One of your greatest assets is the ability to produce an income--the ability to earn money by working. The judicial system recognizes that our capacity to earn is quite valuable. It also recognizes that most people have to work just to survive. In other words, our earning capacity is a valuable asset, and people are…
Asset protection trusts come in at least two varieties: Grantor trusts and spendthrift trusts. A grantor trust is a trust established by a person (the "settlor" or "grantor") for the benefit of the settlor. An example of a grantor trust would be Bugs Bunny setting up a trust and naming himself as the beneficiary. A…
Join Douglass Lodmell at Southpac Offshore Planning annual conference on October 27-28 in the Bahamas. This two-day events will feature several of the nation's foremost authorities on asset protection, offshore banking, life insurance and annuities. Topics to be addressed include foreign asset protection trusts, creditor challenges to asset protection, life insurance and annuities for high net worth…
Some states make limited liability companies disclose the names of owners and managers. Other states don't require such disclosure. Charlatans running asset protection scams will do their best to convince you that secrecy is the key to protecting your wealth. The truth is that secrecy (e.g. lying under oath) could be a one way ticket…
In a recent conversation with a potential client, something became apparent: Many people think they can "game" the asset protection system. In some cases, that might be true. But when your hard-earned assets are on the line, do you really want to risk it? If you gamble on being able to beat the system and…