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Trump University Asset Protection 101 Hardcover – Oct 19 2007
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From the Inside Flap
There are three things that will destroy your hard-earned wealth faster than anything else: income taxes, lawsuits, and estate taxes. The wealthy know this and use the kind of strategies found in this book to protect their fortunes. Unfortunately, most people focus on playing "offense" with their money, and forget all about protecting it by playing financial defenseuntil they get blindsided. Trump University Asset Protection 101 gives you the power to protect and grow your wealth at the same time, no matter how much or how little you have in the bank.
This wealth-maximizing guide is written by professional financial advisor to the wealthy, J.J. Childers. He shows you how to tap into the powerful secrets the wealthy have always used to protect their assets for themselves and their families. Legal entities and other sophisticated strategies, explained here in simple terms, can help you protect your money from taxes and lawsuitsjust like the wealthy do.
You'll learn powerful strategies including:
Ways to use asset protection to grow your wealth
Massive tax deductions the rich use every day
How owning your own business can save you a fortune
Protecting yourself against lawsuits
Using business entities and tax structures to keep assets out of the reach of others
Why you must have an estate plan, no matter how young you are
Building wealth is useless if you can't protect it from the government and other people who want to take it away from you. Trump University Asset Protection 101 gives you all the tools you need to avoid the three big obstacles to wealth creation and protectionlawsuits, income taxes, and estate taxes. You don't have to be Donald Trump to use these strategies, but you do have to be just as smart about protecting your hard-earned wealth.
From the Back Cover
Asset Protection 101
Trump University books are practical, straightforward primers on the basics of doing business the Trump waysuccessfully. Each book is written by leading experts in the field and includes contributions from Mr. Trump himself. Perfect for anyone who wants to get ahead in business without the MBA, these streetwise books provide real-world business advice based on the one thing readers can't get in any business schoolexperience.
In Trump University Asset Protection 101, you'll learn how to:
Utilize the most powerful money-saving tax deductions
Use your small business as a big tax shelter
Use exemptions to help guard your assets
Give your assets a makeover with a Multiple Entity Structuring Strategy
Protect assets through gifting and philanthropy
Maximize tax benefits from your retirement money
Combine multiple strategies for a smart, long-term asset protection plan
Most Helpful Customer Reviews on Amazon.com (beta)
There is much more than what I've covered here. I highlighted text on almost every page in the book. My highlighting ratio is the predominant factor of how high I will rate a book. I will continue to pull this book off the shelf and refer back to it.
A lot of the concepts I have heard of before but this book broke them down and made them simple to understand. I have already begun to shape my assets in line with the models in this book by working with my Lawyer and my Accountant both of whom have since bought a copy of this book and have begun to use it to discuss options with their clients. The list of missed tax deductions alone is worth a hundred times the cost of this book and I can not recommend it highly enough.
The author, J. J. Childers, is an attorney but writes clearly and simply enough for regular folks. The book's 17 chapters are presented in five parts. Part I covers the problem of excessive spending and a too passive approach to paying taxes. You can't build wealth that way. Childers shows you some basic principles on understanding the tax code and ways to use exemptions and deductions to keep more of your money. He also talks to you about the power of having your own business and the right structures to use to manage the risks involved.
Part II covers protecting yourself from lawsuits and carefully explains why this matters to you and matters more and more as your wealth grows. He presents you with some basic principles of using corporations to protect your assets and using multiple entities to match risk and assets rather than leaving all your assets in one pot vulnerable to a single catastrophic suit. Part III cover estates and death taxes. He introduces you to trusts and why they are essential to you and why a will simply does not provide you any protection from probate. Part IV shows you how to think like the wealth. Childers calls this the Mogul Mindset. He also takes you through the process of creating an asset protection team and what professional expertise you simply must have. As the author says, you may think you don't have enough wealth to worry about these things, but when you start adding it up, you can get surprised in a hurry. Don't let anyone simply take it from you because you failed to act.
Part V provides you with various resources such as a list of common deductions, which business structures provide various kinds of protection, a state by state guide to which assets you can protect during bankruptcy and a glossary of business and legal terms.
As with any 101 basic course, this is introductory and you will need to study more and dig deeper to master the topics in this field. But this can certainly get you started in the right direction.
Reviewed by Craig Matteson, Ann Arbor, MI
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