This outline addresses the question: "Why is Asset Protection Important?" Then it introduces the reader to four (4) basic entities and legal structures that may be useful for 'Asset Protection' purposes as well as the reduction and control of income taxes under the US Federal Income Tax laws:
|
1. The 'Asset Protection' Limited Liability Company;
| |
2. The 'Tax Deferred' Variable Annuity;
| |
3. The 'Tax Deductible' Closely Held Corporation; &
| |
4. The Benefits of Leasing - to Your Own Corporation!
|
The closing section then raises the question "When is 'Offshore' (non-USA) Appropriate?" as part of your 'Asset Protection Plan'.
The discussion focuses on how to structure your personal financial holdings in order to gain protection
|
from 'spurious creditor claims', and illustrates some of the important consideratons in 'Tax and Asset Protection' planning. (Note: The phrase 'spurious creditor claims' refers to the kind of creditor claims and liabilities that typically arise from 'accidents' or 'unanticipated events', rather than from intentional actions like voluntary contracts.)
However, since the 'tax' and 'financial' situation of everyone is different, this discussion cannot be expected to address your unique 'tax' and 'asset protection' requirements. And, your personal 'Tax and Asset Protection Plan' should be developed in consultation with your own legal, tax and financial advisors, who are familiar with all aspects of your personal financial situation, and qualified in the various disciplines involved in 'Tax and Asset Protection' planning.
|
