Charging Order Protection Video Transcript Charging Order Protection is a concept that’s used by every Tom, Dick and Harry marketing asset protection to attempt to lure you into purchasing products that oftentimes are ineffective and inappropriate. It’s also something I rely upon and use everyday in my business, and I’m just going to touch on […]
Continue readingCategory Archives: ENTITIES (Trusts, FLP’s, LLC’s and Corporations)
How Strong is that Corporate Veil?
Corporate Veil – Asset Protection Training Video Transcript I’m taking on a very popular & very common misconception. It deals with corporations and the strength of protection they give. Now, we’ve all heard that corporations offer excellent protection, that they have a corporate veil. What is a corporate veil? This corporate veil protects the shareholders […]
Continue readingHow Good is That Nevada Corporation
Video Transcript – Nevada Corporations are Scams unless you live in Nevada Today, I take on one of my favorite scams, and one of the legitimate asset protection issues that you’re all going to confront. If you do any looking on the internet for asset protection, you’re going to come across Nevada corporations. I did […]
Continue readingDomestic Asset Protection Trusts in 3 minutes
Video Transcript- Domestic Asset Protection Trusts in 3 min Today, I’m going to take on a widely promoted, widely advertised product that you should stay away from. Don’t touch it. What is it? Domestic asset protection. Well, simple, domestic asset protection and domestic asset protection trusts. This is absolutely a ridiculous way to spend your […]
Continue readingSingle Member LLC
Today, I’m going to be talking briefly about offshore Single Member LLCs. What are they used for? How do you form them? What does an agreement look like? I’m going to keep it simple and straightforward right now. What are single member LLC’s? Offshore single member LLCs have normally disregarded entities. You need to be […]
Continue readingEquity Stripping: Asset Protection – Pros & Cons
The Good, The Bad and The Ugly of Equity Stripping Although equity stripping can be effective (and sometimes the only) means to protect assets, it requires much skill to implement properly. Poorly designed programs are often either vulnerable to fraudulent transfer rulings, or are costly from a tax and/or economic perspective. In addition to exploring […]
Continue readingLimited Liability Concepts and Veil Piercing
Limited liability means you are not responsible for a business’s debts, and generally the business is not responsible for your personal debts. It is like you and your business are two unrelated people–almost like your business is a distinct person. Unless a creditor convinces a judge that it is your alter ego, it will remain […]
Continue readingCharging Order Protection and Reverse Piercing
WHAT IS CHARGING ORDER PROTECTION? A ‘Charging Order’ is actually a limited creditor remedy. But the remedy is so limited, it is viewed as being protective from an asset protection standpoint. Thus, all entities that benefit from the charging order are called “Charging Order Protected Entities” or COPEs. Generally, a creditor of partner or member […]
Continue readingEntity Choice of Law Issues
RECOMMENDED READING: (Asset Protection in Financially Unsafe Times, by Dr. Arnold Goldstein and W. Ryan Fowler, chapters 8 and 18.) A hotly debated question is: if you live in one state, can you form an entity in another state and take advantage of its more debtor-friendly laws, such as a stronger charging order statute? The […]
Continue readingEntity Basics
THE SOLE PROPRIETORSHIP Explained The oldest, most basic business type. 1 owner basically just starts a business. He may register a “doing business as” name w/local courthouse or county recorder’s office. Pros: No need to register anything, simplest set up and operation. Cons: No limited liability, no special tax reduction benefits (self-employment tax savings, etc.). […]
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