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Defeat the tax collector with a smart insurance strategy

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May 5, 2009 09:05 EDT

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http://www.canadianbusiness.com/my_money/planning/taxes/article.jsp?content=20070116_141340_4200

Beating the taxman
Help your heirs defeat the tax collector with a smart insurance strategy
By Rick Spence
CanadianBusiness.com


Forget about the notion that entrepreneurs are lone wolves who shun advice and do everything on their own. That's a myth. In real life, most self-employed business-people rely upon a lawyer, an accountant and a banker to help keep their business on track.

Many entrepreneurs, though, don't realize the importance of signing up yet another key player — an insurance specialist. Albert Luk, a Toronto lawyer who works with many entrepreneurs, says life insurance is like a financial Swiss Army knife for the self-employed. It's a risk-management tool, a way to shelter assets from creditors, and a means of keeping a business in the family.


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Defeat the tax collector with a smart insurance strategy

Relevant Subject and Topic
What is an Entrepreneur, Policy Building, Managing Money, Investing in the Future, Hard Knocks, Legal Structures, Tax Considerations, Financial Advisors, Social Responsibility, Common Legal Issues, View more...

Types
Article
Best Practice

Features
Educational
For Individuals

Format
Webpage

Copyright Owner
Rick Spence
Money Sense
CanadianBusiness.com

Most Suitable For Use By
Instructors, Facilitators, Parents, Learners, Entrepreneurs, Policy Makers

Age Appropriateness
Adult(19+)

Grade Appropriateness
Postsecondary, Graduate, Adult General

Geographic Suitability
All or Non-Specific
Canada

Language
English

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