Asset Protection Club™
Specialized Business, Contract, Tax and Asset Protection Information for Small Business From
Specialized Attorneys With Over 33 Years of Experience!

Asset Protection Club™ is a specialized information site for independent small business owners, executives, commercial and residential real estate owners, doctors, dentists, attorneys, accountants, and others concerned with assessing and protecting (within a legal manner) their legal and asset protection risks. This site serves the latest news and articles concerning
What’s Legal, What’s Not™ in Law, Tax, Asset Protection, and Business.
 

WARNING: HIDING ASSETS DOMESTICALLY &
OFFSHORE WILL CREATE ADDITIONAL PROBLEMS!

LEARN THE ONLY LEGAL METHOD TO SAFEGUARD SOME OF YOUR ASSETS,
WHEN FACING LIABILITY, ESPECIALLY IN CALIFORNIA! eMail

LEARN THE 4 MOST DANGEROUS MISTAKES MADE BY SMALL BUSINESS PERSONS,
& THEIR ATTORNEYS BEFORE ENTERING BANKRUPTCY! Link

Legal Risks & Asset Protection: “Retail” Asset protection not only helps to protect liability exposure issues, but it also means that the old or usual asset protection is no longer acceptable, as it will expose you to liability from the changes in law, practice and new tax and asset protection trends. For example, typical use of LLCs, LPs, and Corporations will not do anymore. More importantly, use of OFFSHORE trusts or accounts is no longer acceptable if one wants to avoid a serious risk trend in Congress, the Courts, and the IRS. OFFSHORE is now a formal and official RED FLAG! The average person and business person should not engage offshore techniques unless they have (1) a comprehensive protection plan that does not rely on the viability of the offshore arrangements, and (2) has and expects to spend serious legal fees somewhere down the road! Click here for an article about this new offshore trend.

Legal risks and asset protection planning is not simply the use of a PC, Family Limited Partnership, LLC, or offshore trust. In fact many times it’s more about what ‘situs’ to avail yourself to and what devices, methods, techniques or situs not to use! It’s knowing the legal and governmental climate or tolerance for use of a full array of legal risk and asset protection devices, methods and techniques. It pays to know where the trend is going!

Offshore: For example, let’s discuss “offshore”. It’s critical to understand that bills passed by Congress in 2007 expressly target use of offshore trusts, devices, bank accounts, insurance schemes, and transactions. The STOP TAX HAVEN ABUSE ACT would impose numerous ‘factual’ and ‘guilt’ presumptions of wrongdoing, even if you are not named directly or indirectly on the offshore device (and use a ‘protector’). Click here for an article about this new offshore trend.

Domestic: Don’t be fooled into thinking that the new bills passed by Congress are only targeting ‘offshore’ activity because the very heart of asset protection is vulnerable under the new codification of the ‘form over substance’ doctrine. Click here for an article about this new domestic trend.

Tax Efficiency vs. Avoidance of Capital Gains or Income Schemes: First of all, tax schemes for tax sake are now suspect and targeted itself. New bills passed by Congress reveal the trend that - tax benefits are not allowed if the transaction (or series of transactions) does not have “economic substance” or “lacks a business purpose”. Click here for an article about this Congressional trend.

Avoiding Captial Gains with the Private Annuity Trust (PAT): For example, Private Annuity (Trust) tax deferral is dead. On October 17, 2006 the I.R.S. issued Proposed Regulations 1.72-6(e) and 1.1001-1(j) (reversing Rev.Rul. 69-74) covering certain (private) annuity trust transactions entered into after October 18, 2006, and other types entered into after April 18, 2007. The Private Annuity (Trust) is effectively DEAD after April 18, 2007 in terms of avoiding or deferring taxes! Moreover, if you have such a trust you should contact a specialist attorney to review your situation to safeguard your rights and protections. Click here for more info on Taxes!

ONLY LEGAL METHOD OF PROTECTING ASSETS WHEN FACING A LAWSUIT OR JUDGMENT! Click here for more info.

EMAIL: MORE INFO | www.rydstromlaw.com

O’Connell & Rydstrom, LLP: WARNING: LIMITATIONS OF USE OF SITE: YOU MAY NOT RELY ON SITE INFORMATION, ARTICLES OR LINKS AS LEGAL, TAX OR FINANCIAL ADVICE. YOU MUST HIRE AN ATTORNEY TO ADVISE YOU AS TO YOUR UNIQUE FACTS AND CIRCUMSTANCES. LEGAL NOTICE: This article is not legal, tax or financial advice, and you may not rely on it for same. This is a brief non exhaustive newsworthy article and may be deemed an advertisement from the State Bar. All Rights Reserved ©2007 Richard I. Rydstrom | IRS CIRCULAR 230 DISCLOSURE NOTICE: To ensure compliance with IRS requirements, we inform you that any U.S. federal tax advice contained in this communication is not intended or written to be used, and cannot be used by any taxpayer, for the purposes of (i) avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing or recommending to another party any transaction or matter addressed herein.