Customer Reviews

Safe Harbors: An Asset Protection Guide for Small Business Owners (Business Owner's Toolkit series)

5 star:		(4)
4 star:		(2)
3 star:		(0)
2 star:		(0)
1 star:		(0)

 

 

It's clear that the author has years of experience in protecting business owners' hard-earned assets. The author's asset protection strategies range from simple and inexpensive to complex and costly. This really makes the book suitable for managers of large corporations as well as small business owners.

At 500 pages, the book is detailed and comprehensive, but easy to read. Who would have known that in many states taking out a second mortgage on a house could make it exempt from attachment, while in other states, just the opposite approach, i.e., paying off the first mortgage, is what's required? Or that an IRA shields assets from the claims of creditors in many states and thus provides much more than a tax shelter, while in other states an ERISA-qualified 401(k) plan is a better choice? The author sorts all of this out in an authoritative but easy to read guide. Many readers will wish that they had this book years ago before financial problems developed. But, even there the author has strategies that can help avert a disaster.

The content, layout and design of this book make it not only indispensable, but actually fun to read. The tips, warnings and anectdotes are terrific. Attorney Misenti obviously has wide ranging experience in this field and his writing style is superb.

This is the ultimate guide to wealth building and wealth preservation. I've read other guides on forming an LLC or a corporation, but I never realized how woefully inadequate those other guides were before I purchased this book. As the author points out, many business owners form an LLC or a corporation without understanding how to strategically fund the entity, avoid exceptions to limited liability, or transfer assets to exempt categories, all of which are necessary if financial wealth is to be preserved in the face of lawsuits or bankruptcy. This guides teaches how to do all of that, and more.

The addition of actual cases, state asset exemption lists, and business forms for LLC's, makes this one of the best books of its kind that I've seen. Apparently this is one book in a series from the publisher that has received a lot of acclaim. ...

I've read that small business and entrepreneurs lead the country out of a recession. This guide could not be more timely. Don't start a business or expand your business without buying this book. This guide should be in the library of every business owner and well used. This really is the best, and most comprehensive asset protection guide on the market for small business owners, corporate mangers, and individuals interested in preserving their wealth.

I like the fact that the author proves that, when his asset protection strategies are put into place before financial problems arise, they are virtually beyond challenge, even to the extent of preserving an individual's entire wealth against the most significant of claims. I found it amazing that, with the right planning, millionaires can emerge from a major lawsuit or bankruptcy with no loss at all! Want to save a million dollars or all of the assets you have worked hard to create? Buy this book NOW and put a comprehensive asset protection plan in place based on the author's recommendations.

I read through the book and learned a lot about various aspects of asset protection. This book is focused on small business, as it says, and it does an excellent job when discussing various 'tools'. There are many great asset protection 'tools' out there, but what works for you is all you need to care about, and this books does just that to small business owners.

The book starts with understanding your position to creditors (private and gov't). Then, it helps you get to know one tool after another in different situations you may be in, and each chapter is just in great details including pro and cons, typical scenarios, and Smart Plan (I love these).

Of course, no one is perfect. What I wish to see from this book, and many other books in this topic, is the overall picture of a business entity model/structure a person/business should have. For instance, it'll be much more helpful if the author include 2 or 3 smart business structures one should/could have and provide explanation of how each model works. The model should utilize, let's say, LLC, Living Trust, children's Trust... altogether to build a strong asset protection structure for a business and its business owners. It's true that the models may not totally work for each indiv., but it does give great understanding of how/why it's structured the way it is.

Overall, the book is great and highly recommended to general public readers who, like me, is not a lawyer or pro in this area. Further legal assitance is still recommended, but at least readers get good understanding when designing their own plan.

The forms provided are out of date, and I don't think the addition of forms is useful anymore when such state forms are downloaded with ease over the Internet. But the basic ideas of building layers of protection for one's assets have not changed.

The main thing I learned from this book is that asset protection is relatively expensive. The things we're compelled to do to ensure we won't suffer a catastrophic loss are both time-consuming and costly. It was because of the expense and time that I haven't tried to implement the most powerful techniques advocated by the author. Others may have more to protect and feel a greater urgency, and for those I highly recommend this book with the caveat that the forms are dated.

In 2009, I read the 2003 edition of this book, don't know if there has been one since. I also read Asset Protection by Adkisson, both are excellent books and if you can part with the money buy them both. But Safe Harbors by Misenti (and staff) is one of the best books I have ever purchased in that it delivers well beyond what I had expected. This book doesn't just teach you about one thing nor does it brush over anything. This the best text to buy if you want to learn in depth functional answers to the difference between various corporate, LLC, LLP entities and which one is best for your situation. What to think about in designing and setting up one of these for your scenario. The tax and lawsuit implications, insurance implications, and the best strategies of an entity to protect the owner(s). The author is not only an attorney but also an accountant and this is reflected in the complete translations of subject matter. If you buy only one book on the subject of FLPs LLPs LLLPs LLCs, small business how to, Insurance subject dangers, and Asset Protection in detailed comparison of each of the above entities, then it must be this book. The price I paid for this book is an absolute bargain.