Hidden Money in Your Business
aka Maximizing Business/Practice Profits

An extra $10,000 or $20,000 a year is certainly a realistic goal for most small business owners and professionals, if they learn how to use the laws associated with their business structures and the "movement" of money between their businesses and themselves. Bringing the "accounting part" of the business together with the "legal structuring part" of the business is difficult, because the goals and techniques of the lawyers and accountants are often at odds. It is incumbent on the business owner to understand what the pros and cons of the options are, so that they can make their decisions with a full picture in view, rather than relying on the myopic view of either the accountant or attorney. Lee Phillips can give you the view from both of the professional camps. No, he is not an accountant (he has too much personality), but he has had a full time accountant in his office for the past 9 years working with him to maximize profits in his legal structuring practice. He specializes in business and personal tax and legal planning for high net worth individuals. He will mix the business and personal planning in this presentation. Lee will also include lawsuit and asset protection to complete the legal package, because if you are doing the legal planning, you may as well get the full advantage of what the law can do for you.

Background: Financial and legal knowledge elude many business owners and professionals, who often turn it all over to their professional advisor and hope it works out, or worse they do nothing. In today's competitive society, you have to hone your legal and financial acumen to stay on top. You can't work harder. You have to work smarter using the legal and tax "loop holes" the rich have mastered. These loop holes are opened up by using legal structures established by businesses or individuals. Most business owners and professionals have their attorney design their business structure for the "asset protection" value, and that is the way the business is structured. That's OK, but with a little "tweaking," your business can yield substantially more money without any more work and with no more risk. When legal meets accounting, money is a lot easier to make and keep. Knowing how to use legal structuring properly will open up a whole new world of tax possibilities and opportunities in general. Proper asset protection structuring allows you to "do the deal" and you don't have to worry about losing everything you own if the deal doesn't work out. That puts you in a position to do the deals you would have passed up or never even considered.

Purpose: Lee will introduce you to the tools a lawyer has in this tool box (there are a limited number of them) and then show you how to tweak them so an accountant can use them to get more money in a professional or business owner's pocket, without the owner having to work any harder. The tools can also be used for asset protection. You will learn how to balance their use for asset protection and increased income, because in some cases the two uses are not congruent.

Points/Topics Covered:
Introduction to Legal Tools
The Attorney's View from Different Sides of the Elephant
Tax/Financial/Asset Protection Uses of
- Family Limited Partnerships
- Corporations
- Limited Liability Companies
- Trusts
Business Structuring that Permits Retirement Plans and/or Benefit Plans Cool Things You Can Do with the Plans

Results: Each participant will be able to see how their business or practice can be tweaked to provide better asset protection and extra money on their bottom line. They will be able to better direct their attorneys and accountants to get the protection and income they are working for but not getting. It will let them see their personal "foundation" and how to prepare it.

Lee R. Phillips, Attorney and Scientist, is a counselor to the United States Supreme Court and nationally recognized author and speaker in the area of legal structuring, asset protection, and high end tax planning. The worries that everyone has about their financial security are millstones around their neck. Proper business and practice structuring lets people drop the millstones and move forward financially and emotionally. As was stated by one event organizer, "He is the most un-boring un-lawyer like lawyer I have ever met."