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Asset Protection - Tax and Financial Aspect

Instructional MethodAdvanced PreparationProgram PrerequisitesField Of Study Interactive Self Study NONE Basic Understanding of Taxes Taxes Experience LevelCourse IDCPE CreditsAuthor Basic to Intermediate DS-103 24 Danny Santucci, CPA Asset Protection Tax & Financial Aspects Course De ...Read more
  • Description
Instructional Method Advanced Preparation Program Prerequisites Field Of Study
Interactive Self Study NONE Basic Understanding of Taxes Taxes
Experience Level Course ID CPE Credits Author
Basic to Intermediate DS-103 24 Danny Santucci, CPA

Asset Protection Tax & Financial Aspects

Course Description:
This informative course covers traditional planning tools and their utilization to protect assets. The Uniform Fraudulent Conveyance Act, the Bankruptcy Code and various aspects of the tax law are highlighted in describing asset protection aspects of corporations, partnerships, limited liability companies, family partnerships, trusts, retirement plans, insurance products and other conventional tools. Special topics include: protection against lawsuits, costs of long-term illness, divorce settlements, foreign asset protection trusts, statutory protections, homestead provisions, exempt as-sets, cancellation of indebtedness taxation and marital agreements.

Who Should Attend: CPAs, Enrolled Agents, PA's and Tax Professionals

Topics Covered:
CHAPTER 1 Introduction to Asset Protection
CHAPTER 2 Insurance
CHAPTER 3 Asset Placement
CHAPTER 4 Bankruptcy
CHAPTER 5 Avoiding Tax on Debt Cancellation & Foreclosure
CHAPTER 6 Divorce Settlements & Divisions
CHAPTER 7 Protecting Assets from Old Age &  Catastrophic Illness​

Learning Objectives:

1. List the goals and purposes of asset protection, recognize the objections some people have about shielding assets from creditors, and state at least six reasons for asset protection.

2. Identify sixteen situations that can unexpectedly put assets and financial security at stake, and list eighteen common sources of lawsuits.

3. Recognize the author's concept of exploding and imploding liability and show how dealing with them is necessary for complete asset protection plan, and define the concepts of insurance, asset placement, and statutory protections when applied to asset protection.

4. Name three types of creditors associated with asset protection and fraudulent transfers noting salient characteristics as to each.

5. Outline the various fraudulent transfer provisions, particularly the uniform acts, which protect current and future creditors, list several badges of fraud in the Uniform Fraudulent Transfer Act and recognize their effect on transfers, state the statute of limitations and potential criminal penalties associated with such fraudulent transfers, and do the differences between fraudulent asset transfers and permissible asset transfers.

6. Define net worth using a balance sheet, identify asset values, and show the preparation of a balance sheet in the context of determining the depth and scope of suitable asset protection planning.


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