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LLC and Taxes

Discount for Lack of Marketability

Discount for Lack of Marketability

There is a concept in estate and tax planning called Discount for Lack of Marketability. Basically, it says that assets in a company are not as valuable as assets owned directly by a person.  This can save a family a ton of money in estate taxes if

LLC Tax Election

An LLC tax election is the decision you make to determine how your LLC is taxed. An LLC is a unique business structure called a limited liability company, but the IRS Code has not given the LLC a unique taxation section. So how is the LLC to

Quick Claim Deed or Quit Claim Deed?

“Quick Claim Deed” or “Quit Claim Deed”? Which one is it and how does it work? The term is not quick claim deed, but rather quit claim deed (even though using one is pretty quick). When you use a “quit” claim deed you are “quitting” or leaving

Business Structure -What Should I Use?

Business structure should be the fundamental consideration for asset protection and ease of administration when starting a business. Unfortunately many people miss this point when they start their business because it is not their primary interest “at the moment.” They don’t understand or care about the essential

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Testimonials

We wish everyone in America had the means to obtain the knowledge that Attorney Lee Phillips is attempting to impart in the Accumulation and Preservation of Wealth course. We are thankful that there is a legal system that is designed to protect people’s assets, no matter how little or how much.
~ Ed, Dallas Texas