Determine Asset Protection Goals
Identify the most feared creditors and the assets most needing protection. ?For some, it will be clients, for others the spouse. ?The plan should address the anticipated risks and use the correct tools, the most common of which are discussed below. ?The level of asset protection planning should be weighed with the value of the asset to protect and administration tasks created.
Retirement Funds and IRAs
Fund these assets and rely on Federal and state exemptions. ?Note that these may not be protected from spousal claims.
Cash and Marketable Securities
If there is cash or marketable securities that would generate income tax on sale, these can be placed in a Partnership held by an Off-Shore Asset Protection Trust without recognition of gain. ?Preference is given to placing assets in the Partnership to be held by Offshore Trust so that management can be retained with asset protection.
Excerpt from The Complete Guide to Estate and Financial Planning in Turbulent Times (Collaborative Press, 2011) - Walt Dallas, Contributing Author
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