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BECOMING RICH & STAYING RICH

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BECOMING RICH & STAYING RICH Empty BECOMING RICH & STAYING RICH

Post by UNEEK Fri Apr 26, 2013 8:54 pm

BECOMING RICH & STAYING RICH 9085716
You're Rich! 5 Strategies for Staying That Way By Dan Caplinger


Most people believe that striking it rich will instantly solve all their financial problems forever. Yet as rich people know all too well, it can be just as hard to hang onto your wealth as it was to earn it in the first place.

There are countless stories of lottery winners, high-paid professional athletes, and celebrities showing that the trip from rags to riches often proves to be a round-trip back to rags.

If you have aspirations to get rich in the future or are fortunate enough to already be well off, there are steps you can take to avoid becoming another rags-to-riches-to-rags story. It mostly boils down to protecting your money from five common fortune killers.

Challenge 1: Fight Off the IRS.

The threat: High-income individuals pay the highest rates on their income taxes. Moreover, after you die, the IRS will be waiting to collect their share from your heirs, with estate tax rates currently as high as 40 percent for those with assets worth more than $5.25 million.

The solution: Take advantage of tax-favored retirement accounts like IRAs and 401(k)s to shelter income from tax. In addition, consult an estate-planning attorney who can help you structure your legal affairs to minimize the amount of estate tax you'll owe. A good pro can steer you toward a combination of current gifts and complex financial strategies that will get as much of your money as possible to your loved ones.

Challenge 2: Steer Clear of Legal Liabilities and Fortune Hunters.

The threat: The richer you are, the more you have to lose from a potential lawsuit. Simple incidents like car accidents or household slips and falls can turn into a search for a target with deep pockets.

The solution: Be sure that you have adequate insurance coverage to handle the full extent of any damage award. At a minimum, be sure your auto policy gives you more than the legal minimum coverage for your state, and look at your homeowners' policy limits to make sure they're adequate. In addition, consider an umbrella liability policy to cover additional extraordinary claims.

Challenge 3: Don't Be Tempted by Exotic Investments.


The threat: Rich people often get access to high-risk investments that offer the promise of even greater wealth. All too often, though, these investment opportunities turn out to be overhyped or even fraudulent, resulting in big losses.

The solution: Trying to get richer is a hard habit to break, even for the wealthy. But if you have enough money to meet all your needs, it doesn't pay to take big risks with your portfolio. Rein in your risk-taking and give yourself a core of safe investments that will provide for your financial needs. If you have money left over and can afford to lose it, then dabbling in high-risk opportunities can let you stay excited about your investments without putting your lifestyle in jeopardy.

Challenge 4: Pay Off Those IOUs.


The threat: The way many people get wealthy is by borrowing money cheaply and making a bigger profit on it. Yet rather than paying down their debt once they strike it rich, successful people often keep using the same strategies to find even more wealth, taking out loans on their newly acquired assets and putting their entire fortunes at risk.

The solution: Reorganizing your finances once you're well off is essential to avoid losing everything you've gained. By paying down debt and establishing a baseline of wealth below which even the worst-case scenarios won't take you, you'll avoid the trap of using too much leverage and suffering big losses as a result.

Challenge 5: Plan to Live Forever -- or at Least to Stick Around for a Long While.

The threat: With life expectancies longer than ever and medical costs skyrocketing, even the well-off can outlive their money and end up spending all their assets on nursing homes and hospital care in their old age. Even the more basic living expenses often rise after you retire, and if you overspend early in retirement, you can end up in a downward spiral and run out of money.

The solution: A combination of strategies can help you preserve at least a baseline of income no matter what the future brings. Long-term care insurance specifically addresses nursing-home and home-health care costs, while buying an immediate annuity converts a lump sum of wealth into regular monthly income that's guaranteed to last the rest of your life.

Don't Blow It


As hard as it is to get rich, staying rich is no easier. But by taking these simple steps, you'll put yourself in the best position to hang onto your wealth as long as you can.



http://www.dailyfinance.com/2013/04/25/how-to-stay-rich-financial-strategies/

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Greatness lies, not in being strong, but in the right using of strength; and strength is not used rightly when it serves only to carry a man above his fellows for his own solitary glory. He is the greatest whose strength carries up the most hearts by the attraction of his own -- Bryant

“When you judge another, you do not define them, you define yourself.” ― Wayne W. Dyer


To be persuasive, one must be believable;
To be believable, one must be credible;
To be credible, one must be truthful.

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Post by Ponee Fri Apr 26, 2013 9:03 pm

LOVE IT !!!!! Thanks so much for sharing ! THere is good advice in this !

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Post by RELIX Mon Apr 29, 2013 2:17 pm

Challenge 1: Fight Off the IRS.

The threat: High-income individuals pay the highest rates on their income
taxes. Moreover, after you die, the IRS will be waiting to collect their
share from your heirs, with estate tax rates currently as high as 40
percent for those with assets worth more than $5.25 million.

The solution: Take advantage of tax-favored retirement accounts like IRAs
and 401(k)s to shelter income from tax. In addition, consult an
estate-planning attorney who can help you structure your legal affairs
to minimize the amount of estate tax you'll owe. A good pro can steer
you toward a combination of current gifts and complex financial
strategies that will get as much of your money as possible to your loved
ones.

This is somewhat true in that it is within the narrow realm of paper solutions that happen to be governmental instruments. Fact: The government is in trouble financially because the ponzi scheme called Fiat Currency and Fractional Reserve Banking cannot go on for very much longer.

Proper structuring and using a for profit domestic corporation can alleviate income taxes to the point you will pay virtually NO Income Tax. This is done through the By Laws and the fact the IRS allows a C-Corp to write its own ticket when it comes to executive perks which turn your every day expenses into tax deductions. You learn to live vicariously through your c-corp. IRA's and 401K's can be taken away from you and if you doubt that governments won't rob you, think Cypress. The stealing will not stop with the EU. It is heading for the USA as we read. ALSO...how about skipping Estate Taxes...Inheritance Taxes, and Probate all together? It is a simple thing to do. A self executing Inter Vivos Living Trust will eliminate ALL these traps and pitfalls. There is nothing complex or intricate to it. That is lawyer speak. Pay nothing and inherit / bequeath assets instantly after death and pay NOTHING to the parasites.


Challenge 2: Steer Clear of Legal Liabilities and Fortune Hunters.

The threat: The richer you are, the more you have to lose from a potential lawsuit. Simple incidents like car accidents or household slips and falls can turn into a search for a target with deep pockets.

The solution: Be sure that you have adequate insurance coverage to handle the full extent of any damage award. At a minimum, be sure your auto policy gives you more than the legal minimum coverage for your state, and look at your homeowners' policy limits to make sure they're adequate. In addition, consider an umbrella liability policy to cover additional extraordinary claims.

This is very dubious info as far as I am aware. Insurance? HUH? The way the rich and famous do it is to set up a LLLP if your state allows a triple LP or a LLP if your state hasn't gotten on board yet. Insurance will have monthly payments to be made forever. An LLLP can be set up for a filing fee of $180.00 and a yearly renewal fee of the same amount. This is seriously cheaper than insurance. An LLLP cannot be sued unless the general partner triggers it with some risky asset that shouldn't be in the LLLP to start with. You can put almost everything you own in an LLLP and judgements from litigation aren't allowed. The litigant can only get a "Charging Order" which forces the GP to admit the litigant as a Limited Partner the theory being that over time they will get their award through disbursements or the dissolution and settling of the LLLP. Simply write into the Partnership Agreement the right of the GP to freeze all disbursements and assets for any reason and for any length of time by tendering a certified letter to the limited partners stating the freeze has been enacted. If the litigant persists, you accept him as a limited partner though he will not get one thin dime or a single asset and file a K-1 statement to the new partner and the IRS showing his percentage of ownership. Why do this? Because according to IRC 77-137 the new partner will be liable for the taxes on the "Charging Order" immediately though he will get nothing from the LLLP...EVER!!! They are then very happy to withdraw from the LLLP and file a letter of satisfaction. Usually it never gets this far. Send the litigant's attorney a letter immediately telling them what you are going to do and they go away. The attorney who is getting paid on contingency now knows he isn't going to get paid. But it gets better. If he persists, he will get sued for malpractice for laying his client bare against monetary damages from the 77-137 rule. They don't walk away...they RUN! Insurance is a joke and very expensive. Protect everything you own with an LLLP. I will take up the rest of this sage advice again later. I am tired of typing.



Last edited by RELIX on Mon Apr 29, 2013 2:19 pm; edited 1 time in total (Reason for editing : misspelling)

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Post by RELIX Mon Apr 29, 2013 2:49 pm

Challenge 5: Plan to Live Forever -- or at Least to Stick Around for a Long While.

The threat: With life expectancies longer than ever and medical costs skyrocketing, even the well-off can outlive their money and end up spending all their assets on nursing homes and hospital care in their old age. Even the more basic living expenses often rise after you retire, and if you overspend early in retirement, you can end up in a downward spiral and run out of money.

The solution: A combination of strategies can help you preserve at least a baseline of income no matter what the future brings. Long-term care insurance specifically addresses nursing-home and home-health care costs, while buying an immediate annuity converts a lump sum of wealth into regular monthly income that's guaranteed to last the rest of your life.


Once again we are being told to buy Insurance. Has it occurred to anyone that the Insurance Companies are ruling this nation and own the politicians and how about that wonderful Health Insurance. OOPPSSsss...The State just nationalized health insurance and has FORCED everyone into a plan they didn't even read. The Obamacare WILL tripple the cost of health insurance and you'll be fined if you don't buy it. Would you be shocked if I told you that the Insurance Big Boys wrote the AHCA (Affordable Health Care Act)??? Yep, Wall Street Barry let the Insurance Companies wtite their own ticket and you get the bill. Insurance is no better or safer than what I just described.

What to do? Set an Inter Vivos Charitable Remainder Trust and fund it with you RV money and pay NO Capital Gains and enjoy having NO 1031 exemption restrictions on investments...all done with the simple little 3 page IVCRUT. This trust pays a "Recipient Payout" every three months to equal an aggregate percentage per year that is predetermined. You are liable only for a 5% donation to charity at death oro before if you wish. A nickle on the dollar is the best deal you're ever going to get. The IVCRUT has no Capital Gains Tax assessments and is a pass-through entity and is irrevocable which means it cannot be included as part of your estate at death. There are some careful considerations to be made as to how much to put in and what percentage to have paid out quarterly / yearly. The younger you are, the more you put in a be sparing about the percentage you take out to make sure you don't run out of money before you die. Make sure you will be comfortable but don't overdo it. This trust allows you to make investments too which can be helpful in keeping the CRUT charged. You are the Trustor / Donor as well as the Trustee and the Beneficiary / Recipient. YES...you are all three which is why attorneys hate this Trust and will attempt to steer you away from it with scare tactics. No matter what "THEY" say, there are three million of these in force right now in the USA. All the rich and famous use this tool to save money, make money, and distribute money to themselves or their charities.

There is a way that a c-corp, an LLLP, and the Living Trust can be associated and use the CRUT to make sure you eliminate...NOT mitigate...Capital Gains, leverage Income Tax, eliminate inheritance tax / estate tax / & probate all while becoming bullet-proof against lawsuits. When I was in training, someone in the class said, "Isn't this just what rich people do?" The instructor got somewhat angry and said, "NO...It's what people do to become rich." Rich folk don't get rich and stay rich by buying insurance and 401K's and IRA's. They do it with this structure I just disclosed. It's called Classical Total Asset Protection and that's how it's done!

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Post by Regal Beagle Mon Apr 29, 2013 5:36 pm

Relix Your make my head hurt. I understand that I dont totaly understand
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Post by Terbo56 Mon Apr 29, 2013 6:11 pm

In the words of Paul Teutel SR, of American Chopper, What he is saying without saying it, 'Don't be stupid'- { Use your money wisely}SmileBECOMING RICH & STAYING RICH 2834342768
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Post by RELIX Mon Apr 29, 2013 10:32 pm

I might make a small adjustment to that statement terbo56. Protect your money wisely. It is easier to make it than keep it. A criminal investigator for the IRS and one of my Landscape Clients ( I am an ornamental horticulturist) told me..."John, there are two kinds of people in the world and the tax code was written for both". I said, "HUH". He then said, "there are those who pay taxes and those who don't and the IRC was written for both." The codes were written to be used and all that I have outlined is in the code. If you play the IRS game by going to HR Block, you'll be broke in 7 years. The code is written so the IRS can take advantage of you unless you bother yourself to learn the "Rest of the Story".

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Post by alleyrose Mon Apr 29, 2013 10:34 pm

Regal Beagle wrote:Relix Your make my head hurt. I understand that I dont totaly understand

That was funny LOL!
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Post by RELIX Tue Apr 30, 2013 12:59 pm

Yes Alley...knowledge hurts sometimes.

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Post by Regal Beagle Tue Apr 30, 2013 8:18 pm

In the words of Paul Harvey.... "And now, the rest of the story."
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