Asset Protection Strategies Beyond Insurance - Beacon Hill ...

By admin Posted on April 03, 2012

You?ve worked hard to accumulate your assets and property; that?s why it?s so important to take measures to protect your wealth. Often, the simplest way to protect assets is by shifting the risk to an insurance company. But insurance may not provide all the protection you need or it might not be available, so you may need to consider other strategies.

These asset protection strategies generally involve transferring legal ownership of assets to other persons or entities, such as corporations, limited partnerships, and trusts. The logic behind shifting ownership of assets is fairly straightforward: your creditors can?t reach assets you don?t own.

Shifting assets to a C corporation

The law views a C corporation as a separate legal entity. As such, business assets owned by a C corporation are considered separate from your personal assets, which will generally not be at risk for the liabilities of the business.

However, protection from liability may be lost if the business does not act like a business, such as when the business acts in bad faith, fails to observe corporate formalities (e.g., organizational meetings), has its assets drained (e.g., unreasonably high salaries paid to shareholder-employees), is inadequately funded, or has its funds commingled with shareholders? funds.

Shifting assets to other entities

A limited liability company (LLC), limited liability partnership (LLP), or family limited partnership (FLP) is a legal entity that can be used to separate business assets from personal assets.

An LLC is generally taxed like a partnership with income and tax liabilities passing through to its members (and not double-taxed as a C corporation), but it is viewed as a separate legal entity and can be used to own business assets, protecting your personal assets from business claims against the LLC.

If you have business partners, an LLP may protect you from the professional mistakes of your partners. That is, if one of your partners is sued for negligence, and the LLP is also named in the lawsuit, the partner sued may be liable personally for any judgment, but the LLP should protect your personal assets from the reach of any judgment creditor of the LLP.

An FLP is a limited liability partnership formed by family members only. Generally, a creditor can only obtain a charging order against the FLP, which allows the creditor to receive any income distributed by the general partner (who is usually a family member). It does not allow the creditor access to the assets of the FLP. Although each of the entities discussed above are alike in that they can protect your personal assets, they are very different in other ways. Make sure the entity you choose satisfies all of your needs.

Shifting assets to a trust

There are many different types of trusts that can be used to protect assets. A protective trust may protect assets intended to eventually pass to another person. For example, you transfer assets to a protective trust naming yourself and another as beneficiaries. The trust allows you to receive only income from the trust, with no access to the trust principal. At your death, the assets are to pass to the other beneficiary. If you?re sued, the creditor can only receive your right to trust income, but not the assets of the trust. These trusts usually contain a spendthrift provision that makes it difficult for creditors to reach trust assets to satisfy claims against trust beneficiaries.

The laws in a few states, such as Nevada, Alaska, and Delaware, enable you to set up a domestic self-settled trust. You can create this type of trust, transfer assets to the trust, and name yourself as beneficiary. The trust gives the trustee discretion over whether or when to distribute trust property or income to beneficiaries. Creditors can only reach property that the beneficiary has a legal right to receive. Therefore, the trust property will not be considered the beneficiary?s property, and any creditors of the beneficiary, including you, will be unable to reach it.

Many foreign countries have laws that make it difficult for creditors to reach trust assets held in that foreign country. In order for a creditor to reach assets held in a foreign or offshore trust, a court must have jurisdiction over the trustee or the trust assets. Because the trust is properly established in a foreign country, obtaining jurisdiction over the trustee in a U.S. court action will not be possible. Thus, a U.S. court will be unable to exert any of its powers over the offshore trustee.

Protecting assets doesn?t include fraud

Protecting your assets by legally repositioning them does not extend to actions intended to hide assets or defraud creditors. So, make sure you implement any asset protection strategy before there is any hint of trouble, and be sure to carefully document that you are doing so for sound business or other reasons.

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IMPORTANT DISCLOSURE Beacon Hill does not provide tax or legal advice. The information presented here is not specific to any individual?s personal circumstances. These materials are provided for general information and educational purposes based upon publicly available information from sources believed to be reliable.

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New U.S.-Kurdistan Business Council Launches at Event Featuring Kurdistan Region President Masoud Barzani

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In major reversal, Muslim Brotherhood will vie for Egypt's presidency

The Muslim Brotherhood, an Islamist group, could end up in control of all three branches of Egypt's new government.?

The Muslim Brotherhood has nominated its deputy leader as a candidate in Egypt?s presidential elections, in a reversal that upends the race for Egypt?s first post-revolution leader and could leave the Islamist group in control of all branches of Egypt?s new government.

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The decision to field Khairat El Shater, a wealthy businessman who has served mostly behind the scenes, came after nearly a year in which the Muslim Brotherhood said it would not contest the presidential elections so as not to provoke fear of Islamic rule in Egypt. But in a press conference Saturday night at their new headquarters, Brotherhood leaders said they found it necessary to change course because the transition to democracy is under threat, and the group was stymied in parliament.

"We have chosen the path of the presidency not because we are greedy for power but because we have a majority in parliament which is unable to fulfill its duties," said Mohamed Morsy, head of the Brotherhood?s Freedom and Justice Party. Mahmoud Hussein, the group?s secretary general, cited attempts to ?abort the revolution.?

The move is the Brotherhood?s trump card in a recently escalating battle for power with the Supreme Council of the Armed Forces (SCAF), the military council currently ruling Egypt, say analysts. But it could cause a backlash, not only at home but also abroad, among Western governments wary of an Islamist regime in Egypt. The risky step from the conservative movement is an indication of the difficult political realities confronting the Brotherhood as it attempts to transition from a repressed opposition group to a majority power.

?This is the last-mile fight,? says Khalil Al Anani, an expert on Islamist politics at Durham University who is currently in Egypt. ?After [the Brotherhood] realized that the parliament is powerless, they decided to fight until the last point that they can reach to guarantee some kind of power over the new political system?. This is a serious conflict over power with the military.?

The Brotherhood?s political arm, the Freedom and Justice Party, won nearly 50 percent of the seats in parliament in recent elections. But they have since found those seats gave them less clout than they had anticipated. The military refused repeated Brotherhood demands that SCAF sack the military-appointed cabinet and allow the parliamentary majority to form a government.

This lack of power, despite what was perceived as a strong victory in the elections, was embarrassing and damaging to their credibility, says Omar Ashour, an expert on Islamist movements who is a visiting fellow at the Brookings Doha Center. ?They're not going to accept being marginalized with such a popular mandate,? he says.

At the same time, the movement had few good choices when considering outside presidential candidates to back. They could not endorse any of the handful of Islamist candidates already in the race for various reasons, but risked revolt if they backed a non-Islamist candidate. Not backing a candidate was not an option, says Dr. Anani, because the leadership was afraid a president elected without their support might eventually turn on them. They deliberated mindful of 1954, when Gamal Abdel Nasser turned on the organization, officially banning it and imprisoning thousands of members. The SCAF invoked that history in a recent statement, as its confrontation with the Brotherhood heightened.

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Rabbi Shmuel Herzfeld: What the Pope Should Have Said in Cuba

This past the week Pope Benedict XVI visited Cuba. Most of us never know what goes on behind closed doors, but by all public accounts, his visit was a profound disappointment to the Jewish community.

Before the Pope's visit, the Jewish community petitioned him to raise as a humanitarian concern the plight of Alan Gross. Alan Gross is an active member of the Maryland Jewish community who was prosecuted in Cuba in 2011 after being accused of crimes against the Cuban government for bringing computer equipment to the Cuban Jewish community and helping them connect to the internet.

He is currently serving a 15-year prison sentence in Cuba. Many people around the world view his conviction and sentence as a grave injustice. It was not only the Jewish community that asked the Pope to raise the plight of Alan Gross. The State Department also appealed to the Pope to speak out on behalf Gross.

But in published reports about the Pope's personal meeting with Fidel Castro it seems he had more important things to discuss. According to Reuters, they discussed "the difficult world situation and the problems of mankind from a religious, scientific and cultural point of view. Fidel Castro questioned Benedict about changes in church liturgy and asked the pope to send him a book to help him reflect."

Well, if I were in that conversation with the Pope and Castro, I would have immediately asked Castro to reflect upon the fact that it is the Jewish holiday of Passover this week. The holiday of Passover celebrates the freedom of the Jewish people from the bondage of Egypt, and this year, Gross is being denied his freedom and thus an ability to fully celebrate the holiday.

I have personally tried through direct channels and indirect channels to visit with Gross in order to offer him moral strength and religious support. But the Cuban government has rebuffed my attempts. I have also taken my turn as part of a rotating series of synagogues and rabbis that hold vigils for Gross outside the Cuban Special Interests Section, raising a voice on behalf of Gross. I would have asked Castro to reflect on the fact that he was once a young revolutionary campaigning for freedom and he is now an old dictator imprisoning a man convicted of the crime of spreading the internet.

I have a warm place in my heart for Cuba because it saved my father's life. My father ran away from the Nazis during World War II, and the only country that welcomed him in was Cuba.
It was partly for this reason that I went on a religious mission of spiritual outreach to the synagogues of Cuba in the summer of 2006.

The Cuba that I saw was a far different place than the welcoming country that saved my father.
I saw a Cuba where nothing was as it seems. Everything was opaque; a police state with multiple police officers on every block watching everything you do. Political billboards were everywhere. There was a picture of Bush with Hitler's moustache; another picture which said "Bush: The Evil Assassin."

I remembered singing and dancing in Havana's three synagogues. There was so much joy and fellowship in the room as we connected with our brothers and sisters through prayers and Torah.

And yet, there was the dark side. There were people who told us privately that so-and-so is an informant; or please don't help us in public as any help you give us will be confiscated. Who knew who could be trusted?

I remembered meeting Jose Levy, the man who is the head of the Sephardic Synagogue in Havana. The Sephardic Synagogue is the smallest Synagogue in Cuba. Maybe its smallness has to do with the fact that Jose is persona non grata with the regime. He was a Captain in the Navy in 1980 when he applied for an exit visa. Not only was his visa rejected but he lost his job and for a long time was unable to work.

I saw a Cuba where people were seeking freedom from Castro's prison.

For this reason when I passed Castro's office one day and saw a very large statue of Jose Marti, who is beloved in Cuba as one of their liberators, I walked in front of the soldier who was standing guard next to the statue and blasted a shofar while holding a piece of matzah, both symbols of freedom in the Jewish tradition. I declared, "Dror ba-aretz, let there be freedom in the land. Let there be freedom so that people can voice opposition without going to jail. Let there be freedom so people can get more than six pounds of rice and six pounds of sugar a month. Let there be freedom so that people can make more than $20 a month. Let there be freedom so people can purchase their own home."

Let there be freedom so that local Cubans can have permission to surf the net without facing a prison sentence of 15 years.

It is my hope and prayer that the Pope asked Castro to reflect on this lack of freedom in his land. But I fear that the two of them had more important things to discuss.

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PhotoBlog: Palm Sunday observed around the world

Sebastian Scheiner / AP

Catholic priests carry palm fronds at the Church of the Holy Sepulchre, traditionally believed by many to be the site of the crucifixion and burial of Jesus Christ, in Jerusalem's Old city, April 1. Palm Sunday marks for Christians Jesus Christ's entrance into Jerusalem when his followers laid palm branches in his path, prior to his crucifixion.

The day's events began with a mass at the Church of the Holy Sepulcher ? revered as the site where Jesus was crucified, buried and resurrected. Several hundred worshippers and clergy lit candles and waved palm fronds in the dark, cavernous church.

"It's the holiest place in the world for Christians and it's important for me to come here at least once in my lifetime," said Etienne Chevremont, 49, a visitor from Paris who attended the Jerusalem Mass.

-- Reported by the Associated Press

Vasily Fedosenko / Reuters

A woman prays on a hill with wooden crosses after a procession celebrating Palm Sunday in the town of Oshmiany, 88 miles northwest of Minsk, Belarus, April 1.

Kacper Pempel / Reuters

Women hold palm fronds as they take part in a Mass celebrating Catholic Palm Sunday at Saint Anna church in Warsaw, Poland, April 1.

Vincenzo Pinto / AFP - Getty Images

Pope Benedict XVI leaves after celebrating the Palm Sunday mass in St Peter's square at the Vatican, on April 1. Palm Sunday marks the start of the holy week of Easter in celebration of the crucifixion and resurrection of Jesus Christ.

Jon Nazca / Reuters

Spanish actor and director Antonio Banderas, center, sings a song to the Virgin inside a church as he takes part as a penitent in the "Lagrimas and Favores" brotherhood in a Palm Sunday procession at the start of Holy Week in Malaga, southern Spain, April 1. Hundreds of processions take place around the clock in Spain during Holy Week, drawing thousands of visitors.

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Holy Week Meditations: A God Who Calls Me Friend

You are my friends if you obey me. ?I no longer call you servants, because a master doesn?t confide in his servants. ?Now you are my friends since I have told you everything the Father told me. ?John 15:14-15 NLT

Friendship. ?It?s a precious gift, isn?t it? ?One that is often elusive here on earth sometimes. ? We hurt people, we get hurt. ?We say things without thinking and we miss opportunities to serve and love. ?We face the need to forgive, to let go, or to harbor the pain.

And yet, hope springs eternal. ?We long for companionship. ?For a friend who will walk with us through life. ?For company in the dark times and shared laughter in the bright days of summer.

When I contemplate the nature of friendship ? the rhythmic cycle of building relationships over passing years, shared experiences, and common dreams ? I wonder, how is it that the God of all things, I AM, has chosen me to be His friend?

Certainly not because I?ve proven myself worthy ? I haven?t.

We ought to treasure more deeply those experiences, those relationships, those opportunities that come when we are most unworthy.

Jesus said, ?You are my friend.? ?

Not because I earned it ? because He offers it.

Maybe this week, as we move closer to the dark shadow of the Cross and then bright glory of an empty tomb, you need to hear this precious word from the Word-Made-Flesh,

?You are my friend.?

How do you cultivate a friendship with Christ?

{Perhaps these words encouraged you today. ?Maybe they might be a blessing to someone else? ?I?d find it a great honor if you were to share this post with those you know. ? And I?d also count it privilege to share a moment of each day with you ? perhaps you?d like to subscribe via email or in a Reader? ?Many thanks.}

THE best investment I have made in my blog is joining DIY Ministry! Amy and Lisa are excellent teachers and blogging gurus who give generously of their expertise to help others reach their dreams. If you want to learn more about building a blog that can reach an audience, DIY Ministry is an investment you won't regret!
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Tagged as: Faith, Friendship, Holy Week, Relationship with Christ

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Foster families ? Good Mews News

When our frequent foster mom Pam Donald wrote what it feels like to be a foster mom we had some questions about what exactly is involved in fostering.

To quote the Good Mews foster care manual the major objective of a foster family is to ?in the comfort of your own home, ensure a safe, nurturing, peaceful environment in which kittens, nursing mothers and/or special needs cats can grow, heal, recuperate, socialize and become/remain adoptable or live out the rest of their days.? ?So how do I do that?

There are a few requirements to becoming an approved Good Mews foster home. ?First, you have to agree to and pass a home inspection. ?This is required by the Department of Agriculture as you will be acting, in essence, as an annex of the shelter. ?Don?t worry; we won?t come in and tear your house apart. ?We have to know that our cats will be staying in a comfortable, safe, clean environment and must have the paperwork to prove as much to the Department of Agriculture so as to not put our license in jeopardy. ?From there you must receive medical training from the shelter?s medical volunteer coordinator to be sure you?ll be comfortable giving fluids, taking temperatures, and pilling cats/kittens should that become necessary. ?And if you are interested in raising orphan kittens there is a mandatory training class.

Your level of responsibility varies depending on the age of your fosters and the reason you are fostering. ?A cat recuperating from surgery may require more frequent trips to the vet than one who simply needs some one on one socialization before coming to the shelter. ?And a litter of kittens requires extra effort because you are taking on more than one cat.

In general the responsibilities include:

• Feed, socialize, groom, medicate, clean and monitor animals
• Ensure the safety of the foster animals and respond to the needs of the animal.
• Ensure that foster companion animals are current on vaccinations and spayed/neutered.
• Observe and report any problems to the Shelter Manager at Good Mews.
• Transport fosters to and from veterinary appointments as scheduled by Good Mews.
• Return the animals to Good Mews at the appropriate time upon completion of the foster assignment.
• Comply with the policies, procedures and philosophies of Good Mews and act as a representative of the organization.

Without question the toughest part is bringing your foster cat(s) back to the shelter and their adoption day is bittersweet indeed but knowing that you played such a big part in the life of a cat is beyond rewarding.

Our foster homes provide the space and time for cats to grow and heal before coming to Good Mews. ?Because of them we are better able to care for newborns, cats with medical conditions, and elderly cat returns. ?Having a roster of active foster homes is very important to the shelter particularly during kitten season. ?If you think you have the space in your home and heart, why not consider it?

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This entry was posted on April 2, 2012, 6:54 am and is filed under Uncategorized. You can follow any responses to this entry through RSS 2.0. You can leave a response, or trackback from your own site.

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