Sunday, July 20, 2008

Chicago Rules (in Summer)

Thanks to a sale on Southwest, I just got home from a little trip to Chicago.  It was cool to chill on a warm clear day in the spray of the Buckingham Fountains and watch the sailboats out on the lake with the skyline over my shoulder.  The last time I was there, I was way out in the suburbs in the worst part of the winter and it snowed at least six inches every other day I was there.  It's great in the summer.  This time I attended the 1st Annual Blackhawks Convention, which was hockey cool.  They had puck handling, passing, and shooting skills games set up, which were fun.  Silent auctions.  Autograph signing sessions.  Also, I attended a separate event, a seminar to help entrepreneurs organize their business, and I learned that I need to put my rental properties in a trust and form an LLC to manage them. . . for tax reasons and liability reasons.  I'll save a bundle!  I learned some fascinating tax strategies.  I learned about self-directed IRAs and how to get an IRA with a checkbook you can control for investing in your own ventures.  I wish I had this information a few years ago.  The legal fees are all on the front end, but the benefits will come at tax time, and when I die.  Death and taxes are the two sure things, so I may as well set it up right.

Chicago photos will be up soon.

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