Asset protection (sometimes referred to as debtor-creditor law) is a set of legal techniques, including statutory and common laws, dealing with protecting assets of individuals and business entities from civil money judgments. The ultimate goal of an asset protection plan is to insulate your assets from claims of creditors without concealment or tax evasion. Any [...]
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Disregarded Entities (LLC’s, Sub-S Corps, Grantor Trusts) and Discharged Indebtedness INTERESTING QUESTION Suppose a grantor trust or disregarded entity[i] becomes insolvent or bankrupt – but its owner is not. Is the owner exempt from income tax if the trust or entity is discharged from indebtedness? Some taxpayers take the position that the exception described below [...]
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I principally use trust based techniques to facilitate (i) asset preservation, (ii) consistent and competent asset management, (iii) achievement of long term investment goals and objectives, (iv) consistent and competant management of beneficiary distributions, (v) beneficiary access to capital for proper purposes, (vi) the incorporation of trustor’s personal values into the distribution plan of each [...]
