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  • like how to legally split income from contract work to reduce personal taxable income?
  • kind of company to setup for contracts to pay yourself out of
  • setting up a trust to protect assets
  • using life insurance or other products to store income for use without being taxed on it in future or have it count as income
- like how to legally split income from contract work to reduce personal taxable income? - kind of company to setup for contracts to pay yourself out of - setting up a trust to protect assets - using life insurance or other products to store income for use without being taxed on it in future or have it count as income

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[–] • 5 pts

I was quite surprised recently when I found out that my accountant is skilled in all of the areas you listed. You can take the lawyers advice but your accountant is the one who has experience dealing with the fallout from the lawyers advice.

[–] • 3 pts

Lawyers are in it to make money for the legal profession.

After seeing a division of my great grandparents property and trust falling to shit and many lawsuits specified after their iron clad trust was not so Iron clad, I could not find a lawyer to create multiple trusts for me so each child had thier own trust so there wouldn't be any question. They kept telling me to do the same thing my great grandparents did which caused a 3 year, half a million $ in legal fees lawsuit.

[–] • 0 pt

Knowing what I know now I would go to an accountant before a lawyer for something like that.

"Lawyers are in it to make money for the legal profession." Yep, but an accountant, they want to help you make money because then they can charge you more!

[–] • 1 pt

Accountants are bound by thier fiduciary duty to you, where lawyers are bound to their fiduciary duty to the BAR association , creating strife and ambiguity is their job.

[–] • 0 pt

Thanks. I agree after my experience.

[–] • 0 pt

I hear you. Lawyers are just in it for billing.

[–] • 2 pts (edited )

Good idea. I'll run it past an accountant. I did ask a friend who is a cpa, but he's not in public practice

[–] • 0 pt

Thanks. I'll look into it with him.