Quote:
Originally Posted by xoxoxoBruce
For some it might work out, but I suspect there are very few in that perfect position to play that game, and certainly nobody with a family should.
|
I agree.
I have a few friends who have created a personal company, owned entirely by their spouse. All the legal paperwork says she owns the company. She stays at home, the other person works, the spouse pays a salary to the other one. Every thing goes through the company. The working person owns very little on paper. In fact they pay very little in personal tax because of all of it going through the company. The house, cars, furniture, everything is owned by the company.
Other people have moved assets into revokable trusts, everything is owned by the trust.
Clever people.
I personally would not be so trusting. And the older you get the more you need to keep some health insurance around.