- Asset Protection Trust
About asset protection as trust; Define Grantor. - How the Rich Hide Their Assets
How rich hide their assets. The Rich diversify assets. Hide assets w/ independent trustees, irrevocable trusts, foreign LLC, International Business Company, Corporations Chapter C or Subchapter S Corporations. - Offshore Asset Protection
Offshore asset protection strategies to protect your savings, investments - 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 are Trusts? What happens at the death of someone with only a Will? - 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 cons of a reverse mortgage. Plan ahead with solid Medicaid estate planning and 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 revocable trust and irrevocable trust? - Asset protection with Joint Tenancy, Tenancy in Common, Tenancy in Entirety & Community Property
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 supersedes 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 articles describe more opportunities for offshore asset protection strategies. - What Is Good Asset Protection? Part 1
Part 1: Steps to good asset protection and wealth preservation. Know these facts of asset protection. Discusses what assets to protect and consider, domestic asset protection and foreign or offshore asset protection strategies and platforms. From Grantor Trust and Non-Grantor Trust to Foreign Asset Protection Trust (FAPT) and International Business Company (IBC). How to avoid fraudulent conveyance? - What Is Good Asset Protection? Part 2
Part 2: Steps to good asset protection and wealth preservation. Know these facts of asset protection. Discusses what assets to protect and consider, domestic asset protection and foreign or offshore asset protection strategies and platforms. From Grantor Trust and Non-Grantor Trust to Foreign Asset Protection Trust (FAPT) and International Business Company (IBC). How to avoid fraudulent conveyance? - Nevis LLC (Foreign LLC) Protects Assets and Avoids Fraudulent Conveyance
How the Nevis Limited Liability Company, a Foreign LLC, can protect one's assets and still avoid fraudulent conveyance if the member's interest remains proportionate to the contributed capital. Creditor can issue charge order against the Nevis LLC. Mentions how Foreign Limited Liability Company and International Business Company (IBC) are used for asset protection and tax haven by Michael Jackson. Defines bearer shares. - Grantor Trust - What is It?
How the grantor trust relates to the trust contract. What is a grantor in a trust? The living revocable trust by the grantor does not provide asset protection nor avoid estate taxes. The grantor benefits when setting up an irrevocable trust. - Trustee of a Trust
What is the trustee of a trust? What is the accountability of a trustee and the fiduciary relationship to the beneficiaries? How does the trustee relate to an irrevocable trust? What's a trust protector? - Beneficiary of a Trust
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. - Trust Protector - The Powers and Responsibilities of a Trust Protector
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. - Selecting a Good Trustee - Factors to Consider When Choosing a Trustee
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. - 8 Reasons for Choosing Foreign or Offshore Trusts
Discusses eight reasons for taking advantage of foreign or offshore trusts to lower explicit taxation, increase after-tax profit, safeguarding assets whilst taking advantage of specific Offshore Financial Centers. Why domestic asset protection is not enough. Alaska and Delaware compete with offshore trusts. - How the Advanced HealthCare Directive Makes Life-Saving Decisions
What is an Advanced Medical Directive in controlling your medical care? The Advanced Medical Directive is a legal written instrument to consent or refuse any medical treatment, make decisions not to resuscitate, select healthcare providers, apply for Medicaid, appoint an Agent to be guardian, provide for disposition of body and funeral arrangements. - Domestic and Foreign Trust Differences
A brief look at the history of the Trust and Trustee. The differences of a domestic onshore trust and the foreign trust. Tax consequences vested with tax jurisdiction under which trust is created. Factors of trusts including role of Grantor, Trust, Trustee, Beneficiaries, provision of successor Trustee, compensation of Trustee services, exclude Beneficiaries, incompetent Beneficiaries and power to merge other Trusts. - Limited Liability Company - LLC - What is it?
Limited liability company (LLC) is the strongest asset protection business devise. The limited liability company has significant financial and tax benefits. LLC with multiple members avoids double taxation by reporting income tax and tax deductions on member's income tax return using IRS Form 1065 and Schedule SE (i.e. Self-Employment Tax). Creditor has to pay taxes because of charging order providing asset protection from creditors and contingent-fee lawyers. - Family Limited Partnership-Abusive Tax-Free Wealth Transfer
General Partners in family limited partnerships cause red flags for abusive tax-free wealth transfers. Describe how family limited partnerships work. Gifting to the younger generation as a tax deferral strategy can use two discount estate tax valuations of underlying assets up to 70%. Disadvantages of family limited partnerships do not receive stepped-up basis as bequeathed property. There are capital gains tax liability issues. General partners have no asset protection. Briefly discuss family succession estate planning for asset protection, wealth preservation, avoiding probate, defer capital gains, eliminate estate taxes, reduce income taxes- dispute resolution and control of family business matters. - Financial Directive - Advanced Estate Tax Planning, Power of Attorney Issues
What is a financial directive? Financial directive is like power of attorney and is a legal financial instrument that empowers your Agent over all your financial matters and should be a part of advanced estate tax planning. The financial directive is enacted when you become disabled or incapacitated. Discusses limitations of agent as fiduciary with no general or limited power of appointment in the financial directive. - Financial Directive Powers - Real Property, Business, Medicaid, Taxes, Personal Property
How does the financial directive differs in powers from a power of attorney? Collection powers to forgive, request and sue for money. Real property and personal property powers to bargain- banking powers- file and prepare tax returns- family maintenance for customary standard of living- conduct business interests for principal- social security benefits like Medicaid or Medicare. - Will Contest - What Is It? How Can You Protect A Will?
What is a Will Contest? Anna Nicole Smith, James Brown example in Will Contest. Valid objections to pursuing a Will Contest- testator never signed Will- Will did not meet statutory requirements- testator was under the influence when drafting Willl- testator lacked mental capacity. How to protect your Will? Attorney uses language to minimize ambiguity. Attorney used Non-contest Provision or Forfeiture Clause to Will which means beneficiary who chooses to contest Will loses any right to inheritance.
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