Episode 94 - An Interview with Tommy Thornburgh

Tommy’s Background

[2:32]

Tommy is the president of Prime Corporate Services. They've been in business for 10 years and has helped over 100,000 entrepreneurs structure their business.

[3:51]

They concentrate on entity structuring issues like asset protection, tax minimization from a structure perspective, business credit development, creating a separate credit profile for your business, tax preparation, tax filing, and general estate planning.

Avoiding Probate

[6:21]

People frequently claim a will in place, which is fantastic but expensive and time-consuming. And in most states, avoiding that probate is done by having a living trust.

[9:03]

Do a Google search on how to avoid probate in the state where you live or own property, regardless of where you are. Whatever the scale, it all depends on how the state will intervene. If the documentation needs to be set up, it could usually result in fortunes and real estate.

Benefits of Privacy

[14:05]

Privacy protects yourself and your loved ones because you don’t want people to know where your home is.

Numbers of Property in One LLC

[20:11]

There is no one right answer, but you can try to weigh your risk tolerance. If you have 100 doors, you care a lot less about one door than if you have five doors. Find out what your assets and liabilities are. You can choose the appropriate number of doors per LLC once you understand what that looks like.

Make Meaningful Moves

[25:55]

To move fast and make decisions quickly and accurately, when on the call, help them understand where you are currently. Inform them of your new status if applicable. If you have a lot of different entities, let them know who each entity is owned by and what you use it for on a daily, monthly, or annual basis so they can advise you on what needs to be changed, eliminated, or completely restructured.

Tax Strategy

[30:55]

Investing in a tax strategy is a huge component of building more wealth. It is not a cost but a strategic and logical investment in protecting wealth. The single biggest wealth extraction event in your life over and over will be taxed. And getting ahead of this in a meaningful way is so powerful.

[36:43]

Most people need to take advantage of all the available opportunities to strategically buy real estate, insurance policies, and other things to avoid paying taxes.

[46:16]

The typical business owner squanders about $9,000 annually. As you produce more wealth, that number increases so quickly. Thus, you will succeed if you have a team to assist you or educate yourself about investments that will benefit you from a tax perspective.

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Go to https://www.primecorporateservices.com/ to start creating a tax strategy to protect your wealth and future.

You can also follow Tommy and Prime Corporate Services on their socials:

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