Educating Your Attorney And Accountant

The purpose of this Volume is not to make you experts, but to give you a basic understanding so that when you speak with your attorney, your accountant, or your banker, you can have an intelligent (or half-way intelligent) conversation with them and explain to them what you are doing and why. Many times they will try to talk you out of doing certain things or setting up your business a certain way because they have not done it that way before, but if you have enough facts as ammunition, they will respect what you have to say. We have actually had to educate some of our attorneys or accountants in certain areas. Most attorneys, for instance, know very little about land trusts, even though they have been around for centuries.
No one will know your business better than you, once you implement the things you are taught in this System. Many people rely on their attorneys and accountants to do everything for them, and while the professionals can have much expertise to bring to the table, we strongly recommend that you learn these asset protection and tax reduction strategies yourself and have these professionals implement them for you under your guidance. Of course, as civil laws and tax laws are constantly changing, always get the proper advice from these professionals to make sure you are doing everything on the up-and-up. In other words, dont do things like represent yourself in court or set up your own living trust. And the days of doing your own taxes are over!

One word of caution, however


Understand that attorneys and accountants are coming from two different viewpoints from a legal viewpoint and a tax viewpoint. Its like your right hand and your left hand. You need to understand both sides.

Most of them are good at what they do, but their views are strongly influenced by their area of expertise. An accountant may tell you it isnt necessary to set up a business a certain way because there are no tax savings in doing so, but perhaps its a great idea for asset protection. Also, an attorney usually doesnt care if you have a C-corporation or an S-corporation, because the asset protection aspects of these two entity types are the same, but there are huge tax differences between the two. We have attempted to bridge the gap between these two professions and bring a balance of knowledge between legal and tax matters so you can make an informed decision by keeping both factors in mind.

By: GodsWealth

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Billy ONeal is a real estate investor and entrepreneur who has a passion for helping others realize their true potential. His goal was to find a way to create income and build wealth, so that he could leave an inheritance to his childrens children (Proverbs 13:22). After reading Rich Dad, Poor Dad, Billy was inspired to begin investing in real estate. He started Hometown Real Estate Services, LLC.