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Estate & Asset Protection Planning Brislawn & Associates, P.S. Attorneys at Law © C. Dennis Brislawn, Jr. 1994 - 1997.

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Presentation on theme: "Estate & Asset Protection Planning Brislawn & Associates, P.S. Attorneys at Law © C. Dennis Brislawn, Jr. 1994 - 1997."— Presentation transcript:

1 Estate & Asset Protection Planning Brislawn & Associates, P.S. Attorneys at Law © C. Dennis Brislawn, Jr

2 Definition of Asset Protection  Target: Organizing assets and affairs in advance to minimize against risks of loss  Preventative, not curative (vaccines, not antibiotics)  Target: Organizing assets and affairs in advance to minimize against risks of loss  Preventative, not curative (vaccines, not antibiotics)

3 Reasons to Protect Assets  We Focus on Estate Building, But Fail to Consider Risks  “Sue Society”: Who Can I Blame?  Juries Play “Robin Hood”; Take from the Rich, Give to the Poor  We Focus on Estate Building, But Fail to Consider Risks  “Sue Society”: Who Can I Blame?  Juries Play “Robin Hood”; Take from the Rich, Give to the Poor  Cut Your Losses (Damage Control)  Peace of Mind  Concentrate on Your Job  Protect Your Family and Your Business

4 More Lawsuits Are Filed Each Year* *Over 20 Million Civil Cases Expected in 1994!

5 What Asset Protection Is Not  Hiding assets, i.e. confidentiality is a plus, but secrecy is not the lynchpin of the plan  Taxation avoidance  Hiding assets, i.e. confidentiality is a plus, but secrecy is not the lynchpin of the plan  Taxation avoidance

6 Title to Assets  The Way You Hold Title to Your Property Affects the Rights a Creditor Will Have!

7 Community Property  Community Property Acquired During MarriageAcquired During Marriage Created by Law or by AgreementCreated by Law or by Agreement Result of an “Onerous Acquisition” or WORK !Result of an “Onerous Acquisition” or WORK !  Community Property Acquired During MarriageAcquired During Marriage Created by Law or by AgreementCreated by Law or by Agreement Result of an “Onerous Acquisition” or WORK !Result of an “Onerous Acquisition” or WORK !

8 Separate Property  Separate Property Acquired Before MarriageAcquired Before Marriage Acquired By Gift or InheritanceAcquired By Gift or Inheritance Can Convert to Community By Agreement or MistakeCan Convert to Community By Agreement or Mistake Personal Injury RecoveryPersonal Injury Recovery  Separate Property Acquired Before MarriageAcquired Before Marriage Acquired By Gift or InheritanceAcquired By Gift or Inheritance Can Convert to Community By Agreement or MistakeCan Convert to Community By Agreement or Mistake Personal Injury RecoveryPersonal Injury Recovery

9 Joint Tenancy  100% Co-ownership by More Than One Person “Last One Left Standing Rule”: Survivor Owns It All!

10 Your Defenses  Insurance  Exempt Assets State and Federal LawState and Federal Law Retirement PlansRetirement Plans  Trusts  Property Agreements  Insurance  Exempt Assets State and Federal LawState and Federal Law Retirement PlansRetirement Plans  Trusts  Property Agreements  Limited Liability Companies  Corporations  Family Limited Partnerships  Offshore Planning

11 A Liability Dragon  Creditor Claims

12 Types of Claims 4 Officer/Director Liability (Corp.) 4 Employee Suits 4 Business or Professional Liability 4 Divorce 4 Tax Liability 4 Creditor Lawsuits 4 Officer/Director Liability (Corp.) 4 Employee Suits 4 Business or Professional Liability 4 Divorce 4 Tax Liability 4 Creditor Lawsuits 4 Vicarious Liability for Other People 4 Partnership Liability 4 Unknown Claims Product Liability Environmental Liability

13 Attempts to Avoid Creditor Claims  Gimmicks are Methods That Don’t Work Fraudulent TransfersFraudulent Transfers “Hiding” Assets (2005 Bankruptcy Act now requires 3 years of tax returns)“Hiding” Assets (2005 Bankruptcy Act now requires 3 years of tax returns) Joint OwnershipJoint Ownership “Constitutional” Trusts“Constitutional” Trusts  Gimmicks are Methods That Don’t Work Fraudulent TransfersFraudulent Transfers “Hiding” Assets (2005 Bankruptcy Act now requires 3 years of tax returns)“Hiding” Assets (2005 Bankruptcy Act now requires 3 years of tax returns) Joint OwnershipJoint Ownership “Constitutional” Trusts“Constitutional” Trusts

14 Creditor Rights  Can Set Aside Fraudulent Transfers  All Community Property is Exposed to Community Creditors  Separate Property is Exposed to Separate Creditor, 1/2 Community Property May Be Exposed to Separate Creditor  Can Set Aside Fraudulent Transfers  All Community Property is Exposed to Community Creditors  Separate Property is Exposed to Separate Creditor, 1/2 Community Property May Be Exposed to Separate Creditor

15 Creditor Rights (cont.)  Divorce Court May Have Jurisdiction Over Both Community and Separate Property  All Joint Tenancy Property is at Risk of Any Single Joint Tenant’s Creditors!  Divorce Court May Have Jurisdiction Over Both Community and Separate Property  All Joint Tenancy Property is at Risk of Any Single Joint Tenant’s Creditors!

16 Fraudulent Transfers  Intent to Defraud, Hinder or Delay Known or Likely Creditors  Intent is Generally Presumed  Badges of Fraud such as insolvency, lack of consideration for a transfer, close relationship with transferee, pending or threatened litigation, concealment, deviation from usual practice, transfer of all assets, retaining possession, benefit, or control after transfer  Intent to Defraud, Hinder or Delay Known or Likely Creditors  Intent is Generally Presumed  Badges of Fraud such as insolvency, lack of consideration for a transfer, close relationship with transferee, pending or threatened litigation, concealment, deviation from usual practice, transfer of all assets, retaining possession, benefit, or control after transfer

17 Fraudulent Conveyance  Pending or present creditors will have a greater presumption of a fraudulent conveyance than future creditors  Generally, fraudulent conveyance is NOT our common understanding of fraud. Fraudulent conveyance is remedial, i.e. a conveyance which can be undone only to the point a creditor is hindered. No other damages are usually allowed. However, some states allow for criminal or civil penalties, including for the advisor.  Pending or present creditors will have a greater presumption of a fraudulent conveyance than future creditors  Generally, fraudulent conveyance is NOT our common understanding of fraud. Fraudulent conveyance is remedial, i.e. a conveyance which can be undone only to the point a creditor is hindered. No other damages are usually allowed. However, some states allow for criminal or civil penalties, including for the advisor.

18 Another Dragon  Estate Taxes

19 Estate Taxes  Changing ownership of assets often also removes them from the estate, offering the additional benefit of reduced estate taxes along with asset protection

20 Asset Protection Techniques  Methods That Work Save Administrative Fees and CostsSave Administrative Fees and Costs Reduce TaxesReduce Taxes Provide Multiple Layers of DefenseProvide Multiple Layers of Defense Allow Opportunity for Early SettlementAllow Opportunity for Early Settlement  Methods That Work Save Administrative Fees and CostsSave Administrative Fees and Costs Reduce TaxesReduce Taxes Provide Multiple Layers of DefenseProvide Multiple Layers of Defense Allow Opportunity for Early SettlementAllow Opportunity for Early Settlement

21 First Line of Defense X Insurance

22 Strengths and Weaknesses  Covers Loss  Cash to Settle  Duty to Defend  Fund Buy-Sells DisabilityDisability DeathDeath  Pay Estate Taxes With Discounted $$  Covers Loss  Cash to Settle  Duty to Defend  Fund Buy-Sells DisabilityDisability DeathDeath  Pay Estate Taxes With Discounted $$  Getting Costly  May not Qualify  Insolvency of Carrier  May get Cancelled  Coverage Exemptions Hazardous Waste Intentional Acts Punitive Damages StrengthsWeaknesses

23 Second Line of Defense X Exempt Property

24 HomesteadHomestead  Colorado allows up to $30,000  Other states allow unlimited (e.g. Florida) but new 2005 bankruptcy act requires purchase 1215 days before filing or limit is $125,000  2005 Act also limits protection to $125,000 where claim arises from RICO, breach of securities laws, fiduciary fraud, and other specified crimes or torts  Colorado allows up to $30,000  Other states allow unlimited (e.g. Florida) but new 2005 bankruptcy act requires purchase 1215 days before filing or limit is $125,000  2005 Act also limits protection to $125,000 where claim arises from RICO, breach of securities laws, fiduciary fraud, and other specified crimes or torts

25 InsuranceInsurance  Federal exemption is for death benefits and limited cash value (less than $9,000)  Colorado exemption is $50,000 where estate is beneficiary and contributions were more than 4 years before filing  State exemptions can be more generous, e.g. Florida, Hawaii, Louisiana, but new 2005 Act requires residency in that state for at least 2 years  Federal exemption is for death benefits and limited cash value (less than $9,000)  Colorado exemption is $50,000 where estate is beneficiary and contributions were more than 4 years before filing  State exemptions can be more generous, e.g. Florida, Hawaii, Louisiana, but new 2005 Act requires residency in that state for at least 2 years

26 Retirement Plans  2005 Act makes clear contributions to ERISA covered plans are exempt, as are entire interest in IRAs (up to $1 million?).

27 529 Plans  529 Plans are Exempt if: Funded more than 2 years before filing Funded by parent, grandparent, stepparent, stepgrandparent of beneficiary of plan $5,000 limit if funded more than one year but less than two years before filing Fraudulent transfer rules still apply Fraudulent transfer rules still apply  529 Plans are Exempt if: Funded more than 2 years before filing Funded by parent, grandparent, stepparent, stepgrandparent of beneficiary of plan $5,000 limit if funded more than one year but less than two years before filing Fraudulent transfer rules still apply Fraudulent transfer rules still apply

28 Other Exemptions in Colorado  Property of business partnership where held in name of partnership  Burial plot  Health Aids  Business or professional supplies up to $10,000  Property of business partnership where held in name of partnership  Burial plot  Health Aids  Business or professional supplies up to $10,000

29 Third Line of Defense X Property Agreements

30 Partitioning Property  Works for Families Where One Spouse has Significant Liability Exposure  Use With Additional Techniques  CAUTION: MARITAL DISSOLUTION  Works for Families Where One Spouse has Significant Liability Exposure  Use With Additional Techniques  CAUTION: MARITAL DISSOLUTION

31 ExampleExample  “At-Risk” Spouse Owns: Exempt Assets Risky Asset  “At-Risk” Spouse Owns: Exempt Assets Risky Asset  “Safe” Spouse Owns: Non-Exempt Assets Family Home

32 First Fortification F Revocable Living Trust (RLT)

33 RLT Asset Protection Features  No Court Involvement on Death PrivatePrivate No Forum Provided for CreditorNo Forum Provided for Creditor Can “Cut Off” CreditorsCan “Cut Off” Creditors  If Property is Partitioned: Two Separate Property Trusts; Each Spouse Shares ManagementTwo Separate Property Trusts; Each Spouse Shares Management  No Court Involvement on Death PrivatePrivate No Forum Provided for CreditorNo Forum Provided for Creditor Can “Cut Off” CreditorsCan “Cut Off” Creditors  If Property is Partitioned: Two Separate Property Trusts; Each Spouse Shares ManagementTwo Separate Property Trusts; Each Spouse Shares Management

34 Asset Protection Features (Cont.)  Can Provide “Spendthrift” Protection Grantor not ProtectedGrantor not Protected Creditors of Other Beneficiaries Cannot Look to Trust for PaymentCreditors of Other Beneficiaries Cannot Look to Trust for Payment Beneficiary Cannot be Forced to Pledge or Assign Trust AssetsBeneficiary Cannot be Forced to Pledge or Assign Trust Assets Keep Assets in Trust to Protect Adult Children from Divorce, LawsuitsKeep Assets in Trust to Protect Adult Children from Divorce, Lawsuits  Can Provide “Spendthrift” Protection Grantor not ProtectedGrantor not Protected Creditors of Other Beneficiaries Cannot Look to Trust for PaymentCreditors of Other Beneficiaries Cannot Look to Trust for Payment Beneficiary Cannot be Forced to Pledge or Assign Trust AssetsBeneficiary Cannot be Forced to Pledge or Assign Trust Assets Keep Assets in Trust to Protect Adult Children from Divorce, LawsuitsKeep Assets in Trust to Protect Adult Children from Divorce, Lawsuits

35 Second Fortification F Irrevocable Trusts

36 Irrevocable Trust Features  Grantor is Usually not Trustee  Not Part of Grantor’s Taxable Estate  May Own Life Insurance Income and Federal Estate Tax-Free When ReceivedIncome and Federal Estate Tax-Free When Received  Spendthrift Protection  Controlled Distribution to Beneficiaries  Grantor is Usually not Trustee  Not Part of Grantor’s Taxable Estate  May Own Life Insurance Income and Federal Estate Tax-Free When ReceivedIncome and Federal Estate Tax-Free When Received  Spendthrift Protection  Controlled Distribution to Beneficiaries

37 Special Irrevocable Trusts  BERT Trusts Each spouse is trustee and beneficiary of separate trustEach spouse is trustee and beneficiary of separate trust Grantor is other spouseGrantor is other spouse Assets of trust are separate property providing asset protection from claims against other spouseAssets of trust are separate property providing asset protection from claims against other spouse Assets of trust are outside estate of either spouseAssets of trust are outside estate of either spouse  BERT Trusts Each spouse is trustee and beneficiary of separate trustEach spouse is trustee and beneficiary of separate trust Grantor is other spouseGrantor is other spouse Assets of trust are separate property providing asset protection from claims against other spouseAssets of trust are separate property providing asset protection from claims against other spouse Assets of trust are outside estate of either spouseAssets of trust are outside estate of either spouse

38 Third Fortification F Corporations

39 Corporate Features  Limited Liability  Liable for Personal Guarantees  May have Income Tax Benefits Pension, Profit Sharing PlansPension, Profit Sharing Plans Fringe Benefits, Etc.Fringe Benefits, Etc.  Limited Liability  Liable for Personal Guarantees  May have Income Tax Benefits Pension, Profit Sharing PlansPension, Profit Sharing Plans Fringe Benefits, Etc.Fringe Benefits, Etc.  Must Keep Status Current with State  Must Observe Formalities Adopt Bylaws Keep Minutes of Meetings Issue Stock

40 Fourth Fortification F Family Limited Partnerships (FLP)

41 FLP Features  File Certificate with State  Partners: General and Limited  General Partner has 100% Control  Income Tax Neutral  Easy to Gift Shares  May Substantially Lower Federal Estate Tax  File Certificate with State  Partners: General and Limited  General Partner has 100% Control  Income Tax Neutral  Easy to Gift Shares  May Substantially Lower Federal Estate Tax

42 FLP Features (Cont.)  Converts Real Property to Personal Property  Can Set Up Multiple FLPs to Protect Different Assets Divide and ConquerDivide and Conquer  Charging Order is the Exclusive Remedy for Claims Against a Partner  Converts Real Property to Personal Property  Can Set Up Multiple FLPs to Protect Different Assets Divide and ConquerDivide and Conquer  Charging Order is the Exclusive Remedy for Claims Against a Partner

43 Claims vs. Partnership  Take Insurance  Take Partnership Assets  Collect Against General Partner  Use Entity General Partner  Use Multiple Partnerships Divide and ConquerDivide and Conquer  Take Insurance  Take Partnership Assets  Collect Against General Partner  Use Entity General Partner  Use Multiple Partnerships Divide and ConquerDivide and Conquer

44 Claims vs. Individual Partner  Does Not Become Partner  No Right to Partnership Assets  Charging Order Sole Remedy If GP Distributes, Can GetIf GP Distributes, Can Get  Creditor MUST PAY INCOME TAX Even if No Income Received! Phantom IncomePhantom Income  Does Not Become Partner  No Right to Partnership Assets  Charging Order Sole Remedy If GP Distributes, Can GetIf GP Distributes, Can Get  Creditor MUST PAY INCOME TAX Even if No Income Received! Phantom IncomePhantom Income

45 Creditor Nightmare  Does not Become a Limited Partner  No Right to Demand Assets  No Transfer of Assets Without Partner Approval  Does not Become a Limited Partner  No Right to Demand Assets  No Transfer of Assets Without Partner Approval  No Fraudulent Transfer When FLP Established  Can’t Force Termination of FLP  General Partner Maintains Income Control

46 FLPs Leverage Gifts  Each Person May Gift Up to $10,000 per Person in Shares  Value of Gifts is the Fair Market Value of Gift  Partnership Rules Can Allow Value of Shares to be Deeply Discounted!  Each Person May Gift Up to $10,000 per Person in Shares  Value of Gifts is the Fair Market Value of Gift  Partnership Rules Can Allow Value of Shares to be Deeply Discounted!

47 FLP Discounts  What is a FLP Share Worth? Can’t be Easily Sold or TransferredCan’t be Easily Sold or Transferred Can’t be PledgedCan’t be Pledged Can’t Demand DistributionsCan’t Demand Distributions Income Allocated to LP for Income Tax Even if not PaidIncome Allocated to LP for Income Tax Even if not Paid  FMV of LP Share May Be Substantially Less than the Value of the Assets!  What is a FLP Share Worth? Can’t be Easily Sold or TransferredCan’t be Easily Sold or Transferred Can’t be PledgedCan’t be Pledged Can’t Demand DistributionsCan’t Demand Distributions Income Allocated to LP for Income Tax Even if not PaidIncome Allocated to LP for Income Tax Even if not Paid  FMV of LP Share May Be Substantially Less than the Value of the Assets!

48 FLP Summary  Juicy Red Apple is a Sour Lemon for Creditors  Family Involved, Parents Control the Assets  Estate Tax Reduction  Can Distribute Income to Children or Others at Lower Tax Rates  Juicy Red Apple is a Sour Lemon for Creditors  Family Involved, Parents Control the Assets  Estate Tax Reduction  Can Distribute Income to Children or Others at Lower Tax Rates

49 Typical FLP Structure FLP *Entity *Corp, LLC, Trust Husband RLT Child Trust Charity Wife RLT General Partner Limited Partners

50 Fifth Fortification F Limited Liability Companies (LLC)

51 LLC Features  Limited Liability Like a Corporation  Control is Flexible; Few Formalities  Taxable Like a Partnership  All States Have Them  Professionals May Require Insurance  Entity of Choice for Most Small Business  Limited Liability Like a Corporation  Control is Flexible; Few Formalities  Taxable Like a Partnership  All States Have Them  Professionals May Require Insurance  Entity of Choice for Most Small Business

52 LLC vs. FLP  May be comparable. Some states, like Wyoming, allow for “Close Limited Liability Companies”, which specify the only remedy for creditors of a member is a charging order

53 Sixth Fortification F Personal Asset Protection Trusts

54 ConceptConcept  Set Up a Trust that Limits or Eliminates Creditor Rights to Seize Assets  Integrated With Your Estate Plan You can be a BeneficiaryYou can be a Beneficiary You can Remove Assets from Your EstateYou can Remove Assets from Your Estate You can Sleep SoundlyYou can Sleep Soundly  Set Up a Trust that Limits or Eliminates Creditor Rights to Seize Assets  Integrated With Your Estate Plan You can be a BeneficiaryYou can be a Beneficiary You can Remove Assets from Your EstateYou can Remove Assets from Your Estate You can Sleep SoundlyYou can Sleep Soundly

55 APT Planning  Choose Your Jurisdiction (e.g. Alaska or Offshore) Generally Unfriendly to CreditorsGenerally Unfriendly to Creditors Offshore has Similar Legal ConceptsOffshore has Similar Legal Concepts English LanguageEnglish Language  Tax Neutral for U.S. Tax Purposes  Alaska is Convenient and Familiar  Offshore is Disclosable, but not Answerable to U.S. Courts  Choose Your Jurisdiction (e.g. Alaska or Offshore) Generally Unfriendly to CreditorsGenerally Unfriendly to Creditors Offshore has Similar Legal ConceptsOffshore has Similar Legal Concepts English LanguageEnglish Language  Tax Neutral for U.S. Tax Purposes  Alaska is Convenient and Familiar  Offshore is Disclosable, but not Answerable to U.S. Courts

56 APT Planning (cont.)  Eliminates or Reduces Coercion in Lawsuits  Is Done For Estate Planning and Business Reasons  Is not a Suitcase of Money on a Midnight Flight  Is not a Violation of U.S. Law  Is not Tax Evasion  Eliminates or Reduces Coercion in Lawsuits  Is Done For Estate Planning and Business Reasons  Is not a Suitcase of Money on a Midnight Flight  Is not a Violation of U.S. Law  Is not Tax Evasion

57 Domestic Jurisdiction  A Castle Moat Judgments May not Be Enforceable Against TrustJudgments May not Be Enforceable Against Trust U.S. JurisdictionU.S. Jurisdiction Perpetual TrustsPerpetual Trusts Use With Domestic FLPs and LLCsUse With Domestic FLPs and LLCs Power to RelocatePower to Relocate States with APT laws include Alaska, Delaware, NevadaStates with APT laws include Alaska, Delaware, Nevada  A Castle Moat Judgments May not Be Enforceable Against TrustJudgments May not Be Enforceable Against Trust U.S. JurisdictionU.S. Jurisdiction Perpetual TrustsPerpetual Trusts Use With Domestic FLPs and LLCsUse With Domestic FLPs and LLCs Power to RelocatePower to Relocate States with APT laws include Alaska, Delaware, NevadaStates with APT laws include Alaska, Delaware, Nevada

58 Offshore Jurisdictions  The Ultimate Castle Moat U.S. Judgments not EnforceableU.S. Judgments not Enforceable Actions Must be RelitigatedActions Must be Relitigated Short Statutes of LimitationShort Statutes of Limitation Power to RelocatePower to Relocate  The Ultimate Castle Moat U.S. Judgments not EnforceableU.S. Judgments not Enforceable Actions Must be RelitigatedActions Must be Relitigated Short Statutes of LimitationShort Statutes of Limitation Power to RelocatePower to Relocate

59 New 2005 Act Restrictions  Can avoid transfers made 10 years before the date of the filing of the petition, if--  (A) such transfer was made to a self-settled trust or similar device;  (B) such transfer was by the debtor;  (C) the debtor is a beneficiary of such trust or similar device; and  (D) the debtor made such transfer with actual intent to hinder, delay, or defraud any entity to which the debtor was or became, on or after the date that such transfer was made, indebted.  Can avoid transfers made 10 years before the date of the filing of the petition, if--  (A) such transfer was made to a self-settled trust or similar device;  (B) such transfer was by the debtor;  (C) the debtor is a beneficiary of such trust or similar device; and  (D) the debtor made such transfer with actual intent to hinder, delay, or defraud any entity to which the debtor was or became, on or after the date that such transfer was made, indebted.

60 Some debts not dischargeable in bankruptcy  Examples include domestic support (alimony and child support) and liability from operating motor vehicle while under influence alcohol or drugs

61 Case Study The Surgeon

62 Leon Cutter, M.D., F.A.C.S.  Orthopedic Surgeon Six Suits in Ten Years; All SettledSix Suits in Ten Years; All Settled Large Insurance PremiumsLarge Insurance Premiums  Professional Corp. Leases BuildingLeases Building Owns EquipmentOwns Equipment  Orthopedic Surgeon Six Suits in Ten Years; All SettledSix Suits in Ten Years; All Settled Large Insurance PremiumsLarge Insurance Premiums  Professional Corp. Leases BuildingLeases Building Owns EquipmentOwns Equipment  Married to Janet Former Teacher Expert Investor  Two Children Mary, Tim  Family Owns Home, Investments, Retirement Plan

63 Cutter Family Goals  Protect Nonexempt Assets Keep Home Absolutely SafeKeep Home Absolutely Safe  Protect Practice Assets Building and EquipmentBuilding and Equipment  Lower Malpractice Premiums  Maintain Control and Privacy  Plan for Federal Estate Taxes  Protect Nonexempt Assets Keep Home Absolutely SafeKeep Home Absolutely Safe  Protect Practice Assets Building and EquipmentBuilding and Equipment  Lower Malpractice Premiums  Maintain Control and Privacy  Plan for Federal Estate Taxes

64 FLP Non-Exempt Assets Cutter Family Plan 1% Husband RLT 2% Wife RLT With Voting Agmt. Husband RLT Child Trusts Charity Wife RLT General Partner Limited Partners FLP Practice Assets Insurance Trust

65 Estate Example  1% LP Shares Gifted to Each Child’s Trust and a Charity in 1994 and 1995  Parents are General Partners  At Death, Parents Own 93% LP Shares  1% LP Shares Gifted to Each Child’s Trust and a Charity in 1994 and 1995  Parents are General Partners  At Death, Parents Own 93% LP Shares

66 Plan Highlights  Cuts Malpractice Coverage to a More Reasonable Level ($1,000,000)  No Probate  Privacy Maintained  Creditor Protection for Entire Family Spendthrift Trusts for ChildrenSpendthrift Trusts for Children  Spreads Income at Lower Brackets  Cuts Malpractice Coverage to a More Reasonable Level ($1,000,000)  No Probate  Privacy Maintained  Creditor Protection for Entire Family Spendthrift Trusts for ChildrenSpendthrift Trusts for Children  Spreads Income at Lower Brackets

67 Plan Highlights  Federal Estate Tax is Substantially Reduced!  Pay Estate Tax With Discounted Dollars  CREATES PEACE OF MIND!  Federal Estate Tax is Substantially Reduced!  Pay Estate Tax With Discounted Dollars  CREATES PEACE OF MIND!

68 Before Planning Your Entire Estate is at Risk!

69 After Planning Your Estate has Defenses!

70 Keys to a Successful Plan  Team Approach  Custom Design  Cutting Edge Solutions  Team Approach  Custom Design  Cutting Edge Solutions

71 Thank You for Attending Questions?Questions?


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