Self-Study
13
Overview
Taxes
There are no prerequisites.

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.



Instructor

Danny Santucci, JD

Danny Santucci, BA, JD, is a prolific author of tax and financial books and articles. His legal career started with the business and litigation firm of Edwards, Edwards, and Ashton. Later he joined the Century City entertainment firm of Bushkin, Gaims, Gaines, and Jonas working for many well-known celebrities. In 1980, Danny established the law firm of Santucci, Potter, and Leanders in Irvine, California. With increasing lecture and writing commitments, Danny went into sole practice in 1995. His practice emphasizes business taxation, real estate law, and estate planning. Speaking to more than 100 groups nationally each year, he is known for spicing up his extensive expertise with an incredible sense of humor.



Course Specifics

Taxes
Oct 26, 2017
There are no prerequisites.
SS8130271
326
None


Compliance Information

103220
IRS Provider #: 0MYXB
IRS Course ID: 0MYXB-T-00539-14-S
IRS Federal Tax Law Credits: 13
CTEC Provider #: 2071
CTEC Course ID: 2071-CE-0561
CTEC Federal Tax Law Credits: 13
Qualifies for CA Fraud: No


Learning Objectives

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

Chapter 1

  • Specify the goals and purposes of asset protection, the objections some people have about shielding assets from creditors, and reasons for asset protection
  • Identify situations that can unexpectedly put assets and financial security at stake and the common sources of lawsuits, noting reasons why certain parties are targeted for lawsuits
  • Recognize the concept of exploding and imploding liability and how dealing with them is necessary for a complete asset protection plan
  • Recognize the defining characteristics of insurance, asset placement, and statutory protections, noting when they are applied to asset protection
  • Specify the types of creditors associated with asset protection and fraudulent transfers, noting their salient characteristics
  • Identify the fraudulent transfer provisions which protect current and future creditors, the badges of fraud in the Uniform Fraudulent Transfer Act, applicable statutes of limitation, potential criminal penalties associated with fraudulent transfers, and the differences between fraudulent asset transfers and permissible asset transfers
  • Recognize the process for asset protection planning, noting the categorization of assets using a balance sheet

Chapter 2

  • Identify characteristics of homeowner's, automobile, and disability insurance and what asset protection they may offer
  • Specify persons in which rights are placed by life insurance and reasons to purchase life insurance and the benefits, uses and types of life insurance, identify variables that influence when life insurance is taxable for federal estate tax purposes, and cite reasons for establishing an irrevocable life insurance trust in order to achieve several estate tax planning advantages
  • Determine what constitutes an annuity, noting the types of annuities available, their characteristics and any applicable tax advantages and disadvantages
  • Identify entity purchase and cross purchase agreements, noting their defining characteristics, tax and legal advantages, and pitfalls

Chapter 3

  • Recognize ways to hold property, what taxpayers must do before beginning an asset protection program, and the advantages and disadvantages of holding property individually and through a sole proprietorship noting how these pitfalls can be avoided 
  • Identify guidelines that corporate business owners should follow to protect their corporations, issues regarding potential personal liability for shareholders, officers and directors, protection ideas for corporate business owners, and §469 passive loss restriction considerations
  • Specify the advantages and disadvantages of using a corporation in asset protection planning, the differences among categories of C Corporations, recognize the importance of S corporations and their estate tax planning advantages, and determine the advantages and disadvantages of transferring farmland to a corporation
  • Identify testamentary trusts and living trusts, noting subcategories and changes necessary when used for asset protection
  • Determine how different trusts are taxed with regard to income tax, estate tax, and gift tax, identify the grantor trust rules and the effect of the treatment on owners for income tax purposes, and specify the tax consequences of several trust types
  • Recognize the various types of co-tenancy and their impact on asset protection and tax liability
  • Identify partnerships noting their types, ways that partnerships may be better than corporations from an estate-planning viewpoint, how partnerships are taxed, how estate freezing works to minimize death taxes, and the structuring of family partnerships
  • Specify the advantages and disadvantages of a limited liability company (LLC), problems associated with its newness, and how professional firms, joint ventures, and families can benefit from establishing LLCs
  • Recognize how retirement plans can be used to provide substantial lifetime benefits to a business owner and to employees while simultaneously providing asset protection
  • Identify important characteristics of custodianship and estates as asset protection tools

Chapter 4

  • Note the components of the 2005 Bankruptcy Act and how it changed procedures, qualifications, and tax law
  • Identify the most common bankruptcy types, noting their influence on how an individual or business 'goes bankrupt'
  • Specify the rules for automatic stay and levy, noting their impact on 'freezing' creditor activity, tax assessment, and collection
  • Identify the differences between preferential and nonpreferential payments, noting the priority of creditor claims
  • Recognize when debt is discharged under various bankruptcy types and how to establish an individual bankruptcy estate determining its taxable income and filing requirements
  • Identify the special rules that apply to individual debtors, partnership bankruptcies, and corporate bankruptcies
  • Specify debts covered under homesteading
  • Determine permissible garnishment amounts, noting special garnishment rules

Chapter 5

  • Recognize the effect that debt cancellation has on net worth and potential income inclusion from cancellation of indebtedness income
  • Specify exceptions to the general income inclusion rule, noting their tax impact
  • Identify tax attribute reductions, noting their application when reducing canceled debt
  • Cite the special basis reduction rules and recognize the depreciable property election in reducing the basis of depreciable property before reducing any other tax attributes
  • Determine what constitutes individual, partnership, and S corporation bankruptcy
  • Specify the variables used in determining whether shares of stock issued to a creditor are nominal or token
  • Determine gain or loss resulting from foreclosure or repossession noting reporting and filing requirements, specify the timing and character of the gain or loss, and cite the hidden income tax danger of directly or indirectly acquiring one's own debt at a discount

Chapter 6

  • Identify the formats that courts typically follow if a couple does not have a premarital agreement
  • Note the defining characteristics of post-nuptial and premarital agreements including how they relate to divorce settlements and divisions
  • Determine the application of §1041 to interspousal transfers, the tax trap of deferred tax liability, and the transferor's and transferee's property basis under §1041(b)
  • Specify the deferred gain or loss associated with selling an interest in the marital residence
  • Recognize the application of §1041 to selected business, retirement, and investment assets
  • Identify conditions that must be met for a like-kind exchange to be nontaxable
  • Recognize tax consequences resulting from the division of certain types of property between spouses or former spouses incident to divorce
  • Identify the elements of a Qualified Domestic Relations Order (QDRO)

Chapter 7

  • Specify ways to manage an incompetent person's estate
  • Determine joint tenancy and its benefits
  • Identify the levels of conservatorship that can influence assistance in management and protection of an estate and/or personal care, noting applicable advantages and disadvantages
  • Recognize the concept of durable power, noting its usage
  • Identify funded revocable living trust variations and their advantages
  • Recognize the defining characteristics of eldercare benefits of Medicare and Medicaid, countable income, and asset groups under Medicaid, noting eligibility requirements
  • Identify possible health care decisions such as having a living will
  • Distinguish between Supplemental Security Income and Social Security disability benefits, identify assets groups for SSI, and specify requirements for SSI and Social Security disability benefits
  • Specify the goals and purposes of asset protection, the objections some people have about shielding assets from creditors, and reasons for asset protection
  • Identify situations that can unexpectedly put assets and financial security at stake and the common sources of lawsuits, noting reasons why certain parties are targeted for lawsuits
  • Recognize the concept of exploding and imploding liability and how dealing with them is necessary for a complete asset protection plan
  • Recognize the defining characteristics of insurance, asset placement, and statutory protections, noting when they are applied to asset protection
  • Specify the types of creditors associated with asset protection and fraudulent transfers, noting their salient characteristics
  • Identify the fraudulent transfer provisions which protect current and future creditors, the badges of fraud in the Uniform Fraudulent Transfer Act, applicable statutes of limitation, potential criminal penalties associated with fraudulent transfers, and the differences between fraudulent asset transfers and permissible asset transfers
  • Recognize the process for asset protection planning, noting the categorization of assets using a balance sheet


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