What's Asset Protection? What's a Good Asset Protection Plan? Which Asset Protection is Right for You? Offshore Scams and Know the Facts of Asset Protection.
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"If you've taken NO steps to protect yourself, your wealth, and your family from thieves, con artists, ruthless greedy lawyers, overzealous bureaucrats; you have underestimated the abilities of these shrewd, ruthless, invasive, money-hungry, predators." - Rocco Beatrice, CPA, MST, MBA
Asset Protection Defined:
Asset protection has two goals:
- To make the enforcement of judgments against your protected assets virtually impossible, and
- To allow the "owner" of protected assets to retain engineered "control" over his assets
How Good Asset Protection can Protect Your Privacy:
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
Chartered Blueprint of Wealth Preservation and Steps to Asset Protection:
- What are your financial goals?
- Think about each of your personal/business assets that you need or wish to protect
- Will there be domestic and/or international platform(s)?
- Select the legal entities:
Steps to Asset Protection (Expounded):
- Your financial goals should be:
- Asset protection / wealth preservation
- Defer your Capital Gains Taxes
- Defer, reduce, possibly eliminate your "Income Taxes."
- Eliminate "Probate Jail" and Eliminate ALL your "Inheritance Taxes."
- Determine your personal and/or business assets which may include:
- Personal residence
- Personal checking
- Certificates of deposits
- Investment accounts
- Broker stock accounts
- Other real Estate
- Life insurance policy(ies)
- Automobiles, boats, planes, collectibles, antiques
- Individual retirement account(s)
- Inheritance #1, Inheritance #2
- Business #1
- Cash, Accounts receivable, Inventory Equipment, Goodwill, Other assets
- Business #2
- Partnership interest #1
- Partnership interest #2
- Note: Same planning applies for each of your business assets
- What are your financial goals:
- Domestic or Foreign/International
- Your financial goal(s) points: 1,2,3 & 4 OR combinations of 1+4 OR 2+4 OR 3+4, etc.
- Domestic Platform(s):
- Irrevocable Trust or Revocable Trust
- Grantor Trust or Non-grantor Trust
- Living Trust
- Insurance Trust
- Personal Residence Trust
- *Ultra Trust®
- *Medallion Trust®
- *Vertex Trust ®
- General Partnership
- Limited Partnership
- Family Limited Partnership
- *Limited Liability Company (LLC)
- *Family Limited Liability Company (FLLC)
- *Customized Hybrids, i.e. LLC, Family LLC, Limited Partnership, Family Limited Partnership or General Parntership is owned by an UltraTrust®
- * = My preferred structures
- Foreign Platform(s)1 (please read note - 1)
- Foreign Bank Account
- International Business Company
- Foreign Asset Protection Trust
- Foreign Security Trust
- Foreign Limited Liability Company (FAPT)
- Offshore Uni Trusts
- Offshore Mutual Fund
- International Trading Company
- Multi-Currency Bank Deposits
- Swiss Annuities
- Foreign Credit Card
- Foreign Stock Trading Account
- Registered Foreign Office
- Registered Foreign Sales Facilities
- Note - Use "Good" planning NOT "Secrecy." Rely on "Law" NOT "Secrecy."
1**Watch out for Foreign and Offshore Scams & Practitioners**
No Financial plan is ever 100% bullet proof: Know These Facts about Asset Protection
- You can't lose your assets without first being sued and them winning the lawsuit. Winning and getting the money are two separate issues.
- Implement your asset protection strategy when times are good. It's too late when the crap starts flying. You will have to deal with several "fraudulent conveyance" laws - that is, if you had some warning, or you merely became aware (real or potential), or you should have been aware that someone was going to potentially sue you. By implementing any asset protection plan, you made your assets unavailable to satisfy creditor claims. Therefore, you may be found guilty of a "fraudulent conveyance." The judge may set aside your attempt to hide your assets and hand it over to your creditors. In addition, the judge may decide to throw the book at you with other financial and possibly other consequences. PLAN EARLY, when the sea is calm. Don't become a statistic.
- Your creditors can't take what you don't have. Don't put everything in your name. Don't be so obvious.
- What your creditor's don't know becomes your asset. Don't volunteer information, don't flaunt your wealth, don't talk too much at parties, don't tell them your business, don't tell them how smart you are.
- No country in the world will automatically honor a judgment against you. Outside the United States there are no contingency lawyers. Your creditor must re-litigate his case in the foreign country. Your creditor must put up a bond. Your creditor must pre-pay attorney fees. If your creditor loses his case he must pay your attorney fees. Finally, your creditor must prove that the laws of their country are invalid, the judge is a bum, and that the whole country should disappear into the sea.
- There's a greater chance that you will be sued more times than you will have a hospital stay.
- Your Individual Retirement Account (IRA) is not protected by ERISA. Your Individual Retirement Account is usually the second asset to be attacked, behind your cash and investment account. Your IRA is an easy target because (1) It's always in the United States and (2) Your IRA is usually in cash or near cash.
- The United States is the only country that permits contingent fee litigation.
- There are approximately 950,000 lawyers. Just go through your own yellow pages. Most of them live on what they can squeeze out of you. Don't become a statistic.
Asset Protection & Trust Articles
- Personal Injury Lawyer Protect Assets
- Protecting Assets from Creditors
- Asset Protection: Estate Planning
- Asset Protection Joint Tenancy
- Asset Protection FAQ
- Asset Protection Strategies
- UltraTrust® Irrevocable Trust Asset Protection
- Asset Protection Property Ownership
- Types of Asset Protection, Self-Settled Trusts
- Assset Protection with Defined Benefit Plan & 401(k) Plan
- Asset Protection Bankruptcy: Bankruptcy Code & Life Insurance
- Protect Assets from IRS
- Asset Protection for Business
- Art of Asset Protection
Irrevocable Trust & Asset Protection Articles
- Revocable Trust vs. Irrevocable Trust
- What is a Living Revocable Trust
- Medicaid Asset Protection
- Offshore Asset Protection
- Asset Protection: Joint Tenancy
- How to Hide Assets
- How the Rich Hide Their Assets
- What is Asset Protection?
- Getting Sued Hiding Assets
- Asset Protection from Medicaid
- Asset Protection-Partnership & Corporation