Asset Protection - Tax & Financial Aspects ON DEMAND

Overview

This informative course covers traditional planning tools and their utilization in asset protection. The Uniform Fraudulent Conveyance Act, the Bankruptcy Code, and various aspects of the tax law are highlighted in describing asset protection aspects of corporations, partnerships, limited liability companies, family partnerships, trusts, retirement plans, insurance products, and other conventional tools. Special topics include protection against lawsuits, costs of long-term illness, divorce settlements, foreign asset protection trusts, statutory protections, homestead provisions, exempt assets, cancellation of indebtedness taxation, and marital agreements.

Highlights

Asset Protection. Insurance. Asset Placement. Bankruptcy. Avoiding Tax on Debt Cancellation and Foreclosure. Divorce Settlements and Division. Protecting Assets from Old Age and Catastrophic Illness

Prerequisites

None.

Designed For

CPAs, financial professionals, enrolled agents and attorneys.

Objectives

Specify the goals and purposes of asset protection, the objections some people have about shielding assets from creditors, and reasons for asset protection. Identify situations that can unexpectedly put assets and financial security at stake and the common sources of lawsuits. Recognize the author’s concept of exploding and imploding liability how dealing with them is necessary for a complete asset protection plan, and the concepts of insurance, asset placement, and statutory protections when applied to asset protection. Specify the types of creditors associated with asset protection and fraudulent transfers recognizing their salient characteristics. Identify the fraudulent transfer provisions which protect current and future creditors, the badges of fraud in the Uniform Fraudulent Transfer Act, applicable statutes of limitation, potential criminal penalties associated with fraudulent transfers, and the differences between fraudulent asset transfers and permissible asset transfers. Determine net worth using a balance sheet, identify asset values, and show the preparation of a balance sheet in the context of determining the depth and scope of suitable asset protection planning, and more.

Preparation

None.

Notice

None.