KTFA's Dame Shares Her Pre RV Exchange Information

KTFA's Dame Shares Her Pre RV Exchange Information 

10/02/2013

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Post by DAME » October 2nd, 2013, 9:21 am  •  [Post 226]   PRE RV (EXCHANGE) - INFORMATION

CAPITALIZING FOR OPTIMUM TAX BENEFIT - USING IQD.

I HIGHLY RECOMMEND NOT DOING THIS WITH A CPA. A TAX ATTORNEY IS YOUR BEST INDIVIDUAL TO HANDLE THIS AS TAX LAWS ARE NOT FULLY DEFINED FOR THIS /IMPLEMENTED. ASSET PROTECTION

(NOTE...MULTI MEMBER) - IF NOT, THIS VEHICLE WILL BE CONSIDERED SELF EMPLOYMENT AND THE RATE OF TAXATION IS DIFFERENT.
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Read More Link On Right

HOW IT WORKS:  The LLC Capitalization Tactic

One advanced and innovative method to equity strip is via the LLC capitalization technique. The concept goes like this: Two people form a limited liability company (LLC) to run a business (which could be some legitimate, yet easy-to-do activity, such as investing in stocks and bonds.)

Under the LLC acts of every state, each member (member being the LLC equivalent to partner) can obligate the other, per a written agreement, to contribute capital (assets) to the company so that it has a means to operate

 One member contributes a smaller amount of assets up front to capitalize the company, in exchange for a small but significant ownership interest (usually a maximum of 5 %).

The other member promises to make a large capital contribution over time, in exchange for an upfront large interest in the company (95 to 99 %).

Because the first member contributed his capital up front, but the second member did not, the LLC places a lien on the second member's property to ensure that he fulfills his obligation to capitalize the LLC over time.

As long as the LLC is not considered an insider under applicable fraudulent transfer law and the obligation is valid, its fulfillment demonstrable, and it makes sense in a business context, we create a rock-solid lien against the second member's property.

It's important to note in this scenario that the second members promised contribution could take many forms. It could be a promise to contribute cash, services, equipment, or other property. And after the lien expires, the members could dissolve the LLC and typically return their capital back to them.

Furthermore, you can equity strip almost any asset via this method − whether it be accounts receivable, real estate or personal property. Indeed, you have maximum flexibility when equity stripping via an LLC capitalization and you can set practically any terms to fit within the realm of normal business practice.

YES, YOU CAN LOSE EVERYTHING!

You may think that your wealth is safe and that you don't need protection. But don't delude yourself and accept reality - for every 60 minutes you spend making money, spend 60 seconds thinking about how to protect it!

International Asset Protection Trust

The traditional international protective entity is the international asset protection trust (OAPT). You may have heard other names − creditor protection trust, international trust, international trust, asset conservation trust, foreign trust, or foreign grantor trust.

The international trust is a comparatively new twist to the trust's long heritage. Only in the 1980s have certain foreign countries enacted laws creating the asset protection trust. That's why international trusts have only within the past decade or so become one of the most popular trusts. This reflects the increased need and demand for asset protection.

You can use an international trust for reasons other than lawsuit protection. They can avoid forced heirship laws, protect premarital assets, be useful for estate planning, and international business planning.

The international trust compares to the domestic irrevocable trust (DAPT), though for many reasons the international trust is considerably more protective. Where your irrevocable U.S. trust is vulnerable to your existing creditors and the U.S. courts, your OAPT is immune.

The international trust has other uniquely protective features:

1. The debtor-friendly laws of the IFC govern its enforcement.

2. If a U.S. court orders you to repatriate the trust assets, the international trustee must refuse your demand. Your trust funds will not be turned over to your creditor.

3. Your trustee can relocate the trust assets to another IFC if your trust becomes endangered.

4. Your trustee can, if necessary, with hold distributions to a beneficiary who has creditors.

In other respects, the OAPT compares to the U.S. irrevocable trust (DAPT) which is widely used for estate planning. For example, international trusts have a grantor who creates and funds the trust, appoints the trustees and protector, and names the beneficiaries.

The trustee manages the trust for the benefit of the beneficiaries. (This is ordinarily a foreign trustee firm.) The beneficiaries receive the trust's income and/or assets.

Unlike most U.S. trusts, the OAPT has a protector who oversees the trustee. The protector has the power to replace the trustee and must approve major trustee actions. The grantor appoints the initial protector (who should not be an American resident subject to U.S. court directives).

Any adult or legal entity can be the trust grantor and create and fund the trust. Parents or grandparents oftentimes create an OAPT to protect their wealth for their families. Or spouses can be the co-grantors and combine their wealth into one trust. Or each spouse may establish separate trusts. Who becomes the grantor depends upon tax, asset protection, estate planning, business, and personal considerations.

For confidentiality purposes, an international corporation or foreign LLC may be imposed as the trust's nominee grantor. And international trusts in some IFCs do not require you to name the grantor or that you publicly record the trust. This also helps protect the grantor's identity.

YES, YOU CAN LOSE EVERYTHING!

You may think that your wealth is safe and that you don't need protection. But don't delude yourself and accept reality — for every 60 minutes you spend making money, spend 60 seconds thinking about how to protect it!

COMING FROM AN INDIVIDUAL ASSOCIATED WITH THREE BANKS AND WORKING FOR TWO ONE OF WHICH WAS WF....(TO DO/NOT DO)

Please remember that a bank is there to provide a service. They are in the business to make money....Please remember this.

Going in groups may leverage the amount of spread if any that you will or may pay but expect that the bank will want you to have an account with them, and most likely want you to keep a balance of some value with them.

Most banks provide 250,000 insurance on accounts. 1 Primary account per person. If you and your spouse or children have accounts, you can be on those accounts with them as primary and you secondary. Example a person with four accounts can be insured 1,000,000.

You as primary, you as secondary with spouse, you secondary with child, you secondary with mother/child/friend..each totaling 250,000.

MOST OF ALL. BE NICE. This is a currency transaction like any other transaction a bank provides. While it is unique and you are excited....remember your feelings you may have had toward others that were of wealth and try not repeat the same mistakes.

LOOK - LEARN – PREPARE-  EXECUTE-GET YOUR PEOPLE IN PLACE FIRST...your people...TAX Atty First, Financial Adviser, Banker, CPA. Most will meet with no charge to you for the initial meeting.

These people will be critical for you. DO NOT FOLLOW ...or GET INVOLVED with people you do not know or have investigated. If someone refers someone then check them out.

DO NOT take it on the advice of others. While many have good intentions, they may have done the same exact thing you have done.

emember that people you have met on the INTERNET are people you met on the internet. Your relationship with an Tax Atty, Financial Adviser, CPA, Banker ....are based on Personal RELATIONSHIP just as you have with your spouse, children, parents etc. Get referrals then Investigate.

THAT IS YOUR DUE DILIGENCE. Every plan is different. NO ONE lives your life but you.

YOUR GOALS, DESIRES, CALL, FINANCIAL STATUS, AND LIFE are not someone else's.

SO SOMEONE ELSE'S PLAN CAN NOT BE YOURS. Make sure that your TEAM of Atty, Tax Atty, Financial Adviser, CPA and Banker CAN WORK TOGETHER......

Each carry a different responsibility unique to themselves. When a LINK is missing....you are not receiving EVERYthing you should and can now afford...this is not an area to be proud about or stingy in not obtaining. Definitions of your team and what they do are below.

DO NOT THINK THAT THE IRS WILL NOT TARGET YOU OR RED FLAG YOU..EXPECT IT

TAX ATTORNEYS - Tax attorneys are lawyers who specialize in the complex and technical field of tax law. Tax attorneys are best for handling complex, technical, and legal issues.

You definitely need a tax attorney if:

You have a taxable estate, need to make complex estate planning strategies, or need to file an estate tax return.

You are starting a business and need legal counsel about the structure and tax treatment of your company.

You are engaging in international business and need help with contracts, tax treatment, and other legal matters.

You plan to bring a suit against the IRS.

You plan to seek independent review of your case before the US Tax Court.

You are under criminal investigation by the IRS.

You have committed tax fraud (such as claiming false deductions and credits) and need the protection of privilege.

What you should look for:

Tax attorneys must have a Juris Doctor (J.D.) degree and must be admitted to the state bar. Those are the minimum requirements for practicing law. Additionally, tax attorneys should have advanced training in tax law. Most will have a master of laws (LL.M.) degree in taxation.

Some tax attorneys also have a background in accounting. If you are facing a complex accounting as well as legal matter, you might want to looking for an attorney who is also a Certified Public Accountant.

Questions to ask:

Is the attorney admitted to the state bar? (CAN THEY PRACTICE IN YOUR STATE?)

What does the tax attorney specialize in?

How much does the attorney charge?

Can the attorney help you with your tax case?

If not, can the attorney refer you to another tax attorney who can help you?

Do they understand Sudden Money Wealth Clients.....IMPORTANT!

Are you able to provide references of any kind?

7 Traits Clients Look for In a CPA

Finding a good CPA is a lot like finding a good contractor or a good realtor. It's ideal to put yourself in your prospects shoes and understand that your client is not only looking for the best qualifications on paper, but looking for someone with outstanding attributes that go far beyond what you’ll find on a resume.

Your CPA credential by itself is a strong qualifier, as it denotes determination, discipline and speaks volumes about your expertise and character.

You hold a license in the state or territory in which you practice and to do so you must meet specific education requirements; a full year of professional experience, passing scores on the arduous Uniform CPA Examination, and often a separate ethics exam administered by your state Board of Accountancy.

The list goes on, click here for state by state CPA requirements and specifications.

However, there may be dozens of independent CPAs and CPA firms in your area, and potential clients are searching for more than just an impressive resume.

They are looking for a CPA that possesses a number of traits that will allow them to develop a trusting business relationship that will last for years. Here is our list of the top traits clients look for in a CPA and how they can set you apart from your competition:

1) Honest – Be an honest CPA. There are a number of grey areas in accounting, and an honest CPA will help keep clients insured that their business’ financials are clear, straightforward, and completely legal.

2) A good communicator – A great CPA is one with a knack for clear communication regarding client's personal or business finances. Being willing to stop and listen to client needs, questions and concerns is the first step any good CPA will take when trying to establish a long-term working relationship with clients.

3) Well-rounded – Clients may want to hire a CPA with experience in financial planning strategies to meet their business’ current needs. While it is an excellent idea to choose a CPA with experience in an area related to a clients specific needs , a CPA with a well-rounded background in a number of areas – from tax law, business advisory, to auditing – will likely prove to be the most valuable over the course of a working relationship.

4) A trustworthy confidant – Although your relationship will often be strictly about the numbers, it is important to create a trustworthy relationship. You’ll find this of importance when it comes time your client confides their most guarded personal financial information, or proprietary data related to business. Remember: A trustworthy confidant always makes it easier to deal with stressful financial matters.

5) Professional – Sure, you want to develop a trusting relationship, but it always needs to remain professional. After all, they are entrusting you with their business and personal finances, so you need to be both personally and professionally accountable. Professionalism and integrity should always trump friendships, and a qualified, competent CPA will understand and respect this.

6) Creative – A CPA should not simply complete specific tasks, but instead be there to offer fresh ideas for more convenient and cost-efficient ways of doing things. It is always beneficial to have a CPA that is willing to identify and implement innovative ways to help a client keep more of what they earn and to help their business grow.

7) Fair – A great CPA should be fair and willing to work on billing and financial matters and should always be transparent regarding invoicing and charges. A good relationship with a CPA begins and ends with trust, and one of the best ways great CPAs establish trust is through fair invoicing and billing practices.

USE THIS LINK TO FIND QUALIFIED INDIVIDUALS IN YOUR STATE

http://www.accountingedu.org/

WHAT TO LOOK FOR: There are many types of FA's or also can be CFPlanners.

CFP Professionals and CFA Professionals have met education, examination, experience and ethics requirements. Ethical certification marks, which represent a high level of competency, ethics and professionalism will be displayed.

KEYS TO CHOOSING A FINANCIAL ADVISER:

CHOOSE ONE THAT CAN PROVIDE REFERENCES.

ONE THAT UNDERSTANDS AND WORKS WITH SUDDEN MONEY WEALTH CLIENTS.

ONE THAT DOES NOT HAVE A HUGE CLIENT BASE ...RELATIONSHIP IS EVERYTHING.

CHOOSE ONE (AND THERE ARE MANY) THAT HAVE A VAST AMOUNT OF KNOWLEDGE AND ARE EXPERTS EVEN IN VEHICLES YOU HAVE NEVER HEARD OF.

 ONE THAT HELPS YOU ACHIEVE “Work Optional Wealth” BY DESIGNING A PLAN THAT WILL DELIVER THE RESIDUAL INCOME STREAMS NEEDED TO FOR YOUR DESIRED LIFESTYLE.

WILL MENTOR YOU AND TEACH YOU HOW TO HANDLE YOUR INCOME/INVESTMENTS.

ONE WHO WORKS WITH DIVERSIFICATION ACROSS ALL ASSET CLASSES.

ONE THAT SECURES AND TEACHES ROI AS RELIABILITY OF INCOME AS WELL AS RETURN ON INVESTMENT!

SELECT A FINANCIAL ADVISER THAT LISTENS TO YOUR GOALS AND PURSUES THEM NOT PUSHES THEIRS.

ATTEMPT TO SELECT ONE THAT DOES NOT CHARGE OR MINIMAL COST TO YOU FOR THEIR SERVICES.

THEY SHOULD MAKE THEIR INCOME BY THE VEHICLE COMPANIES THEY INVEST YOU INTO NOT YOU.

*THIS AS IN ALL THINGS, CHECK OUT WITH YOUR PERSONAL TEAM OR ADVISERS AND IS MEANT FOR INFORMATION PURPOSES NOT RECOMMENDATIONS FOR ONE COMPANY, ENTITY OR INDIVIDUAL IN PARTICULAR.

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