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What Every Physician, Business Owner and Professional Needs to Know About Asset Protection
Copyright (c) 2009 Jeffrey Matsen
As we are all aware, over the last few decades expanding theories of liability and the proliferation of litigation has given increased emphasis to Asset Protection Planning to the extent that it is now a well recognized area of practice. However, traditional Estate Planning has always encompassed the concepts of asset preservation and protection. Accordingly, all of us who have business owners, physicians and other professionals as clients need to be able to integrate our Estate and Business Planning with Asset Protection Planning in order to properly serve the needs of our clients. Certainly the area of Asset Protection Planning is a concern for all of these types of clients.
Why has there been such an increase liability exposure over the past thirty years? There are several reasons, the principal ones of which are as follows:
1.Plaintiffs’ lawyers have made huge contingency fees on malpractice and other kinds of claims and class action lawsuits. Obviously, the financial reward drives this kind of legal action.
2.The deep pocket theory where those who are “have nots” want a piece of the assets of those “who have”.
3.We live in a victim-oriented society where everyone tries to place blame with financial remuneration attached to it on someone who has the financial resources to pay.
4.The increase media and society awareness of claims results in high notoriety for these types of lawsuits and creates a ready and willing audience of plaintiffs.
Business owners, physicians and other professionals are especially high profile targets because of the public perception of wealth of these types of individuals. The job of the lawyer is to assist these types of clients in setting up and arranging their assets and affairs in a manner that will successfully transfer their legacy to their heirs in the most orderly and tax saving manner while at the same time preserving and protecting their property during lifetime.
I like to talk about implementing the three “Ps”:
*Preserve assets for their heirs and family by structuring the proper Estate Plan and by reducing death taxes.
*Protect assets during their lifetime by creating liability shielded entities and lowering financial profiles
*Process the plan by properly designing and implementing strategies in the most practical and skillful manner.
I have devised a significant and fundamental approach to addressing all the legal and tax concerns of business owners, physicians and other professionals by implementing the three “Ps” in a systemic tiered approach which I call “The Ladder of Success”. Each step on the ladder or level of strategy provides immediate asset protection and estate planning benefits. Some or all levels of the complete ladder will be applicable to every business owner, physician and professional depending on the individual state of their career development and net worth. The steps on the ladder and the levels of strategy are as follows:
Level One: The Business Entity Itself: This is the entity that must shield and protect the business owner or professional from direct claims against the operating business. There are also several tax and management issues that have to be addressed at this level dealing with the operation of the client’s business.
Level Two: Basic Estate Planning: This is the fundamentals of Estate Planning involving the Revocable Trust, Pour Over Wills, Durable Powers of Attorney, Healthcare Directives and Medical Record Release Forms. This level has to be integrated with all the other levels so that the entire plan is cohesive and well coordinated.
Level Three: Exemptions and Marital Planning: At this level, we examine and review exemptions such as ERISA Plans, homesteads, insurance and annuities. Many of these exemptions are state law driven and have to be analyzed on the state of residence basis. Marital planning can be very important with respect to the division of assets between the working and non-working spouse and in some states it is critical as to the manner of how property title is held with respect to the married couple.
Level Four: Liability Protected Entities for Investment Assets: It is especially critical that real estate be protected from claims that may well be either beyond the limits or outside the coverage of insurance and the limited liability company seems to be the best vehicle for this purpose. Other types of investments can also be placed in LLCs for additional protection.
Level Five: Domestic Modular Planning with Asset Protection Trusts: As we are all aware, many states have now adopted favorable Asset Protection Trust legislation such as Nevada, Delaware and Alaska. This means that the Domestic Asset Protection Trust can be utilized to hold title to the member interests of LLCs that hold the underlying investment assets.
Level Six: Offshore Modular Planning with Foreign Asset Protection Trusts: For those clients who have sufficient liquidity and preferably some international connections or attributes, the Offshore Asset Protection Trust can be utilized as the owner of offshore LLCs into which investments and capital can be placed. Because of the jurisdictional limitations involved, this approach maximizes the Asset Protection potential for the client.
Level Seven: Advance Estate Planning Techniques: This level examines more advanced Estate and Asset Protection Planning techniques such as GRATS, Private Annuities and QPRTS as well as certain types of insurance vehicles. In conclusion, by addressing the concerns of professional and business owner clients in this tiered analysis program, the Preservation, Protection and Processing of Estate and Asset Protection Planning can all be accomplished.
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Business Loans- Finance for Your Business Needs
If you are looking for flexible finance option to suit your business needs, business loans are for you. While running a business, you should be ready for any unexpected. And if you are in shortage of funds that would be worst phase to face. To overcome all your business financial hurdles, you can find a great help with applying these loans. Moreover, these loans are also providing assistance in starting your own venture if you got fed up in working someone’s order. Establishing a new business has become an easy task with the introduction of these loans.
Business loans are designed to help the people who are business owners, entrepreneurs, and social enterprises to start up or expand their existing business. These loans help you to avail encouragement in terms of money to make your business easier and grow your professional life in the region. You can experience its ongoing support to help you establish a track record.
Likewise all the other loans, you can find this business loans in secured as well as unsecured form. Secured form demands collateral from the borrower. On the other hand unsecured loans are available with the high interest rates so as to overcome the risk of the lenders who are providing the amount without demanding collateral. Competitive online financial market lets you find out a loan deal with better and affordable interest rates.
Do you have poor credits and hesitating to apply with business loans? Don’t be as in spite of all these hurdles, these loans can prove to be a boon for getting approved with poor credit. Presence of CCJ, IVA, arrears, defaults, bankruptcy, insolvency etc. will not create any obstacle. With unsecured business loans, you can avail the money ranges from £1000 to £25000 for the time duration of 1 to 10 years. The amount can be freely used to buy entrepreneurial land or a space for the starting new business. Moreover, you can also make use of the amount in purchasing machinery and in injecting working capital.
Online application helps you to avoid wastage of time and effort. With the help of business loans, you can arrange a desired amount to flourish a new or to manage the old business with the ease of your doorway.
Visit BusinessEnglishPod.com to download this video and others covering more business ESL vocabulary. This Business English video ESL lesson introduces English vocabulary for finance and accounting related to the key concepts of GAAP.
Video Rating: 4 / 5
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Poor Credit Business Loans: Finance For Your Emergency Needs
Do you think your credit scores are not up to the mark? Want instant financial aid to sort out your business expenses? The, don’t worry as poor credit business loans are available to you on feasible terms & conditions. To get approved for this financial aid you do not need to complete tedious application process. Only completing a 2 minute application form is enough to avail fast cash aid.
Poor credit business loans especially meant for adverse credit people so they can also tackle with their emergency on time without facing any sort of embarrassment. To get approved for this financial scheme you do not need to disclose your credit status before the lender. All you supposed to proof your repaying capability and the cash will get transit in your bank account soon.
With the approved cash you can easily meet with your numerous cash expenses without waiting till your next payday. The purposes can be as follows:
Purchase a new PC
Sudden medical expenses
Funding child education
Furnish home
Pay off pending bills, etc.
Through poor credit ratings loans one can easily fetch the amount ranging from £1000 to £25000 for the fixed repayment duration of 1-10 years. You can fetch the funds as per your comfort, present need and financial standings. But, make the repayments on time as it strengthens your credit profile plus make you save from penalty charges.
Well, these loans are unsecured by nature thus you can easily get the required amount without facing much risk. But, due to this reason you need to pay slightly higher rate of interest. But, no need to worry as it can be negotiable.
Plus, now you can apply directly online with convenience of your home. All you just need to fill up an easy application form and submit it online. Within few hours the amount will directly get credited in your bank account. So, having adverse credit status is not prime issues of concern as this financial facility offers you swift cash despite of bad credit history.
Unsecured Business Loans ? Finance Your Small Financial Needs
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When you need small amounts to finance your day-to-day needs of your business, it is ideal to take out unsecured business loans, as there is no property involved for collateral. This implies that the borrowed amount has no risks for your trade. Still, ensure that the loan does not turn into debts.
Under these loans, you can borrow £5000 to £25000, without worrying for collateral. Any small purpose like paying off old debts, salaries, buying office furniture, equipments and raw material can be fulfilled this way.
But take out your credit report first to ascertain that it is free of any inaccuracies about the payments you made in the past. Know your credit rating also on FICO-scale. Ensure that you have applied for the loan with an improved rating, if it has plummeted.
The loan can be repaid in short term of 5 to 15 years, depending on the borrowed amount. Interest rate on the borrowed amount is kept on a little higher side because of lack of collateral. however, usually the rate is fixed, meaning that you are required to make fixed amount of payments towards the installments.
Bad credit history of late payments, arrears, payment defaults and CCJs will not come in the way of availing the loan once you are willing to return the loan at higher rate of interest.
Keep all the documents of your business ready. The lenders will ask for the papers to ensure that you are a genuine borrower and to assess risks in the trade. Ensure that you have a good repayment capability in place.
It would be prudent to first apply for the APR quotes, so that you can find out overall costs involved in the Unsecured Business Loans. Note down the additional fee charges on the loans to find a suitable deal. Make sure that you don not miss any of the installments for remaining free of debts in the future.
Unsecured Business Loans: Finance to Support Your Business Needs
For a business man the only way to survive in the highly competitive environment should have sufficient financial back up. Finances are required to meet the various day to day expenses. Most of the lenders avail loans to keep the finances readily available depending on the size of the business. If you are looking for loans to meet some business needs which required is of smaller amount, then you can opt for Unsecured Business Loans.
Business loans under the unsecured option can be accessed without pledging any collateral. This means that you can acquire the loans in a risk free environment. The amount under these loans are approved on the basis of size and income of the business, which means lenders usually check if your business is capable of returning the borrowed amount or not. This is why it is essential to be ready with certain documents like past credit records, sales and profit record, bank statements etc.
The amount approved under these loans can be used to serve a number of purposes like purchasing raw materials, installing new machines and tools, making payments, paying off earlier debts, buying stationeries etc. In fact borrowers who are trying to start a new business can also apply for these loans.
Since lenders are approving these loans without any collateral, they tend to charge a very high rate of interest. This is basically done to cover the risk factor involved.
Individual loan applicants with bad credit history such as CCJs, IVA, arrears, defaults etc are also eligible for these loans. But at first, borrower has to convince the lender that he is capable of repaying the borrowed amount. Moreover the interest rates levied are very high.
You can source these loans from various traditional lenders like banks and financial institutions, but it is the online lenders who offer competitive interest rate on the loans. Besides, these borrowers do not charge any extra fee to process the loan amount. However, before availing the loans, it is better to compare the quotes of various lenders as it helps to locate lenders offering loans that suit your condition most.
Complete video at: fora.tv Muhammad Yunus, Nobel Peace Prize winner and founder of The Grameen Bank, explains his “social business” model, a plan for addressing social issues through entrepreneurship. This program was recorded in joint collaboration with the Commonwealth Club of California and Link TV. —- Muhammad Yunus, Nobel Peace Prize winner and founder of The Grameen Bank, speaks about his new book Creating a World Without Poverty. Muhammad Yunus is founder and managing director of the Grameen Bank, established in Bangladesh in 1983. Dr. Yunus founded the bank with the objective of helping poor people escape from poverty by providing loans on terms suitable to them and by teaching them a few sound principles of finances so they can help themselves. The Grameen Bank has advanced to the forefront of a burgeoning world movement toward eradicating poverty through micro-lending and its model has been replicated in over 100 countries worldwide. In 2006, Dr. Yunus was awarded the Nobel Peace Prize for his work with the Bank.
Video Rating: 4 / 5
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