Asset Protection - Irrevocable Trusts and Estate Planning
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Thousands of people are being sued and all their assets and money they've worked their entire life for is at risk of being lost because of one frivolous lawsuit. Did your lawyer tell you that there is nothing you can do now because an accident or divorce already happened? Do want to know how to secure and protect your assets?
HIDE YOUR ASSETS and Protect Your Money from ALL Lawsuits Despite What Your Lawyer Told You...Instantly Learn These FREE Inside Secrets & Surefire Ways So You Finally Regain Your Peace of Mind!
HIDE YOUR ASSETS and Protect Your Money from ALL Lawsuits Despite What Your Lawyer Told You...Instantly Learn These FREE Inside Secrets & Surefire Ways So You Finally Regain Your Peace of Mind!
I'll Tell You Step-by-Step What You Can do Today to Be on the Effortless, Successful Roadmap to a Reliable & Superior Way to Hiding Your Assets - Completely Legally. If We Can't Help You Then You Don't Pay One Penny...(Read more on how to "hide" your assets with our Top Irrevocable Trust Asset Protection program so you can keep your money safe.)
Please contact me or call me here Estate Street Partners, LLC if you have any questions regarding asset protection, trusts whether it's a revocable trust or irrevocable trust, deferring your capital gains taxes, reducing your income taxes, property tax appraisal needs, advanced estate planning or wealth preservation needs or offshore asset protection. I've assembled a team of domestic and international licensed and bonded professional attorneys, accountants, CPAs and tax specialists to suit your customized needs.
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Family Limited Partnership
Family limited partnerships, one such traditional limited partnership, have been over marketed as wealth transfer devises. Family limited partnerships are red flags for the Internal Revenue Service as abusive tax-free wealth transfers. Family partnerships have been widely propagated as the devise of choice for transferring the family business and other highly appreciated assets tax-free from parents to their children.
Different programs are available to transfer ownership and the management of a family business. The Family limited partnership is nothing more than the traditional partnership for which "only family members" can be partners as either general partners or limited partners.
Did you know that general partners of family partnerships are exposed to frivolous lawsuits, court judgments, and creditor seizures? The problem is avoided if an irrevocable trust such as the Ultra Trust® (not a revocable trust) is used as the general partner of your family limited partnership.
How does the Family Limited Partnership Work?
The older generation (i.e. parents) become owners with 2% stake in the business and thereby establish themselves as general partners in a family limited partnership. Over a period of time, by gifting limited partnership interests, the younger generation (i.e. children) end up as limited partners with a 98% stake in the business. This all sounds wonderful and an almost ideal tax deferral strategy. But is there a catch to all of this great tax-free wealth transfer and strategy?
Read the rest of the article on Family Limited Partnerships: Pros, Cons and Tips
Different programs are available to transfer ownership and the management of a family business. The Family limited partnership is nothing more than the traditional partnership for which "only family members" can be partners as either general partners or limited partners.
Did you know that general partners of family partnerships are exposed to frivolous lawsuits, court judgments, and creditor seizures? The problem is avoided if an irrevocable trust such as the Ultra Trust® (not a revocable trust) is used as the general partner of your family limited partnership.
How does the Family Limited Partnership Work?
The older generation (i.e. parents) become owners with 2% stake in the business and thereby establish themselves as general partners in a family limited partnership. Over a period of time, by gifting limited partnership interests, the younger generation (i.e. children) end up as limited partners with a 98% stake in the business. This all sounds wonderful and an almost ideal tax deferral strategy. But is there a catch to all of this great tax-free wealth transfer and strategy?
Read the rest of the article on Family Limited Partnerships: Pros, Cons and Tips
Limited Liability Company - What is it?
The limited liability company (aka L.L.C. or LLC) is the strongest asset protection devise for your business replacing the sub chapter "S" corporation. The LLC offers limited liability to the owners of a business and, additionally, the limited liability company is approved in all 50 states.
The LLC is similar to a corporation and sometimes has been mistakenly referred as the limited liability corporation. In the LLC, the individuals are called members and the LLC is most advantageous to smaller companies with a smaller number of members. In cases where the LLC has only one member the LLC may be regarded as a disregarded entity whereby the sole member is viewed as the entity performing the operations of the LLC. This contrasts a corporation owned by a single individual whereby the corporation is viewed as the entity performing the operations.
The limited liability company with multiple members avoids double taxation because the members are partners for taxation purposes. The IRS Form 1065 and Schedule SE (i.e. Self-Employment Tax) are used with the LLC entity. For tax purposes, the LLC in a partnership formation reports its income and deductions via each members' income tax return.
Read more on LLC and Asset Protection Planning
The LLC is similar to a corporation and sometimes has been mistakenly referred as the limited liability corporation. In the LLC, the individuals are called members and the LLC is most advantageous to smaller companies with a smaller number of members. In cases where the LLC has only one member the LLC may be regarded as a disregarded entity whereby the sole member is viewed as the entity performing the operations of the LLC. This contrasts a corporation owned by a single individual whereby the corporation is viewed as the entity performing the operations.
The limited liability company with multiple members avoids double taxation because the members are partners for taxation purposes. The IRS Form 1065 and Schedule SE (i.e. Self-Employment Tax) are used with the LLC entity. For tax purposes, the LLC in a partnership formation reports its income and deductions via each members' income tax return.
Read more on LLC and Asset Protection Planning
Advanced Medical HealthCare Directive
An Advanced Medical Directive deals with life's real issues and combats the problems that arise where most boilerplate healthcare powers of attorney, healthcare proxies, living wills and others fall short. The Terri Schiavo case is a prime example of such a problem where the power to control one's medical condition becomes a gray realm and ends up in a myriad of appeals, numerous motions, petitions and hearings for many years in litigious battle. The result is much heartache, financial strain and most often unrealized unwanted outcomes.
What is an Advanced Healthcare Directive? Top Ten Factors for Your Medical Care
An Advanced Medical Directive is a legal written instrument signed by you and the individual you identify as your Agent to control your medical care with both signatures supervised before a notary public. Herein are the top ten reasons how an Advanced Healthcare Directive can make legal, life-saving decisions for you when you cannot. Your written instrument should contain:
1. Legal identity of yourself, mailing address, social security number.
2. Legal appointment and identity of your Agent's mailing address and social security number.
3. Legal identity of an alternative Agent, in case where your primary Agent is unavailable, or unable to make decisions, or unwilling to make decisions.
4. An articulated written authorization for your Agent:
1. To consent or refuse consent to any care, treatment, service, or procedure to maintain, diagnose, or otherwise affect a physical or mental condition, including approval or disapproval of diagnostic tests, medical or surgical procedures.
Read the rest of the article here Life Saving Medical Directive
What is an Advanced Healthcare Directive? Top Ten Factors for Your Medical Care
An Advanced Medical Directive is a legal written instrument signed by you and the individual you identify as your Agent to control your medical care with both signatures supervised before a notary public. Herein are the top ten reasons how an Advanced Healthcare Directive can make legal, life-saving decisions for you when you cannot. Your written instrument should contain:
1. Legal identity of yourself, mailing address, social security number.
2. Legal appointment and identity of your Agent's mailing address and social security number.
3. Legal identity of an alternative Agent, in case where your primary Agent is unavailable, or unable to make decisions, or unwilling to make decisions.
4. An articulated written authorization for your Agent:
1. To consent or refuse consent to any care, treatment, service, or procedure to maintain, diagnose, or otherwise affect a physical or mental condition, including approval or disapproval of diagnostic tests, medical or surgical procedures.
Read the rest of the article here Life Saving Medical Directive
New Text / Write moduleAdvanced Medical Directive for Terminal Patients - Terri Schiavo Case
Most Americans die in a hospital, nursing home, or other health care facility. Doctors who are charged with preserving life are generally legally powerless to provide other than minimum care due to their malpractice fears. The less than ideal doctor-patient care is further compounded by the fact the doctors run the risk of caring out actions that may be contrary to their patient's wishes whilst unconscious. Consequently, the doctors look to family members with the legal authority for instructions and decisions.
Problems arise where spouses, partners, and other family members disagree about what's the proper course of treatment to take to preserve or terminate life. In the most complicated scenarios where everyone is an emotionally bankrupt, these disagreements wind up in court, where a judge, who usually has little medical knowledge and no familiarity with you is called upon to decide the future of your treatment and possibly the termination of your life. Such legal battles are extremely costly, time-consuming and cause undue pain to those involved. In a worse case scenario, if a medical emergency arises it could cost you your life.
TERRI SCHIAVO CASE RUNS THROUGH ENDLESS APPEALS, LAWSUITS AND DENIALS
Read the rest of the story here: Medical Directive for Terminal Patients: Terri Schiavo Case
Problems arise where spouses, partners, and other family members disagree about what's the proper course of treatment to take to preserve or terminate life. In the most complicated scenarios where everyone is an emotionally bankrupt, these disagreements wind up in court, where a judge, who usually has little medical knowledge and no familiarity with you is called upon to decide the future of your treatment and possibly the termination of your life. Such legal battles are extremely costly, time-consuming and cause undue pain to those involved. In a worse case scenario, if a medical emergency arises it could cost you your life.
TERRI SCHIAVO CASE RUNS THROUGH ENDLESS APPEALS, LAWSUITS AND DENIALS
Read the rest of the story here: Medical Directive for Terminal Patients: Terri Schiavo Case
8 Reasons for Choosing Foreign or Offshore Trusts
There are several specific advantages of Foreign or Offshore Trusts for lowering explicit taxation, increasing after-tax profit and safeguarding assets amongst other benefits. Domestic asset protection will be reviewed against the more formidable advantages of the foreign or offshore asset protection. Within asset protection there are two basic types of asset protection: Revocable Trust and Irrevocable Trusts. Each has their specific filing sequences.
Tax Compliance Make for Stronger Offshore Trust - Federal Identification Number
A domestic Trust may or may not apply for a federal identification number. Revocable Trusts need not apply, but an irrevocable Trust generally applies for Federal identification. A federal identification application is filed on Federal From W-4. If it's a Foreign Trust, the Grantor must check the box on Form 1040 schedule B, line 7a for the existence of a foreign bank account, and Form 1040 schedule B line 8 reporting the creation of a foreign Trust on Form 3520.
Why Consider a Foreign or Offshore Trust?
To quote the International Monetary Fund (IMF), I strongly urge you to follow this link: International Monetary Fund: Offshore Finance and Offshore Financial Centers
OFCs (Offshore Financial Centres) can be used for legitimate reasons taking advantage of:
1. Lower explicit taxation and consequentially increased after-tax profit.
2. Simpler prudential regulatory frameworks that reduce implicit taxation.
Read more on Reasons for Foreign Offshore Trusts
Tax Compliance Make for Stronger Offshore Trust - Federal Identification Number
A domestic Trust may or may not apply for a federal identification number. Revocable Trusts need not apply, but an irrevocable Trust generally applies for Federal identification. A federal identification application is filed on Federal From W-4. If it's a Foreign Trust, the Grantor must check the box on Form 1040 schedule B, line 7a for the existence of a foreign bank account, and Form 1040 schedule B line 8 reporting the creation of a foreign Trust on Form 3520.
Why Consider a Foreign or Offshore Trust?
To quote the International Monetary Fund (IMF), I strongly urge you to follow this link: International Monetary Fund: Offshore Finance and Offshore Financial Centers
OFCs (Offshore Financial Centres) can be used for legitimate reasons taking advantage of:
1. Lower explicit taxation and consequentially increased after-tax profit.
2. Simpler prudential regulatory frameworks that reduce implicit taxation.
Read more on Reasons for Foreign Offshore Trusts
Domestic and Foreign Trust Differences
The nuts and bolts of a trust are a legal and binding contractual obligation created between two parties enforceable by law to all parties. Generally, the owner or possessor of valuable assets wishes to legally empower another person to control his assets for a specific purpose.
The concept of trusts dates back to the medieval crusades whereby wealthy land owners would lead his serfs to battle, in far away lands, taking a number of years to get there and a number of years to get back - if they ever got back. The wealthy landowners would leave the chief monk at the monastery the obligation to work the lands and control his remaining serfs to work the land in his stead until he returned from the Crusades. Since the monks were the most trustworthy, wowing to a life of absolute religious poverty, the landowners trusted them over other potential candidates, thus the word trust.
Read more on Domestic and Foreign Trust Differences
The concept of trusts dates back to the medieval crusades whereby wealthy land owners would lead his serfs to battle, in far away lands, taking a number of years to get there and a number of years to get back - if they ever got back. The wealthy landowners would leave the chief monk at the monastery the obligation to work the lands and control his remaining serfs to work the land in his stead until he returned from the Crusades. Since the monks were the most trustworthy, wowing to a life of absolute religious poverty, the landowners trusted them over other potential candidates, thus the word trust.
Read more on Domestic and Foreign Trust Differences
Advantages of an LLC (Limited Liability Company)
There are many advantages to the limited liability company (LLC) including the financial and tax advantages. Herein we discuss the other specialized uses and benefits to you for possibly implementing the limited liability company in your estate planning and business strategies.
The LLC in Asset Protection
First-time business owners were first unincorporated proprietorships. As they began to realize the possible loss of their personal assets or as they started to get in trouble only then did they consider other types of ownerships. The limited liability company is the most efficient way to do business. No assets or business should ever be in their personal name.
In other words, you should "own nothing yet control everything-else." Personal creditors cannot step in your shoes to take control of your LLC and your creditor is precluded by law and with unwanted tax consequences. Under the LLC, members cannot be held personally liable.
Read more of this article here Limited Liability Company Advantages
Read more on Limited Liability Company-What is it?
The LLC in Asset Protection
First-time business owners were first unincorporated proprietorships. As they began to realize the possible loss of their personal assets or as they started to get in trouble only then did they consider other types of ownerships. The limited liability company is the most efficient way to do business. No assets or business should ever be in their personal name.
In other words, you should "own nothing yet control everything-else." Personal creditors cannot step in your shoes to take control of your LLC and your creditor is precluded by law and with unwanted tax consequences. Under the LLC, members cannot be held personally liable.
Read more of this article here Limited Liability Company Advantages
Read more on Limited Liability Company-What is it?
Selecting a Good Trustee. Factors to Consider When Choosing a Trustee.
INTRO DESCRIPTION: How to select or choose a good trustee. What are the factors to consider when choosing a trustee? Who are some bad trustees? Consequences when the grantor names himself trustee. Co-trustees and trust protectors can ease responsibilities. Mentions testamentary trust, testor, settler, trustor, grantor, inter vivos trust, corporate trustees, trust companies, bank trustees and family members, accountants and lawyers as trustees.
HOW TO SELECT A GOOD TRUSTEE?
A Trust can be created during one's life or by will upon death. A trust that is created at death by virtue of a will, is referred to as a Testamentary Trust by the "Testator" (the dead guy). A Trust created during the life of an individual is referred to as, the "Settlor," the "Grantor," or "Trustor." The Trust instrument is referred to as "inter vivos" formed during the life of its creator.
A Trust is an integral part of any estate plan for the purpose of avoiding the Probate Process, minimize the impact of taxation on the transfer of wealth from one generation to another or from one individual to another, or to protect against unwanted and unpleasant potential events like a lawsuit. A Trust can financially provide for a spouse, a minor child or children or yet unborn children, an incapacitated or disabled person, or for persons incapable of managing their financial affairs. A Trust must have enough provisions to adapt itself way beyond the life of the grantor(s) and the Trustee is at the center of the goals of the Trust creators.
Read more here on How to Select a Trustee
HOW TO SELECT A GOOD TRUSTEE?
A Trust can be created during one's life or by will upon death. A trust that is created at death by virtue of a will, is referred to as a Testamentary Trust by the "Testator" (the dead guy). A Trust created during the life of an individual is referred to as, the "Settlor," the "Grantor," or "Trustor." The Trust instrument is referred to as "inter vivos" formed during the life of its creator.
A Trust is an integral part of any estate plan for the purpose of avoiding the Probate Process, minimize the impact of taxation on the transfer of wealth from one generation to another or from one individual to another, or to protect against unwanted and unpleasant potential events like a lawsuit. A Trust can financially provide for a spouse, a minor child or children or yet unborn children, an incapacitated or disabled person, or for persons incapable of managing their financial affairs. A Trust must have enough provisions to adapt itself way beyond the life of the grantor(s) and the Trustee is at the center of the goals of the Trust creators.
Read more here on How to Select a Trustee
Trust Protector. The Powers and Responsibilities of a Trust Protector.
INTRO DESCRIPTION: What is a trust protector? What are the duties and powers of a trust protector? Change trust's situs, veto distribution to beneficiaries, replace trustee, control disbursements of trust or terminate trust if costs of administration is greater than available funds. Mentions asset protector in Foreign Asset Protection Trusts (FAPT). Trust Protector is someone close to family, CPA, accountant or lawyer.
WHAT'S A TRUST PROTECTOR?
When presenting potential clients with different asset protection options, systems, and strategies, one of the questions asked is if I would be willing to act as their Trustee. Yes, I reply but only as a temporary basis and with a resignation letter. The temporary basis allows me to act quickly without fanfare and time consuming communications between the assets and their financial goals.
As an alternative, my answer is, "No, I don't want to serve as a Trustee, but I will gladly offer my services as the Trust Protector." The role of a Trust Protector takes up less of my time and I can educate the Trustee in his day-to-day responsibilities.
Read more on What's a Trust Protector
WHAT'S A TRUST PROTECTOR?
When presenting potential clients with different asset protection options, systems, and strategies, one of the questions asked is if I would be willing to act as their Trustee. Yes, I reply but only as a temporary basis and with a resignation letter. The temporary basis allows me to act quickly without fanfare and time consuming communications between the assets and their financial goals.
As an alternative, my answer is, "No, I don't want to serve as a Trustee, but I will gladly offer my services as the Trust Protector." The role of a Trust Protector takes up less of my time and I can educate the Trustee in his day-to-day responsibilities.
Read more on What's a Trust Protector
Beneficiary of a Trust
INTRO DESCRIPTION: What is a beneficiary of a trust? Describes basic categories of the exercises of the beneficiaries' rights, two main categories of sequential interests of a beneficiary, the two beneficiaries from the trustees perspective. How the beneficiary relates the to the trust contract? Defines bare trust, express trust, tenant for life, remainderman, fixed beneficiaries, discretionary beneficiaries, simple trust, will trust, testamentary trust, inter vivos trust.
BENEFICIARY OF A TRUST
The beneficiary is the reason for your trust (contract). Your beneficiary is the person who will enjoy the benefits of your trust assets. They include, wives, children, grandchildren, charitable organizations of every color and variety.
The length of your beneficiary is unlimited. The beneficiary could include the original grantor, but that would be self-defeating. Trusts should be irrevocable. The grantor gives-up his assets to gain asset protection, elimination of probate, elimination of estate taxes and gain certain uncommon tax advantages. Any degree of control by the grantor will render the trust revocable and subject to court discretion.
Read more here on the Beneficiary of a Trust.
BENEFICIARY OF A TRUST
The beneficiary is the reason for your trust (contract). Your beneficiary is the person who will enjoy the benefits of your trust assets. They include, wives, children, grandchildren, charitable organizations of every color and variety.
The length of your beneficiary is unlimited. The beneficiary could include the original grantor, but that would be self-defeating. Trusts should be irrevocable. The grantor gives-up his assets to gain asset protection, elimination of probate, elimination of estate taxes and gain certain uncommon tax advantages. Any degree of control by the grantor will render the trust revocable and subject to court discretion.
Read more here on the Beneficiary of a Trust.
Ultra Trust bookmarks on Asset Protection, Trusts & Advanced Estate Planning
Bookmarks to articles on offshore asset protection, Medicaid asset protection, estate planning, irrevocable trust, revocable trust, Limited Liability Company as asset protection, International Business Company, reducing capital gains tax, reducing or eliminating estate or inheritance tax, avoiding probate, reduce or eliminate income tax, Foreign Asset Protection Planning, Foreign Asset Protection Trust, Foreign Limited Liability Company, Double Stacking Trust, wealth preservation.
- Asset Protection, Joint Tenancy and Intentionally Defective Irrevocable Grantor Type Trust
- Why Joint Tenancy is bad advice from lawyers? Why Joint Tenancy has no Asset Protection? The alternative is Intentionally Defective Irrevocable Grantor Type Trust.
- Anna Nicole Smith Dies Without a Will. What's a Will? What's a Trust?
- Anna Nicole Smith dies without a will. Without a will and a trust Anna Nicole Smith leaves behind many unsettled legal issues including paternal rights to her baby daughter, unsettled case against her late Husband's estate Howard Marshall II. What's a Will? Why is a Will not enough? What's are Trust
- West Palm Beach, Florida, Auto Accident Attorney of 15-Year-Old Illegal Driver
- West Palm Beach, Florida accident 15-Year-Old Illegal Driver not covered by auto insurance. Lawyers can place full liability on car owner. Assets are not protected by West Palm Beach, FL auto insurance. Only an irrevocable trust can save assets and prevent lawsuits.
- Medicaid Nursing Home Spend-Down Program: 5-Year Look Back
- The Medicaid nursing home spend-down program mandated by the government has 5-year look back provisions placing financial devastation on senior elderly couples and the next generation baby boomers. What are the government's Medicaid long-term care plans? Is reverse mortgaging an option? Pros and con
- Personal Injury Lawyer Steals Your Unprotected Personal Assets
- Personal injury lawyers are mostly contingent fee attorneys and thus will seek your assets that aren't protected. Did you know that you can be liable for child's auto accidents; your personal home equity can be open for a lawsuit. Each of your assets should have a financial goal and asset protection
- Why a Will is Not Enough to Save Anna Nicole Smith's Baby Daughter?
- The assignment of choosing a guardian for your minor children is the most important aspect of having a will. A will also assigns an executor. A will doesn't protect your assets nor avoid the probate. A trust - revocable or irrevocable - needs to be considered. What's the distinction between a revoca
- Asset protection with Joint Tenancy, Tenancy in Common, Tenancy in Entirety & Community Property&link_abstract
- Protecting assets by Joint Tenancy, Tenants in Common, Tenancy in Entirety or Community Property have many disadvantages. Loss of step-up in basis upon the death of the first Tenant; loss of estate tax protection; possible exposure of the assets; Joint Tenancy disinherits all other heirs; possibility of a gift tax consequence; Joint Tenancy supercedes any trust with the loss of all trust benefits.
- Asset Protection: General/Limited Partnership, Corp Chapter "C"/Chapter "S", LLC, Trusts
- Asset protection comparison & definitions of General Partnership, Limited Partnership, Corporation Chapter "C", Corporation Chapter "S", Limited Liability Companies & Revocable Trusts and Irrevocable Trusts. Mentions Family Limited Partnership advantages in asset protection & reduction of federal estate taxes. Notable example of Breach of Fiduciary Duty of Trustee of U.S. Bank National Association.
- Why offshore asset protection (aka Foreign Asset Protection) is good?
- Discusses why offshore asset protection (aka Foreign Asset Protection) is a legitimate business necessity. 1040 income tax return, schedule B line 7a: did you have authority over financial account in a foreign country. 1040 form, schedule B, question 8 regarding Foreign Asset Protection Trust. Other
- What is Asset Protection
- What's Asset Protection? What's a Good Asset Protection? Which Asset Protection is Right for You? Offshore Scam Practioners and Know the Facts of Asset Protection.
- Frivolous Lawsuits & Asset Protection
- About frivolous lawsuits by contigency-fee lawyers and asset protection. Employment lawsuit, medical malpractice lawsuits, personal lawsuits from divorce.
- Offshore LLC for Asset Protection & Avoid Fraudulent Conveyance
- Using Offshore Limited Liability Companies for asset protection planning & avoiding "fraudulent conveyance. How International Business Company (IBC), Nevis LLC, tax haven jursidictions, Foreign Limited Liability Company (FLLC), Foreign International Companies can be implemented to avoid fraudul
- Medicaid Estate Planning
- Medicad Estate Planning: The 5-year look-back provisions where seniors must sell all assets 5 years before entering a nursing home. What can be gifted for Medicaid asset protection & estate planning? What items are gift taxed? What is your gross estate & allowable tax deductions? What estate is taxa
- Revocable Trusts vs. Irrevocable Trusts
- Explain major differences between revocable vs. irrevocable trusts. About the benefits of a revocable trust (revocable living trust) vs. benefits of an irrevocable trust.
- Living Revocable Trust
- What are the differences of a revocable trust (living trust or revocable living trust) and irrevocable trusts? Explains what's a trust, grantor, beneficiary, fiduciary responsibility of a trustee, accountability of the trustee and additional safeguards of assets.
- Estate Planning and Trusts
- What are estate planning and trusts? What are the differences between federal death (estate) taxes and state probate and death taxes? Explains the relationships of property, insurance, pensions and IRAs and estate taxes.
- How the Nursing Home Spend-Down Program Affects You and Your Family
- How the Nursing Home Spend-Down Program Affects You and Your Family. To qualify for nursing home care, you must spend-down all of your assets. Use irrevocable trust to reposition assets.
- Getting Sued Hiding Assets
- If you're getting sued and wish to hide your assets. 4 steps to immediately protect your assets legally. Reposition assets, documents need notary, avoid fraudulent conveyance, hire expert defense lawyer.
- Offshore Asset Protection
- Offshore asset protection strategies to protect your savings, investments & assets; not to evade taxes. Offshore asset protection Corporation or Foreign Limited Liability Company or International Business Company (IBC) used in international wealth preservation strategies.
- How the Rich Hide Their Assets
- How rich hide assets. Rich diversify assets; Rich have no ownership of assets. Hide assets w/ independent trustees, irrevocable trusts, foreign LLC, International Business Company, Corporations Chapter C, Subchapter S Corporations.
- What's an Asset Protection Trust?
- What is an asset protection trust; Define Grantor & Non-Grantor. Differences Revocable & Irrevocable Trusts. What is fiduciary relationship of Trustee?
- Asset Protection from Medicaid
- Asset protection Medicaid, individual transfers assets before entering nursing home. Grantor, trustee and beneficiary of trust using irrevocable trust to manage assets.
- Protect Assets from Nursing Home Costs
- Protecting senior/elder assets nursing home costs. If offering is taxable gift then taxes paid on gift by transferor; the receiver obtains gift tax-free. Or transfer as private annuity.
- Senior Medicaid Asset Protection
- Seniors Medicaid asset protection as part of the senior tax planning strategies. 5-year look back for seniors qualifying for Medicare assistance into nursing home program.
- How to Hide Assets
- How to hide your assets by repositioning your assets through an irrevocable trust with an independent trustee.
- Hide My Assets from Medicare
- Hide my assets medicare: seniors anxious nursing home spend-down assets, Medicaid provisions, seniors trying to hide assets
Asset Protection: On Irrevocable Trusts, Medicaid Asset Protection, Estate Planning
How to Guide on Proper Asset Protection. What is good Asset Protection? Definition of Trusts, Trustee, Grantors & more!
Why offshore asset protection (aka Foreign Asset Protection) is good?
The U.S. Taxpayer has been intimidated by the government, accountants, and lawyers into equating offshore or foreign business asset protection as fraudulent, unlawful illicit activities and as hiding their assets, fortunes and money illegally. The foreign countries take the opposite point of view that doing business with U.S. citizens is not worth their time and effort because it subjects them to too many restrictions and over reporting to too many agencies.
For example, the United States Congress since the year 2000 has added some 20,000 pages of new tax-law regulations and increased the number of 1040 forms (individual income tax return) reporting and compliance requirement from 475 to 582. Americans spend on average 26 hours and spend in excess of $140 billion in tax preparation and compliance, each year. The laws are so complex that 60% of Americans have to hire professional help.
Read the rest of the story on Why is Offshore Asset Protection Good?
For example, the United States Congress since the year 2000 has added some 20,000 pages of new tax-law regulations and increased the number of 1040 forms (individual income tax return) reporting and compliance requirement from 475 to 582. Americans spend on average 26 hours and spend in excess of $140 billion in tax preparation and compliance, each year. The laws are so complex that 60% of Americans have to hire professional help.
Read the rest of the story on Why is Offshore Asset Protection Good?
Trustee of a Trust
Trustee of a Trust
The Trustee is the guy who manages your Trust assets. Great care should be taken in your selection of your Trustee. The Trustee is bound by the Trust document (contract) and he has a duty to protect Trust assets for the Beneficiaries. The independent Trustee manages, holds legal title to Trust assets and exercises independent control.
The Trustee can be your lawyer (worst person you would ever want to trust), your accountant, best friend, or anyone you trust who's not a relative by blood or marriage. You may have more than one Trustee. I usually recommend two Trustees in all cases of $500,000 or more.
Accountability of Trustee
The law imposes strict obligations and rules on trustees including a duty to account for any benefits the Trustee may have gained directly or indirectly from a Trust. This goes beyond fraudulent abuse of position by a Trustee.
There is a basic rule that a Trustee may not derive any advantage directly or indirectly from a Trust unless expressly permitted by the Trust; for example, where he is a professional Trustee and the Trust provides specifically for a right to make reasonable charges for services. However, full disclosure of the basis and amount of charges is required.
Read more on Trustee of a Trust
The Trustee is the guy who manages your Trust assets. Great care should be taken in your selection of your Trustee. The Trustee is bound by the Trust document (contract) and he has a duty to protect Trust assets for the Beneficiaries. The independent Trustee manages, holds legal title to Trust assets and exercises independent control.
The Trustee can be your lawyer (worst person you would ever want to trust), your accountant, best friend, or anyone you trust who's not a relative by blood or marriage. You may have more than one Trustee. I usually recommend two Trustees in all cases of $500,000 or more.
Accountability of Trustee
The law imposes strict obligations and rules on trustees including a duty to account for any benefits the Trustee may have gained directly or indirectly from a Trust. This goes beyond fraudulent abuse of position by a Trustee.
There is a basic rule that a Trustee may not derive any advantage directly or indirectly from a Trust unless expressly permitted by the Trust; for example, where he is a professional Trustee and the Trust provides specifically for a right to make reasonable charges for services. However, full disclosure of the basis and amount of charges is required.
Read more on Trustee of a Trust
Grantor Trust-What is it?
Grantor and the Revocable Living Trust
Grantor Trust - What is it?
* The purpose of a Trust is to create an "Artificial Legal Person" to protect, hold, and manage your private wealth for the benefit of your heirs.
* As in any contract, someone must initiate the contract (Grantor or Trustee). So the Grantor Trust is simply someone who has initiated the Trust. Read below for what is a Non-Grantor Trust.
* The contract (trust agreement) must specify the who, what, where, when, why, and other conditions.
* Finally, the contract is for the benefit of someone or something. In other words, the beneficiaries could be the wife, children, grandchildren, church, other charitable organizations, etc.
Read more on What is a Grantor Trust?
* The purpose of a Trust is to create an "Artificial Legal Person" to protect, hold, and manage your private wealth for the benefit of your heirs.
* As in any contract, someone must initiate the contract (Grantor or Trustee). So the Grantor Trust is simply someone who has initiated the Trust. Read below for what is a Non-Grantor Trust.
* The contract (trust agreement) must specify the who, what, where, when, why, and other conditions.
* Finally, the contract is for the benefit of someone or something. In other words, the beneficiaries could be the wife, children, grandchildren, church, other charitable organizations, etc.
Read more on What is a Grantor Trust?
What is Asset Protection?
What is Good Asset Protection? Things to watch for in Asset Protection planning?
What's Asset Protection? What's a Good Asset Protection? Which Asset Protection is Right for You? Offshore Scams and Know the Facts of Asset Protection.
Asset Protection Defined:
is the concept of protecting and preserving one's assets from frivolous, illogical, ill motivated, more often than not, devastating catastrophic claims against your wealth, designed to destroy your current and future lifestyle. In short, they want what you've got and they want to inflict maximum pain.
Asset protection has two goals:
1. To make the enforcement of judgments against your protected assets virtually impossible, and
2. To allow the "owner" of protected assets to retain engineered "control" over his assets
How Good Asset Protection can Protect Your Privacy:
"Identity Theft" is the fastest growing financial crime in America - source: the U.S. Secret Service
There are literally hundreds of ways to protect your assets. Some are just common sense. Don't flash your money around; don't talk too much at parties, etc. By implementing a properly crafted asset protection plan, your creditor will have to jump through several hoops, before he even finds your money. A contingent fee predator lawyer will want an easier target.
A Good Asset Protection Plan will:
* Protect your current and future lifestyle
* Discourage litigation and promote settlements, in your favor
* Keep the ownership of your assets confidential and hard to find
* Eliminate the need of prenuptial agreements
* Internationalize your investments as a hedge against the unexpected surprise
* Spread out your control over your most valuable assets
* Help you in getting a fresh start, if you ever became insolvent in any of your other assets
* Hedge against potential political, economic, and personal instability
Read More about Asset Protection here What is Asset Protection?
Asset Protection Defined:
is the concept of protecting and preserving one's assets from frivolous, illogical, ill motivated, more often than not, devastating catastrophic claims against your wealth, designed to destroy your current and future lifestyle. In short, they want what you've got and they want to inflict maximum pain.
Asset protection has two goals:
1. To make the enforcement of judgments against your protected assets virtually impossible, and
2. To allow the "owner" of protected assets to retain engineered "control" over his assets
How Good Asset Protection can Protect Your Privacy:
"Identity Theft" is the fastest growing financial crime in America - source: the U.S. Secret Service
There are literally hundreds of ways to protect your assets. Some are just common sense. Don't flash your money around; don't talk too much at parties, etc. By implementing a properly crafted asset protection plan, your creditor will have to jump through several hoops, before he even finds your money. A contingent fee predator lawyer will want an easier target.
A Good Asset Protection Plan will:
* Protect your current and future lifestyle
* Discourage litigation and promote settlements, in your favor
* Keep the ownership of your assets confidential and hard to find
* Eliminate the need of prenuptial agreements
* Internationalize your investments as a hedge against the unexpected surprise
* Spread out your control over your most valuable assets
* Help you in getting a fresh start, if you ever became insolvent in any of your other assets
* Hedge against potential political, economic, and personal instability
Read More about Asset Protection here What is Asset Protection?
Frivolous Lawsuits & Asset Protection
ASSET PROTECTION is the concept of protecting and preserving one's assets from frivolous, illogical, ill motivated, devastating, catastrophic claims against your wealth designed to destroy your "current" and "future" lifestyle.
Let me put it another way: Up to now, you've probably worked very hard to get where you are. But my guess is that you've worked too hard, endured too much stress ... and for what? It can all evaporate before your very eyes.
The UGLY, UGLY, TRUTH: the fastest growing businesses in America are armies of contingent fee lawyers. (80% of total world's lawyers are in the United States; 130,000 new students are currently attending law school)
... Do you remember the woman who was awarded $2.3 million in a suit against McDonald's because "she" spilled hot coffee all over herself. (The Award was later reduced but not eliminated).
... While driving to an appointment, one of your employees remembers he needs to contact a coworker regarding a meeting. He dials the number on his cell phone, and briefly takes his eyes off the road. In that instant, a vehicle in front of him shifts lanes, and he strikes it, seriously injuring a 78-year-old woman. ... Under exactly this scenario, a jury awarded a $21 million judgment against Dykes Industries of Little Rock, Arkansas.
Read the rest of the story on Frivolous Lawsuits & Asset Protection
Let me put it another way: Up to now, you've probably worked very hard to get where you are. But my guess is that you've worked too hard, endured too much stress ... and for what? It can all evaporate before your very eyes.
The UGLY, UGLY, TRUTH: the fastest growing businesses in America are armies of contingent fee lawyers. (80% of total world's lawyers are in the United States; 130,000 new students are currently attending law school)
... Do you remember the woman who was awarded $2.3 million in a suit against McDonald's because "she" spilled hot coffee all over herself. (The Award was later reduced but not eliminated).
... While driving to an appointment, one of your employees remembers he needs to contact a coworker regarding a meeting. He dials the number on his cell phone, and briefly takes his eyes off the road. In that instant, a vehicle in front of him shifts lanes, and he strikes it, seriously injuring a 78-year-old woman. ... Under exactly this scenario, a jury awarded a $21 million judgment against Dykes Industries of Little Rock, Arkansas.
Read the rest of the story on Frivolous Lawsuits & Asset Protection
Offshore Limited Liability Company
Asset Protection using Offshore/Foreign LLC (Nevis LLC) and How to Avoid Fraudulent Conveyance
Re: Using Offshore Limited Liability Companies for asset-protection planning, specifically addressing - "fraudulent conveyance."
Dear Rick,
You have asked me about the importance of using Foreign Limited Liability Companies (FLLCs) in certain circumstances where one of the members may be under attack by a creditor and the possible "fraudulent conveyance rules" bearing on the transfer of underlying assets.
A justice system run amuck. We have a highly unusual judicial system. Contingent-fee lawyers act like predators, armed street gangsters. Judges and juries act like Robin Hoods, determined to redistribute your wealth. Statistics are staggering: you will be sued more times than you will have a hospital stay.
And what's outrageous is that our judicial system helps them by:
1. making it easy for your predator-plaintiffs to sue
2. predator-plaintiffs and their lawyers will sue you for just about anything they can dream up and
3. plaintiffs don't need to pay their lawyers in advance
They will work for a percentage of whatever they can squeeze out of you. The Trap has been set! Clever gold-digging lawyers have been successful in casting you as the villain. You are the "greedy rich" at the expense of working stiffs. Judge and juries are out to get even.
At a time when offshore trusts are under a magnifying glass, some clients and their U.S. financial planners are looking for alternative strategies. One such strategy may involve the use of Foreign Limited Liability Companies (FLLCs) for absolute strong asset protection and wealth preservation legislation. I'm presenting to you the use of a "Nevis Limited Liability Company" as the preferred "legal entity" alternative because of Nevis's strong asset protection legislation against fraudulent conveyance.
Nevis is an offshore island in the eastern Caribbean Sea consisting of Saint Kitts (Saint Christopher) and Nevis. Nevis became independent from the United Kingdom in 1983. Under the Nevis Business Corporation Act (the ACT) of 1984, tax holidays are provided to all companies that carry on business outside its tax-haven jurisdiction. Major banks such as Barclays International, Royal Bank of Canada, and the Bank of Nova Scotia are located in Nevis with excellent banking facilities and wire transfer services.
Read the rest of the story on Foreign Asset Protection.
Dear Rick,
You have asked me about the importance of using Foreign Limited Liability Companies (FLLCs) in certain circumstances where one of the members may be under attack by a creditor and the possible "fraudulent conveyance rules" bearing on the transfer of underlying assets.
A justice system run amuck. We have a highly unusual judicial system. Contingent-fee lawyers act like predators, armed street gangsters. Judges and juries act like Robin Hoods, determined to redistribute your wealth. Statistics are staggering: you will be sued more times than you will have a hospital stay.
And what's outrageous is that our judicial system helps them by:
1. making it easy for your predator-plaintiffs to sue
2. predator-plaintiffs and their lawyers will sue you for just about anything they can dream up and
3. plaintiffs don't need to pay their lawyers in advance
They will work for a percentage of whatever they can squeeze out of you. The Trap has been set! Clever gold-digging lawyers have been successful in casting you as the villain. You are the "greedy rich" at the expense of working stiffs. Judge and juries are out to get even.
At a time when offshore trusts are under a magnifying glass, some clients and their U.S. financial planners are looking for alternative strategies. One such strategy may involve the use of Foreign Limited Liability Companies (FLLCs) for absolute strong asset protection and wealth preservation legislation. I'm presenting to you the use of a "Nevis Limited Liability Company" as the preferred "legal entity" alternative because of Nevis's strong asset protection legislation against fraudulent conveyance.
Nevis is an offshore island in the eastern Caribbean Sea consisting of Saint Kitts (Saint Christopher) and Nevis. Nevis became independent from the United Kingdom in 1983. Under the Nevis Business Corporation Act (the ACT) of 1984, tax holidays are provided to all companies that carry on business outside its tax-haven jurisdiction. Major banks such as Barclays International, Royal Bank of Canada, and the Bank of Nova Scotia are located in Nevis with excellent banking facilities and wire transfer services.
Read the rest of the story on Foreign Asset Protection.
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- ank ank May 26, 2007 @ 9:28 am
- Hi rbeatrice , Great lens. I also created my lens on how to do tax free business. To View the lens click here recently. 5 stars to yours.
by rbeatrice
Family man of two grown children. My expertise is in estate planning, asset protection, tax reduction and tax planning strategies, and property tax ap...
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