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ASSET PROTECTION DO IT YOURSELF (con’t) The Irrevocable Trust Contrary to popular belief, the IRS taxes Life Insurance. The principal purpose of the strategy in this asset protection tool is to pass the entirety in value of your estate to your heirs, whether it’s $700,000 or $700 million. Insurance placed in this trust avoids taxation. Why pay premiums on $1,000,000 of insurance if your heirs will only receive $500,000. The tax advantages of this trust are minimal; the lawsuit protection factors are significant. As you insulate yourself from ownership and being able to change the beneficiary, the cash value during your lifetime and full value following death is insulated. The Children’s Trust A strategy for; insulation against lawsuits, for estate tax planning, and for income spreading. Includes 37 indexed pages +19 example pages. Generally these assets are immune from lawsuits and judgments of the creators. This tool also provides income tax advantages and estate tax advantages. Use it to hold the assets your corporation leases, thereby spreading income to your children. Use it to hold appreciating assets for your children. Includes sample equipment leases. The Limited Liability Company The LLC has 27 pages +27 example pages. The LLC provides for limited liability for the manager and it allows for the members to act as managers without compromising their protection. This is an excellent tool for holding your home and other real estate.
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