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Yes. The vast majority of individuals have insurance. Yet, they still need assets protection. While insurance will cover most claims, it will not cover all claims, and you may have insufficient policy limits. Everyone should have umbrella insurance, but is very difficult to get coverage in excess of $4 million. Many claims will exceed that amount.
Yes, if it is implemented in a legal and ethical manner. Tax lawyers had been using this technique for many years as a convenient way fro reducing family income, estate reduction plan and for asset protection. Assets protection relies on common corporate, estate planning and tax planning structures.
No. Living Trust (revocable living trust), is designed to avoid guardianship and probate. A creditor can force you to revoke the trust. The assets then revert to your name, and the creditor will then get them from you. In many states, the creditor can go after the assets of your living trust directly
No. If you own valuable assets through a corporation a creditor will be able to seize the stock of the corporation from you. Once the creditor owns the stock, the creditor can liquidate the corporation and get its assets. Any corporation would do a poor job of protecting your assets. Instead, use a limited liability company or a limited partnership.
Yes you can, but it will not be an effective asset protection tool. When you give your assets to family member or anyone else, you simply lost control of the assets and the chances you will never get it back, also you must consider the gift tax burden, plus any intelligent creditor would challenge a gift to family members as a fraudulent transfer and set it aside, allowing the creditor to reach the transferred assets.
Most properly structured plan files an annual informational tax return setting forth its income and expenses, but doesn’t pay tax it’s a pass through entity, no double taxation. This means that your bottom line tax liability should not change. All structures used in asset protection are either disregarded for income tax purposes, or are flow-through entities like partnerships or S corporations.
That depends on a multitude of factors. Often times the answer is yes. Sometimes, you may have to give up control, at least for a period of time, and trade it off for increased protection.
Very. A prenuptial agreement is one of the most effective asset protection tools available. The separate property of one spouse is not reachable by the creditors of the other spouse. Because a prenuptial agreement cannot possibly be a fraudulent transfer, it can never be challenged by a creditor. Simply protects both spouses from each other's creditors.
Married couple with substantial assets should consider a transmutation agreement. This is a simple written agreement that allows spouses to easily convert their community property into separate property. The transmutation agreement does not address divorce, alimony or any other issue. It simply ends community property and creates separate property.
Yes. If you have the ability to revoke a trust, like you do with a traditional living trust, a creditor can force you to do so, and then will get your assets. An irrevocable trust is treated as a separate legal person. If you have no visible control over the assets of the trust, your creditors will not be able to reach the assets of the trust. In many states an irrevocable trust simply means that no one can force you to revoke the trust, but you retain the ability to do so, at your discretion.
There are a number of ways. Most importantly, you should appoint a friendly trustee. A friend or a family member who would look after your best interests and who would comply with your requests.
Not under federal law, and not under the laws of many states. For example, California will protect the IRA only if you have no other assets, and even then the protection is very limited.