Asset Protection: Protect Your Wealth, Limit Your Exposure to Lawsuits, Maximize Your Tax Savings / Edition 1

Asset Protection: Protect Your Wealth, Limit Your Exposure to Lawsuits, Maximize Your Tax Savings / Edition 1

by Robert Klueger
     
 

ISBN-10: 1599181703

ISBN-13: 9781599181707

Pub. Date: 03/18/2008

Publisher: Entrepreneur Press

Safeguard Your Assets

As a business owner, you can't prevent gold-diggers from bringing frivolous lawsuits against you. It's relatively easy for someone to invent a hollow lawsuit and find a lawyer to present it. It's not uncommon for the jury to give credence to the most ludicrous lawsuit on the assumption that it wouldn't be in the court system unless it had

Overview

Safeguard Your Assets

As a business owner, you can't prevent gold-diggers from bringing frivolous lawsuits against you. It's relatively easy for someone to invent a hollow lawsuit and find a lawyer to present it. It's not uncommon for the jury to give credence to the most ludicrous lawsuit on the assumption that it wouldn't be in the court system unless it had merit.

You can't change human nature or the jury system, and insurance isn't always enough. However, you can assure that you are protected above and beyond your insurance coverage should you ever be put in this type of situation. With some careful planning and advance arrangements -experienced attorney Robert L. Klueger shows you how to legally position your assets so they are exempt from seizure or shielded from a creditor's claims.

Learn how to:

  • Use various protection techniques to preserve your assets
  • Decrease your vulnerability to creditors
  • Ensure your assets are legally structured and not subject to fraudulent conveyance
  • Enhance your chances of winning a case

The best time to protect your assets is before you become a target.

Author Seminar on One of the Top Areas of Asset Protection on CD!

Video topics:

  • Who's who in an LLC
  • Asset protection associated with LLCs
  • How LLCs compare and contrast to other protection methods
  • Why LLCs are the asset protection method of choice

Robert F. Klueger attorney at law for Klueger & Stein, LLP, is admitted to practice law in California and before the U.S. Tax Court. He is a Certified Tax Law Specialist (State Bar Board of Legal Specialization) and is AV rated by Martindale. Robert has been practicing law since 1974 and has represented clients against various taxing authorities in all courts, including the U.S. Supreme Court. He is the author of several books and articles on the topics of tax planning and asset protection.

Product Details

ISBN-13:
9781599181707
Publisher:
Entrepreneur Press
Publication date:
03/18/2008
Series:
Entrepreneur Magazine's Legal Guide Ser.
Edition description:
Paperback with CD
Pages:
288
Product dimensions:
7.30(w) x 8.80(h) x 0.94(d)

Table of Contents

Preface     ix
How Dr. Nguyen Lived (and Kept) the American Dream     1
A Brief Tour of Civil Litigation     11
Before the Lawsuit Begins     12
The Kickoff: The Summons and Complaint     13
The Answer     16
Motions for Summary Judgment     17
All about "Discovery"     18
Mediation (and Settlement Conferences)     19
The Trial and the Judgment     20
Appeals     22
Postjudgment Examinations     23
An Overview of Asset Protection Planning     25
The Four Variables     26
Don't Forget Income Protection     37
Don't Forget the Taxes!     38
All about Fraudulent Conveyances     39
The Basics: Two Types of Fraudulent Conveyances     40
Present Creditors and Future Creditors     45
Defenses to Fraudulent Conveyances     46
What Is the Effect of a Fraudulent Conveyance?     48
Planning for Exempt Assets     51
Asset Protection and Retirement Plans     52
Asset Protection and Nonqualified Plans     58
The Homestead Exemption     59
Exemptions from Wage Garnishment     61
SocialSecurity     63
Life Insurance     64
The Florida Annuities Exemption     65
Asset Protection for Spouses     67
Separate Property and Community Property     68
Creditors' Rights to Community Property     71
Quasi-Community Property     73
Joint Tenancy and Tenancy in Common     73
Fixing the Problem: All about Marital Agreements     75
Tenancy by the Entirety     81
Asset Protection Using Corporations     83
What Is a Corporation?     84
Who Is What in a Corporation?     86
Public Corporations and Closely Held Corporations     89
Respondeat Superior ("Let the Master Answer")     91
Exceptions to Limited Liability     93
"Piercing the Corporate Veil" and the "Alter Ego" Theory     97
The Limits of Limited Liability     100
Planning Tips for Corporations     101
Asset Protection Using Domestic Trusts     105
Who Is Who in a Trust     106
Living Trusts and Testamentary Trusts     107
Revocable Trusts and Irrevocable Trusts     112
Self-Settled Trusts     114
Discretionary Trusts     116
Spendthrift Trusts      117
Irrevocable Trust and Gift Taxes     118
Irrevocable Trusts and Income Taxes     119
Life Insurance and Life Insurance Trusts     120
Asset Protection Using Limited Partnerships and Limited Liability Companies     127
A Brief Review of Corporations     128
The Asset Protection Booby Prize Goes to ... General Partnerships!     128
All about Limited Partnerships     131
A Few Words about Phantom Income     138
Fraudulent Conveyance?     139
All about Limited Liability Companies     139
Will an LLC or an LP Shield the Family Residence?     146
Foreign Asset Protection Trusts     147
How Do Foreign Trusts Work (so Well)?     148
Why Foreign Trusts Don't Work as Well for Real Estate     151
Drafting the Trust     152
Selecting the Trustee     158
Selecting the Foreign Jurisdiction     159
How Not to Do It: All about FTC v. Affordable Media     167
Where Are the Assets in a Foreign Trust Actually Located?     169
Disadvantages?     170
Some Advanced Asset Protection Techniques (and One Simple One)     173
Equity Strips     173
Private Annuities (and Self-Canceling Installment Notes)     177
Qualified Personal Residence Trusts (QPRTs)     182
A Simple Technique: Sell the Asset     183
Safeguarding Your Business     187
Mandatory Arbitration     188
Noncompetition Agreements     194
Agreements Limiting Theft of Trade Secrets     198
Asset Protection for the Disabled and Your Children     203
Asset Protection for Your Children     208
Final Thoughts     211
Is Asset Protection Ethical?     211
A Final Final Thought: No Magic Bullets     213
Glossary of Terms     215
Resources     221
Books     221
Websites     222
Sample Agreements and Other Documents     225
Operating Agreement     226
Irrevocable Trust     268
Self-Cancelling Installment Agreement     277
Self-Cancelling Promissory Note     282
Index     285

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