Nexxess Business Advisors offers corporate structuring and trust management services, providing ultimate control and security through a specialized spendthrift trust.
Dallas, Texas, May 30, 2024 (GLOBE NEWSWIRE) — Industry expert and Corporate Financial Planner at Nexxess Business Advisors, Scott McGrath, unravels the misconceptions involved in paying taxes, shedding light on how specialized trusts can revolutionize business financial planning. The company Nexxess, led by an experienced team of advisors, specializes in corporate structuring and trust management, offering a suite of services designed to optimize the financial standing of its clients.
For business owners, taxes are often seen as an unavoidable burden. Many business owners operate under common misconceptions about taxes, leading them to miss opportunities for maximum profit in the business. One prevalent misconception is the belief that paying taxes is a straightforward process with limited room for strategic maneuvering. However, the reality is far different. The key to unlocking substantial tax advantages is in understanding and utilizing specialized corporate financial tools, such as trusts.
Specialized trusts can offer significant advantages; however, if you start out wrong in the creation, you will end up wrong. While the average business owner might be familiar with living trusts, they do not understand that a living trust offers zero tax advantages or asset protection. A living trust only accomplishes one thing – bypassing the probate process when they die. That’s it. The misconception about living trusts is that they will provide living benefits, but nothing could be further from the truth. In contrast, specialized trusts can transform how assets are structured, managed, and taxed, providing unparalleled control and security. As Scott states, “Nexxess focuses primarily on business owners, helping them gain control over their tax liabilities through the establishment of the right business structures.” Unlike typical financial advisory firms, Nexxess does not cater to W2-income individuals, unless they own the business. Their expertise involves restructuring the business entity itself for maximum profit.
The Nexxess Trust offers five key living benefits that start on day one and extend beyond the grave – Ultimate Privacy Control, Ultimate Asset Control, Ultimate Liability Control, Ultimate Tax Control, and, finally, Peace of Mind. As these assets are sold to the trust with a specialized contract, Nexxess ensures contractual protection of those assets for the life of the trust. Business owners are able to retain control over their assets while enjoying the protection offered by the trust structure. By selling the assets into the trust, business owners can effectively shield the assets from personal liability, safeguarding them against creditors and lawsuits. The specialized trust leverages current tax codes to provide significant tax advantages, reducing the overall tax burden. Truly, knowing that their assets are protected and can be passed down to future generations without the complications of probate, lawsuits, or liability offers business owners a profound sense of security.
Scott explains, “In essence, a specialized trust is its own entity, with its own bank account, and its own tax identification number. This means that while you are the individual, the trust itself has a separate identity with its unique constitutional protection similar to those you have as an individual. This separation provides unparalleled benefits in terms of privacy, control, and asset protection.”
Setting up this specialized trust with Nexxess involves several critical steps in which the company guides the business owner through the entire corporate planning process. This process includes company formation, benefit structuring, tax structuring, etc. Initially, the company assists clients in establishing suitable business structures. One of the sayings at Nexxess is, “The structure you chose, will dictate the tax codes you use.”
The customers who hire Nexxess to help with their businesses are hesitant to sell all assets into the trust at first. However, once they realize that they retain access, benefits, and control without the potential of lawsuits, liabilities, and taxation, they quickly become a believer in the structure. John Rockefeller, arguably one of the richest to have ever lived, said “To be wealthy, you must own nothing, but control everything.” What this means is that if you want to retain ownership of your assets, you will likely not become wealthy. The reason is that the ownership opens the doors for lawsuits, taxation, and liability and provides individuals with a false sense of security.
The company Nexxess International places significant emphasis on educating clients about the responsibilities and benefits of becoming a trustee of their own assets. This education is essential for clients to fully appreciate the advantages of the trust structure and to manage it effectively. The process includes comprehensive guidance on the legal and financial implications of trust management.
Ultimately, the goal is to empower clients to understand that moving assets into a trust does not mean losing them but rather gaining an indestructible layer of protection and control. Unlike a personal estate that will die when the owner dies, this specialized trust will live on indefinitely, passing seamlessly to heirs who become trustees themselves.
Media Contact
Name: Dave Doggett
Email: dave.doggett@nexxess.com
