There are some simple steps you can take to reduce or minimize the risk of becoming a victim of identity theft.
Practice Safe Internet Use
Delete spam emails that ask for personal information, and keep your anti-virus and anti-spyware software up-to-date. Shop online only with secure web pages (check the bottom of your browser for an image of a lock or look for “https” in the address bar). Never send credit card numbers, social security numbers and other personal information via email.
Destroy Private Records
If you are the owner of a successful company it is likely that you have retained profits or surplus cash in your corporation. If this is the case, chances are also good that this invested surplus is exposed to a high rate of corporate income tax. If this describes your company then you may be a candidate for the Corporate Estate Transfer. This strategy provides tax sheltered growth as well as maximizing the estate value of your company upon your death.
What is a Corporate Estate Transfer?
The Corporate Estate Transfer is an arrangement in which the company purchases a tax exempt life insurance policy on the life of the shareholder using corporate funds that are not needed for immediate business purposes. In doing so, the transferred surplus grows tax-deferred while the death benefit of the life insurance policy increases the value to the estate when the shareholder dies. Read more
I came across this article in Forbes magazine and thought it was worth sharing. This is relevant to anyone with aging parents – it puts protection in place for them and gives you peace of mind.