P.I.T.A. - Asset Protection
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Asset protection constitutes an important part of estate planning discipline from the time of its inception. People accumulate property and assets for future security of the family members. Asset protection is becoming more significant in the changing scenario and now the focus has shifted to protect the assets from the access of future potential creditors. This would help the people to pass their asset to beneficiaries and family members by traditional estate planning techniques.
Various sources can bring about liability and credit problems. Tort creditors, contract creditors, regulatory liability, etc. can pose a great threat to your assets if not maintained properly. Situations such as bank debt, consumer debt, partnership liabilities, etc. can create creditor problem. Besides, the cases of tort litigation are on the rise with an annual litigation cost mounting to at $300 billion in the United States.
Regulatory liability is enacted by the government to achieve some advantageous goals. Liability has to borne by all the parties without exactly measuring the part, which that each of them has contributed. Another matter of great concern for the people is to provide aid to the disabled relatives without including it into trust asset that could determine whether the beneficiary requires any public assistance or Medicaid.
One of the most traditional means of asset protection is by providing outright gifts to protect it from any creditor claims. Only under conditions that the client is insolvent or would be reduced to insolvency after gifting the asset then some impositions may take place under the Fraudulent Conveyance statutes. The latest technique of asset protection resorts to family owned partnership. It is helpful in maintaining the assets at it offer various tax and nontax benefits that include transfers of value without renunciation of hold over it, valuation discounts and many more beneficial points. Going for an offshore protection trust is also advantageous.
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