The Trust Relationship With An Asset Protection Group https://www.empowernetwork.com/drmurray/asset- protection- group/
One of the ways through which an asset prot ect ion group can protect the value of someone’s property is to offer people a contract that requires them to transfer those assets to them and have the entity manage them on their behalf. The trust contract usually specifies the roles of each person and the specific tax recommendations as to who is liable to pay the taxes accrued due to holding the assets. In this way, an asset protection group may choose to leave the original owner as income tax neutral and thereby agreeing that they are going to handle all the obligations regarding the IRS.
April 2, 2013
Asset Protection Group
When someone gives full control to the asset protection group, mainly through a trust, he in turn relinquishes the ownership of the property and will never have the rights to again dictate what the trust decides to do to maintain the value or grow the income streams attached to the property. The main headache of maintaining the property remains with the asset protection group and therefore, this original owner can focus on his other affairs without needing to keep tabs on what is going on with his property. Many people enter this deals so that the property will in the opportune time be transferred to specified beneficiaries.
Asset Protection Group: How to Avoid Losing Property in Lawsuits Irrevocable trusts are a way for an asset protection group to set up a way for the original owner’s property to be considered “not his” whenever there is a court case that needs compensation and the person suing hoped to get proceeds from the assets the grantor transferred to the trust. In other words, in case someone held substantial property and wanted to guarantee that the children get this property at a certain point in life, he will deal with an asset protection group to ensure the property is under their care well by the time the children are old enough to have it. If some liability arises where the person’s property would have been attached, the property that was committed earlier to the asset protection group or trust is untouchable because he legally relinquished the property.
Asset Protection Group: Fiduciary Responsibility The relationship that exists between the
The relationship that exists between the asset protection group and the grantor/client is a fiduciary relationship where the assets are to be protected at all the possible costs. Therefore, other relationships, reputations, political allegiances and various differences are not expected to change the contract to make the grantor the loser. The asset protection group becomes a diligent servant who will invest the property under very prudent circumstances and will not at any time be gambling or making reckless decisions that wear out the worth of the transferred assets.
Asset Protection Group
Asset Protection Group: Avoid Spend Down Rules of Nursing Homes A number of nursing homes will not take up an elderly person if he has a lot of wealth of his own and can therefore afford to hire people to take care of him. When the person enters an irrevocable trust relationship with the asset protection group, he in turn avoids the spend-down rule that is usually needed to qualify enrollment into a nursing home. One way I prot ect my asset s I often get asked what I do to protect my assets. I am not an expert in this field, nor do I claim to be. The subject is too complex and requires too much time to monitor. I hired an expert to manage my assets. I recommend you do the same. If you need a name, I cannot recommend Fred Forman of Forman, Corcoran, Clark & Associates, P.A. highly enough. Based out the New England area, Fred is considered one of New England’s top estate planning, elder law and business attorneys. He is one of only a select few attorneys to hold the prestigious “Five Star Professional” award and designation. Fred is powerhouse at the national level. If you do not live in the New England area, call Fred anyway and he can refer you to someone in your vicinity. Honestly I don’t know what all that means. What I do know is Fred is a down-to-earth guy who speaks English and eschews lawyer speak. He has been through it all and has every contingency covered. Here’s what I do know for a fact: When my wife and I left his office after completing the creation of a revocable trust with Fred, we both looked at each other and agreed it was the best investment we have ever made.
Most people put off the discussion of asset protection until it’s too late. Don’t be that person. Do it now. Check out Fred at http://FredForman.murrayrecommends.com You can see my recommendation on Yelp: http://FredFormanonYelp.murrayrecommends.com One Way I diversif y my income: If you would like to learn how to increase your asset base by the simple process of blogging, my team prepared this cool video for you: http://bit.ly/XRSGZD Make a decision to join now. Most people put off this decision until it’s too late. Don’t be that person. Do it now: http://bit.ly/XRSGZD
About The Author: DR Murray DR Murray is a 30 year Fortune 500 financial executive and US Army Logistics Management officer. He strongly believes in multiple income streams to reduce the risk of relying on one income source. His personal mission is to empower other individuals to take control of their own destiny and along the way maintain a sense of humor. It's better to be in the parade than to watch it go by! Are YOU ready to join him? Join Him Here