4020: You need to remember that "your" tax guy works for you. Just tell him in no uncertain terms that your NOT interested in a partnership or incorporating. IF he does not work with you, replace the tax guy not the business structure.
10-12 years ago I went through 3 tax guys and 2 lawyers. They all have THEIR ideas on how you should run your business. There are many ways to run your business that are all legal and tax correct. So you need to find a tax guy and/or lawyer that is willing to work with you to structure your business the way YOU want it. Not the way he wants it.
As you know, by your parents example, that a corporation and or trust can be a real PIA to unravel down the road if need be.
One thing people need to really think about is how much money is "SAFE" to retire on in times of financial uncertainty???? When you tie up your assets in a trust or corporation they can be about impossible to access later on if you need them.
I hate paying taxes but I hate paying lawyers/accountants just as much. So don't trade one for the other. Keep your business and estate structure as simple as you can to reach your goals.
SO do not tie your estate into knots to save a little on taxes or probate. It can real easily be a nightmare down the road to unravel if you need the money or even your heirs to straighten out.
A good family friend retired in the early to mid 1960s. He had $100,000 in cash and his home paid for. The inflation of the 1970s and 80s plus a heart attack made his wife have to go back to work in her late 70s because their money was running out.
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Today's Featured Article - The Fordson F Ignition System - by Anthony West. A fellow restorer contacted me earlier this year asking for some help and advice on a model F that he was restoring. He had over a period of months spent a fair amount of his hard earned cash on replacement parts for the old "trembler" ignition. Sadly though all his efforts seemed to be a waste of time and money as he still couldn''t get the temperamental old thing to run correctly!! If i said that this was a little frustrating for him that would be "conservative" in fact the problem had reduce
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