Fundamentals of your asset protection plan Lets start off with the principle. Its a pretty straight forward concept. Basically “you do not need to own an asset to have beneficial control.” A perfect example of this that neighbor that we can all relate to who has a very nice boat and says, “hey go and use it [...]
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Mistakes to avoid in your plan Signing for your limited partnership is a mistake you want to avoid. Your limited partnership should never guarantee loans or conduct business, unless you are using that particular entity to conduct a certain business. If you are using it to hold that asset, then it shouldn’t be conducting another business. You [...]
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The worst mistake when creating an asset protection plan is to mix safe and risky assets. For example, if we were to create an LLC we wouldn’t put your rental real estate property in there with a bunch of cash. If something happens to the real estate and the LLC gets sued, then you have [...]
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Understanding How to Manage Risky Assets If you are a doctor and you own a practice this is probably one of your riskiest assets. What about your office building? How about real estate? If your office building or real estate have equity or are completely paid for, these are considered valuable assets. Not a good idea [...]
Read the rest of this entry »This is a big week. The Obama Administration released a report detailing its proposed tax law changes, many of which are slated to take effect at the end of 2012. Among those changes are alterations to the current gift and generation skipping transfer tax rates. Currently, individuals can gift approximately $5 million total in their [...]
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The dust has largely settled on Bernie Madoff’s media coverage. Outside of a few television specials on the subject, the perpetrator of the largest Ponzi Scheme in history is quietly serving his prison sentence, and he will probably never again see the light of day as a free man. Despite the fact that Madoff is [...]
Read the rest of this entry »Many recent conversations with our clients have revolved around investment strategy and the role it plays in asset protection planning. Like asset protection, investing is very much about identifying risks, deciding which risks are worth taking, avoiding other risks. In short, both investing and asset protection are about risk management. Investing With An Asset Protection [...]
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If questions about asset protection in financially unsafe times are on your mind, you’re not alone. In addition to wondering “how do I protect my assets from lawsuits?” one primary area of concern has been the preservation of purchasing power in uncertain economic times, because there are additional risks to your assets besides lawsuits. Let’s [...]
Read the rest of this entry »Many of our clients have questions about strategic default and the consequences that can follow from defaulting on a mortgage that is “underwater.” When the value of the real estate that is security for a loan falls below the amount due on the loan, the mortgage is said to be underwater. Many of the concerns [...]
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Recently the Texas Supreme Court ruled that a death caused by a spider bite is the proper subject of a medical malpractice lawsuit. It seems that courts are getting carried away (even more than usual), which is why any complete asset protection plan includes an offshore trust component. This is especially important if your are [...]
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