James W. Smyth Takes on the Importance of Asset Protection to Reduce Taxes
James W. Smyth, Director of the Family Trust Institute, helps families reduce income and estate taxes by accomplishing their goals.
Family Trust Institute works to help individuals and families meet their goals to make stronger families, better cash flow, community benefit and asset protection.
James W. Smyth explains that the heir's circle of competence for assets is not the same as the parents' before them. Rights must be paired with responsibilities or tragic results must occur. The gaps must be discovered and understood. Trust distributions are staged lottery winnings devoid of virtue and undermining self-esteem.
Warren Buffett concurs by saying “Everybody's got a different circle of competence. The important thing is not how big the circle is. The important thing is staying inside the circle.”
This conclusion is further echoed by Charlie Munger, Buffett's partner, "The true insights a person can get in life are still very limited, so correct decision-making must necessarily be confined to your ‘Circle of Competence.’ A ‘competence’ that has no defined borders cannot be called a true competence."
About James W. Smyth:
James W. Smyth is the Director of the Family Trust Institute, located in the beautiful town of Carmel, Indiana.