Planning for the Future While   Protecting your Assets  Jeff Resnick, CPA, Managing Partner      The Resnick Druckman Group
Selecting aBusiness Structure
Types of Entities• Sole proprietorships• Partnerships    – General partnerships    – Limited partnerships•   “S” corporati...
Sole Proprietorships• Taxes paid by the individual• No corporate protection• All net income is subject to self  employment...
Partnerships• General partnerships  – Taxed the same as sole proprietors  – Unlimited liability• Limited partnerships  – G...
“S” Corporations• No federal or New York state corporate tax• Individual shareholders are taxed on net  income of the busi...
“C” Corporations• Corporation is taxed on the corporation’s  profits• Individual owners are taxed again on  dividends rece...
Limited Liability     Companies / Partnerships• Taxed the same as a partnership or sole  proprietorship• Limited liability
Consider Tax Ramifications• Three key elements are considered the  rights of a partner/shareholder  – Voting right (contro...
Grantor Trusts
Having Your Cake!                                                        Corporate                      Spouse         Ind...
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Planning for the Future While Protecting Your Assets

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Addresses structuring a medical practice in the most advantageous way for asset protection, audit risk and income risk. Also touches on financial and estate planning strategies that secure wealth for the future while protecting assets. There is also a review of potential tax planning opportunities for protecting and sturcturing wealth and estate

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Planning for the Future While Protecting Your Assets

  1. 1. Planning for the Future While Protecting your Assets Jeff Resnick, CPA, Managing Partner The Resnick Druckman Group
  2. 2. Selecting aBusiness Structure
  3. 3. Types of Entities• Sole proprietorships• Partnerships – General partnerships – Limited partnerships• “S” corporations• “C” corporations• Limited liability companies (LLCs)• Limited liability partnerships (LLPs)
  4. 4. Sole Proprietorships• Taxes paid by the individual• No corporate protection• All net income is subject to self employment tax• All net income also subject to four percent unincorporated income tax in New York City
  5. 5. Partnerships• General partnerships – Taxed the same as sole proprietors – Unlimited liability• Limited partnerships – General partners taxed like sole proprietors – Limited partners taxed like sole proprietors – Limited partners have limited liability
  6. 6. “S” Corporations• No federal or New York state corporate tax• Individual shareholders are taxed on net income of the business• New York City taxes net income at the greater of 8.85% of income or other alternative method• Limited liability
  7. 7. “C” Corporations• Corporation is taxed on the corporation’s profits• Individual owners are taxed again on dividends received (double taxation)• Limited liability
  8. 8. Limited Liability Companies / Partnerships• Taxed the same as a partnership or sole proprietorship• Limited liability
  9. 9. Consider Tax Ramifications• Three key elements are considered the rights of a partner/shareholder – Voting right (control) – Share of profits and losses – Equity (ownership ability and rights to sell)Note: These rights are easier to separate in a partnership than a S corporation
  10. 10. Grantor Trusts
  11. 11. Having Your Cake! Corporate Spouse Independent Administrative Trustee Trustee Trustee Spousal Limited Access Trust • Irrevocable Gifts • Independent trustee has discretion to make distributions to grantor’s spouse for health,Grantor support and maintenance • Generation skipping/perpetuities trust Sales • Grantor trust status/invasion by trustee permissible to pay income taxes/permissible S corporation shareholder • Asset protection benefits • Grantor can act as investment advisor (DE/AK) • Remove and replace trustee language

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