Costly Business Beliefs to Avoid – #1

In my 10 years as CEO of NCP, I have helped and consulted with thousands of business owners. Over that time I have seen patterns in people that have prevented them from achieving the best results in their business life. I am a master practitioner in NLP (neuro-linguistic programming). This is the same science that Tony Robbins has used for years in his work and his ability to produce results.

Neuro-Linguist Programming: It is a behavioral science. It is also an explicit set of skills that allow anyone to achieve extraordinary results! The art and science of modeling excellence!

This background has given me a huge advantage when it comes to understanding someone beliefs, and therefore the reason for their decisions and results they are achieving or not achieving in their business.

Let’s get right into the list of COSTLY BUSINESS BELIEFS TO AVOID!

1. “A living trust will protect my assets.”

Key point: They will protect you from what? From probate and perhaps estate taxes but NOT liability! Most people seem to focus on that fact that they heard from the living trust seminar provider that with a living trust their assets would be protected. They did not hear, or possibly it wasn’t emphasized that your assets are protected from probate and perhaps estate taxes (if an A & B trust) but not from liability. In other words, if all your assets are titled to your living trust and you were sued personally, you could still lose your personal assets! There are exceptions; like the equity in your home which is protected by your state’s homestead laws.

Solution: A living trust is a very important tool in combination with an LLC or Limited Partnership. Typically, the ownership of your LLC would be the Living Trust.