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Using Business Entities to Help Protect Assets and Minimize Taxes: FPA of Hampton Roads Holds Ground Breaking Seminar
Virginia Beach, VA (PRWEB) (PRWEB) September 3, 2008 -- The Financial Planning Association of Hampton Roads sponsored advanced continuing education training for CERTIFIED FINANCIAL PLANNER TM professionals on the subject of "Business Entity Selection--Taxation and Asset Protection Strategies for Financial Planners". Craig Wilhoit CPA a Partner at Goodman & Company in Virginia Beach and Bob Miller JD a Partner at Williams Mullen in Virginia Beach presented a sophisticated multidiscipline panel discussion. The panel's discussion was moderated by FPA Hampton Roads Education and Programs Director Jake Jacklich CFP®, Waddell & Reed, 757-374-6979, www.jjacklich.wradvisors.com.
Business entity selection is one of the key asset protection and tax planning decisions that a business owner can make. As one of business owner's key advisors, CERTIFIED FINANCIAL PLANNER TM professionals, need to fully understand what choices are available to clients and how those choices impact a client's ability to achieve their most important financial goals.
An attorney can advise a business owner on how a business should be organized to address legal issues which may include liability protection. Asset Protection Planning is the adoption of advanced planning strategies which place assets beyond the reach of future potential creditors.
Accountants can provide insight into taxation for the various entities. The taxation ramifications are extremely different as applied to a C Corp, an S Corp, an LLC or a sole proprietorship. There are always significant tax reasons why a particular business should not be organized in certain entity structures.
CERTIFIED FINANCIAL PLANNER TM professionals want to ensure that their clients are organized not only to protect themselves in the legal environment, but also structured to minimize their tax obligations.
Bob Miller JD, an attorney, led the discussion by stating that, "If a client has been named as a defendant in a law suit then the client has already lost regardless of the client's guilt. Due to the cost of defending a suit, to be sued is to lose."
Leigh Anne Bowling, Leigh Anne Bowling LLM PC, is a Virginia attorney who advises dentists and physicians stated that asset protection is one of the most underutilized pillars of personal finance. "...many are completely unprepared with the exception of maintaining state mandated minimum malpractice insurance."
Mark Flaherty CFP®, President of the FPA of Hampton Roads, was pleased by the presentation and level of participation. "This is an example of the kind of advanced training that the FPA can sponsor. These two speakers were heavy hitters--great training."
About the Financial Planning Association of Hampton Roads: The Financial Planning Association of Hampton Roads -- the local chapter of the FPA -- counts over 160 financial services professionals on its roll and promotes advancement of knowledge in financial planning by supporting programs and projects that enable members to increase their professional knowledge and better serve their clients.
Contact: Jake Jacklich CFP® Director of Education and Programs, Financial Planning Association of Hampton Roads
Waddell & Reed 2901 S Lynnhaven Rd STE 340 Virginia Beach, VA 23452 757-431-2929 ext 126 757-374-6979 cell
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This press release has been reprinted from PRWEB per the terms and conditions of the copyright notice.
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