For the past several years, asset protection has been one of the fastest growing areas of law. Asset protection is also one of the most controversial because the goal is to shield assets from the reach of creditors. Asset protection should simply be about structuring the ownership of one’s assets to safeguard them from potential future risks. Most asset protection structures are commonly used business and estate planning tools – such as limited liability companies, family limited partnerships, trusts and the like. Properly implemented asset protection planning should be legal and ethical. It should not be based on hiding assets or on secrecy. It is not a means or an excuse to avoid or evade U. S. taxes. There is no one “magic bullet” in asset protection and the term “asset protection” encompasses a number of planning and structuring mechanisms that may be implemented by a practitioner to minimize a client’s exposure to risk.
For each client the asset protection solution will be different, depending on the identity of the debtor, the nature of the claim, the identity of the creditor and the nature of the assets. These are four threshold factors that are either expressly or implicitly analyzed in each asset protection case. The analysis of these four factors determines what planning would be possible and effective for a specific client. Join Jacob Stein as he discusses these factors and more in this highly informative and practical CLE course on advanced asset protection planning. The main topics discussed include the goal of asset protection planning, specific asset protection structures and assets that are commonly protected. Further issues addressed include the “Home Depot” method, hiding assets, the debtor’s examination, principle asset protection structures, proactive vs. reactive asset protection planning, retirement plans, ERISA, life insurance, fraudulent transfer laws, the intent test, constructive fraud, the attorney’s liability, transferring assets between spouses, common law & community property states, LLCs, piercing the corporate veil, types of assets, the living trust, revocable & irrevocable trusts, the trust protector, key clauses in the trust, offshore structures, liquid assets, protecting businesses, the personal residence, the equity strip and additional asset protection structures.
Mr. Stein is one of the nation’s leading experts on asset protection and is one of California’s best-known attorneys, teaching dozens of legal seminars each year on the subjects of asset protection and advanced tax planning. He is a Certified Tax Law Specialist and is AV rated by Martindale-Hubbell. Mr. Stein is the author of numerous articles on asset protection and tax planning, and is the author of Asset Protection Planning (Education Foundation, 2009) and Advanced Tax Planning Techniques (Education Foundation, 2009). He is an adjunct professor of taxation at the CSU, Northridge Graduate Tax Program, and has been an instructor with the California CPA Education Foundation and National Business Institute for many years. He is also a frequent guest speaker at various Bar, Estate Planning Council and CPA group meetings. Mr. Stein is admitted to practice in California and before the United States Tax Court.