InKnowVision HNW Technical Webinar - Asset Protection Planning


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Asset protection planning is used in protecting one's business and wealth. Learn how to identify the gaps in planning and help clients mitigate the risks.

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InKnowVision HNW Technical Webinar - Asset Protection Planning

  1. 1. Technical Webinar©2012. InKnowVision LLC. All rights reserved.
  2. 2. InKnowVision Our web site: www.inknowvision.comNext Webcast: Marketing and Process Webcast  September 28th Case Study Webcast  October 5th
  3. 3. Marketing E-Newsletters Same system and content used by InKnowVision Four newsletter categories  Business Planning  Estate Planning  Elder law / Medicaid  High Net Worth planning Details at Call 888-461-0000
  4. 4. Asset Protection INKNOWVISION
  5. 5.  Physician Story - success Developer Story - failure
  6. 6. Asset Protection Goal Develop a wealth preservation plan that is effective and that will leave you with peace of mind if disaster strikes Increase settlement strength
  7. 7. Key Issues How much to protect Where to protect it How to protect it Process
  8. 8. Protect It All The whole enchilada!
  9. 9. Benefits Possibility of protecting all assets
  10. 10. Disadvantages Fraudulent conveyance Ties up all of your assets
  11. 11. Nest Egg Planning
  12. 12. Nest Egg Advantages Keep control over 70-80% of assets Avoid fraudulent conveyance You have an effective plan
  13. 13. Where To Plan?
  14. 14. Comparison US Court’s have power over domestic trustees No power over international trustees
  15. 15. Attorney’s Fees US has contingency fees International – No contingency fees
  16. 16. Filing Fees US has a low costs to start suit ($200-$500) International has high costs to start suit ($25,000)
  17. 17. Statute of Limitations US has longer statute of limitations (3-6 years) International has a shorter statute of limitations
  18. 18. Enforceability of US Judgments US courts recognize US judgments International courts do not recognize US judgments
  19. 19. Standard of Proof US has lower evidentiary standard (preponderance of evidence) International has higher evidentiary standard (reasonable doubt)
  20. 20. Favorable Presumptions International jurisdictions have a presumption against fraudulent transfer if settlor is solvent after transfer
  21. 21. Two Lawyers Talking
  22. 22. Where do you put your nest egg?
  23. 23. This Type of Planning Is Legal But you can’t hide income from the IRS You must pay taxes due IRS Reporting
  24. 24. Where To Go Establish Trust?Nevis One of the best asset protection jurisdictions Lots of trust and company filings annually High literacy rate (90+%) Good communications Stable government Virtually no crime Easy to get to
  25. 25. Nevis
  26. 26. Two Industries in Nevis Trust Companies Tourism
  27. 27. Create a Nevis TrustGrantor Nevis Trust Beneficiaries Grantor and Family
  28. 28. Create a Member Managed LLC Grantor Nevis LLC
  29. 29. Transfer Shares to Trust Nevis TrustGrantor Holds LLC Interests
  30. 30. Invest In LLC Nevis LLC Nevis Trust Grantor and Family as Beneficiaries
  31. 31. Who Controls Investments? You do!
  32. 32. Why use this structure? Great asset protection Maintain control over investments
  33. 33. Is This Right for Me? Significant personal or business net worth. “High risk” profession or position Business owner Real estate owner Would like to protect assets in case disaster strikes
  34. 34. Process Maintain Fit MeetingImplementation Data Gathering Plan Design
  35. 35. Fit Meeting Who you are Your areas of concern Our process Decision to proceed
  36. 36. Data Gathering Gather required financial and personal data Perform mandatory solvency analysis Complete review of your current situation.
  37. 37. Plan Design Written blueprint Proposed strategies Implementation plan
  38. 38. Maintenance Annual plan updates Tax compliance and form preparation Statements
  39. 39. Success for your Nest Egg Bowie Kuhn