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Asset Protection (K.I.S.S.) “A Fool And His Money Are Always Welcome” By Rick Kahler, CCIM, CFP™, GAA Kahler Financial Group
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“Who Me, Worry? I’ve Got Insurance.” Denied Claims Policy Limits Bankruptcy Lapsed Policy
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“Well, Maybe I Should Worry.” Frivolous Law Suits – “Show me the assets” High Profile = Perceived Deep Pockets Property Liability –EPA, HUD Property seizures – 260,000 per year –RICO, DEA, ATF, FBI, IRS
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“OK, I’ll Worry!” Illegal discrimination Returning deposits Illegal contracts Lead paint Injury to tenant Pools Smoke detectors Failure to maintain Injured visitors Inadequate door locks Drug dealers Liability for manager Failure to remove trash Violations of laws Damage by workmen Etc.
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“OK, OK…What Should I Do? Get started, today.
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Before You Start Good asset protection seems real silly, like major overkill….until you need it. Then it’s called a fraudulent transfer. Get used to hearing, “Why would you want to do that?” and “You can’t do that." Educate yourself
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Asset Protection Fundamentals Own nothing in your own name Use a variety of entities –Trusts, LLCs, Corps, FLPs In a variety of states
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K.I.S.S. Keeping It Simple isn’t Smart
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How Do I Protect My Real Estate?
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Methods To Hold Real Property Personal Name Living Trust Corporation Limited Liability Company Limited Liability Partnership Land Trust
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Personal Name NO liability protection NO privacy Report taxes on Schedule E NO annual fees or paperwork NO annual meeting
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Living Trust NO liability protection Some Privacy –Don’t use your name in the title or be trustee –Beneficiary deemed to own equitable title NO additional tax return NO annual fees or paperwork Tax Neutral
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Corporation Liability protection –Can only lose what corporation owns Some privacy –Officers are public record Additional tax return Annual fees and meeting Not tax neutral
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Limited Liability Company Liability protection –Can only lose what company owns Some privacy –Officers are public record Additional tax return Annual fees but no meeting Tax neutral
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Limited Liability Partnership Liability protection –Can only lose what partnership owns Some privacy –Two partners are public record Additional tax return Annual fees but no meeting Tax neutral
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States That Statutorily Recognize Land Trusts Florida Georgia Hawaii Illinois North Dakota Virginia
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Land Trust Liability protection –Can only lose what land trust owns Privacy –Trust not public record –Beneficiary deemed to own personal property NO additional tax return NO annual fees NO annual meeting Tax neutral
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LAND TRUST Real Estate
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LAND TRUST North Dakota Real Estate Rapid City Trustee North Dakota Resident Beneficiary
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LT ND RE RC Trustee North Dakota Resident Beneficiary LLC Wyoming Registered Agent Wyoming Resident LT ND LT ND RE RC RE RC
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LAND TRUST North Dakota Real Estate Rapid City Trustee North Dakota Resident Beneficiary LLC Wyoming Registered Agent Wyoming Resident LIVING TRUST South Dakota Trustee You
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This Is Just The Beginning Don’t try this at home The devil is in the details Educate yourself Educate your attorney Educate your accountant
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Our 30 Years of Experience Runs Deep Operate multiple businesses With over 40 employees Instruct nationally and internationally Columnist for 10 years Several financial and real estate degrees –CFP™, ChFC, CCIM, GAA –Masters in Wealth Management
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Our Broad Experience Means: We give you tried applications, not theory You learn from our experiences We see the bigger picture We know the answers to the questions you don’t ask You get better, more balanced advice.
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