Asset Protection - Tax and Financial Aspects

Course Description:

This informative course covers traditional planning tools and their utilization to protect assets. 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.

Learning Objectives:

Upon successful completion of this course, participants will be able to:

• List the goals and purposes of asset protection.
• Recognize the objections some people have about shielding assets from creditors.
• State at least six reasons for asset protection.
• Identify situations that can unexpectedly put assets and financial security at stake.
• Know common sources of lawsuits.
• Define the concepts of insurance, asset placement, and statutory protections when applied to asset protection.
• Define net worth using a balance sheet.
• Identify asset values.
• Show the preparation of a balance sheet in the context of determining the depth and scope of suitable asset protection planning.