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Two new laws that recently took effect in Nevada offer clients across the country new avenues for asset protection. One law addresses self-settled trusts, which allow personal use of the trust assets by the settlor. The measure includes a provision that allows trusts set up in other jurisdictions to be moved to Nevada without re-starting the applicable statute of limitations.
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The second part on asset protection strategies is presented. Trusts can be adjustable or permanent, written to spring into effectiveness during your lifetime (Living Trusts) or after you die (Testamentary Trusts). Wills are different from trusts because trusts hold ownership of assets while wills simply direct assets. A Revocable Living Trust (RLT) is by far the most popular estate planning trust the author's clients use. The second most popular trusts are testamentary irrevocable trusts, such as a Credit Shelter Trust (CST). Your client can't pay taxes on an asset he doesn't own. By reregistering assets into the name of an irrevocable trust, he can transfer ownership and taxation to the trust entity.
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Working from scaffolds, climbing onto slippery roofs, using powered tools near high voltage electrical lines, and spending weeks at a time performing strenuous physical labor in the blazing hot sun are just a few of the many hazards faced by workers at construction companies in Wisconsin. Nationwide, the U.S. Bureau of Labor Statistics (BLS) reported 1,226 fatal work injuries in construction in 2006 - the highest number of job-related deaths in any industry sector. Don Bernhardt, facility manager at GE Healthcare Research Park in Wauwatosa, and Michael Davis, the research park's environmental health and safety manager, were heavily involved in a two-year construction project that culminated with taking occupancy of a new 506,000-sq.-ft. building in February of 2006.
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The financial services business is rife with tens of thousands of advisors who offer similar products and services. The affluent marketplace makes up a small percentage of the US population and it is difficult to gain favorable entree to this desirable demographic. Clients will even follow the advisor from firm to firm largely due to the personal rapport developed despite having enjoyed only modest gains, or even losses during turbulent times. Seasoned advisors use the asset protection concerns of affluent people to add value, gain favorable entree, earn a quality and honest fact-finder, and gain referrals to other affluent families. The asset protection tool is yet another arrow in the quiver for smart financial advisory marketers to use to assist in the never-ending prospecting and re...
