The current litigation explosion has created tremendous interest in asset protection. This area has dramatic financial and estate ramification and also directly impacts tax planning. This course is designed to survey opportunities for asset protection that can arise during tax planning and to determine how to properly report such transactions. Author Danny Santucci clears up some of the common misconceptions about asset protection and gives useful advice you can use to help your clients avoid fraudulent transfers.
Upon successful completion of this course, participants will be able to:
- Note the main reasons for asset protection, common misconceptions, and goals associated with undertaking asset protection measures
- Recognize what constitutes a fraudulent transfer and how to structure asset protection planning transfers so that they are not fraudulent
- Identify the various types of insurance, noting their defining characteristics and how life insurance can be used as an asset protection vehicle
- Note how the various types of entities relate to asset protection as well as how the various types of joint ownership of property and various trusts directly impact asset protection and tax liability
- Recognize the concepts of common law property, community property, and equitable ownership, noting which states base distribution laws on those concepts
- Identify asset division principles, noting their effect on the division of assets
- Recognize the components of premarital and post-nuptial agreements, noting how they can be used to advise clients on individual asset protection
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