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Are You a California Resident?

Are You a California Resident?

Many people believe that as long as they are outside the state of California for six months and a day they are not residents of California. And thus don’t have to pay California’s high income taxes. But the state of California is both broke and arrogant. And they make the rules the way they want.

Design Your Asset Protection Plan

Design Your Asset Protection Plan

You design a lot of things in your life. The layout of your house, the flow of your business, the requirements on your children, and many more scenarios are all elements of conscious design. Asset protection is no different. There is an architecture, a cohesive...

Corporate Opportunities

Corporate Opportunities

Does the Rule Apply to Real Estate? If you invest in and/or syndicate real estate what are the duties to your investors? You owe them a duty of loyalty. But how far does that go? The issue of corporate opportunities is important. I wrote a whole chapter on it (from...

Why Is Your Insurance Broker So Important When You Invest In Real Estate?

The insurance broker is an essential part of the team you assemble when you purchase your real estate property. You must look for an experienced professional who strives to find personalized options for your business or investment. What you don’t want is someone who is just interested in selling you the most expensive policy and collecting premiums.

A broker with years of experience can offer coverage pertaining to certain laws and requirements that clients are probably unaware of. For example, in Napa, California, all new single-family homes are required to have interior fire-retarding sprinkler systems installed. With this requirement in place, a policy providing only replacement coverage would be inadequate. A broker in that area would be familiar with such a requirement and would advise his clients to consider coverage for an increased cost of construction in the event of damage. This way, if the home is ever damaged and needs to be rebuilt, the required installation of the sprinkler system will be covered by the insurance.

Brokers can also advise clients on other types of coverage that are commonly overlooked. One example is the non-owned and hired auto coverage. If you have an employee that is making a delivery or deposit for your business in their own car and gets into an accident, you could be held liable if attorneys find out that the employee was on an errand for your business. The non-owned and hired auto policy would cover your defense costs and claims in this type of suit.

If you own a business and have just one employee, your broker may also suggest that you consider employment practices liability, which would cover any claims of wrongful termination, discriminatory actions, or sexual harassment filed against you. Whether these claims are legitimate or not, it still offers peace of mind should a lawsuit be filed. If you have an employee that handles large amounts of money for you, consider insurance that covers employee dishonestly, including embezzlement or theft.

Finding an insurance broker you trust can help you ensure you will be fully covered. The benefit of having a broker’s advice is that your insurance coverage can be custom tailored to your needs.

Are You a California Resident?

Are You a California Resident?

Many people believe that as long as they are outside the state of California for six months and a day they are not residents of California. And thus don’t have to pay California’s high income taxes. But the state of California is both broke and arrogant. And they make the rules the way they want.

Design Your Asset Protection Plan

Design Your Asset Protection Plan

You design a lot of things in your life. The layout of your house, the flow of your business, the requirements on your children, and many more scenarios are all elements of conscious design. Asset protection is no different. There is an architecture, a cohesive...