you set up your business/investments as sound, protected and documented entities.

Uncle and I got our first legal entity about 4 years ago with a probate avoidance flyer that had a bushy eyebrowed cartoon judge with a 10 foot pointed finger.  David Bernstein and company gave free introductory seminars, and we made an appointment and had them draw up a living trust and will for us.  It felt good to have that taken care of, even though I really didn’t understand it at the time.

Then, along came the Rich Dad classes and I signed up for their “Asset Protection and Tax Relief” seminar.  I took it 3 [6] times already (you get to take classes at least twice with Rich Dad Education) from the same group of great looking attorneys from BOSS Business Services and Anderson Business Advisors.

For a fee of $1500 – $2000 each, your entities are formed and filed, and updated as needed if you also sign up for a low monthly subscription fee (worth every penny!)  Annual filing charges are billed to us whenever they become due.  Could I do it myself?  Yes, but not as well, and I don’t have enough expertise and confidence to do this on our own.  I have the kits that allow me to form this or that entity, but they sit unused.  I like having the ability to call and/or email the people at BOSS or Anderson and get my questions and concerns addressed.  I don’t always get my calls answered right away, which sometimes make me search for answers, but I do eventually get what I need.  This “problem” sometimes makes me a better person because I “get” it if I research it.  BOSS Business Services has some excellent excellent free material and videos that are easy to access and learn basic legal and accounting strategies.  Many of the answers are found there.

After the entities are formed, we got mailed these very nice binders with tabs for the State and Federal forms, Articles of Incorporation or Organization (depending on the entity), bylaws, minutes, stock certificates or shares, and other tabs.  Very nice stuff.  And then I still didn’t really understand what to do with it.  So, I read the instructions, and did what it said to do – basically signing all the pages with the tabs that conveniently mark the spot, as well as sign some pages in front of a notary.

BOSS puts on very reasonably price seminars for people like me – 2 or 3 day seminars on how to fund your entities, what to do with them, and how you can use them to your advantage and protection.  It’s a good follow-up class to take – for even though these points are covered in the first introductory class on asset protection and tax relief, the bulk and the unknown don’t kick in until you have these binders in your hands and need to know the next step. [caveat:  don’t go getting a whole bunch of LLCs until you actually have investments.  Go get first, then form entities soon after.]

Here’s an excellent one-hour video by Clint Coons of Anderson Business Services explaining LLCs and the protection, benefits, and reasons for having limited liability entities.  Check it out <here>.

BOSS and Anderson are no longer teaching the asset protection classes through Rich Dad Education.  That is a shame, for they are excellent, entertaining, and professional experts specializing solely in this field of law.  Also, as friend Kathleen describes, they are eye candy.

The Anderson Business people will come to Hawaii frequently to present their Asset Protection and Tax Relief 3 day seminar.  I will update in “Events and News” when and where the events take place.  It is always for a very reasonable rate, and everyone will be given the opportunity to sit down and figure out what they need for their situation in life.

About The Author

Aunty is a new senior citizen and loving this phase of her life. Less responsibilities, less fear of being weird, able to do more of the things that I want to do! Older, yes, slower, yes, but life is even more wonderful in my golden years and I look forward to even goldener ones.

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