Identify And Document Organizational Assets
- Leverage a structured asset management process to inventory organizational assets. The resource guide listed below provides a model useful in identifying and documenting an organizations people, information, technology, and facilities.
How To Protect Your Assetsfrom Government Confiscation
I personally spent thousands of hours searching for this answer, reading over 1,500 books, speaking with billionaires, hundred millionaires, and anyone I could find whos self-made. Ive gone to countless seminars in my teens and young 20s. I remember buying a Carlton Sheets real estate coaching program when I was 18, buying my first rental property just 6 months out of high school.
Even after making millions of dollars, I still continued my search. It was more than a hobby it was a life-long passion of mine. As the chief editor of an investment newsletter, this search became my obsession, wanting to deliver the highest value to our subscribers. I wanted to deliver what no one else could, to simplify personal finance for everyone. After more than a decade-long search, I came to this conclusion: there is no silver bullet. Instead, there are many ways to get rich, but with some striking common denominators. These common denominators all came down to knowing how to protect your assets from government confiscation.
How To Keep Your Assets Safe
Although asset protection may have had a tainted past, legitimate strategies are available. Creating as many obstacles as possible for potential creditors to pass before they can get to your property could encourage them to make favorable settlements instead of getting involved in long and expensive litigation.
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How To Minimize The Gold Seizure Risk
This risk can be minimized, too.
If it ever happens again, it will likely be focused on domestic holdings as it was in 1933.
The untouchable billionaires and politicians have their assets tucked away in foreign trusts and will make sure they are kept safe there. The U.S. government will save itself the trouble and chase domestic holdings instead.
The middle class and small entrepreneurs will once again be the prime targets of government seizure and taxation.
To avoid this, Id recommend investors storing their metals in a safe foreign jurisdiction like Switzerland or Singapore.
With your gold stored abroad, you may have some time to react.
If you feel the threat is product specific, you can liquidate those products and diversify into other precious metals products. Another option would be to take delivery before such a legislation comes into effect.
However, no risk can be fully eliminated. There is no perfect solution. Nonetheless, diversification can be an essential element of an overall protection strategy against an increasingly uncertain future.
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Estate Planning Vs Will: What Are The Differences
A will is one of several documents you should have in your estate plan. Your will typically defines who will receive your assets after you die and is an important document pertaining to your finances.
Your estate plan might also include supplemental documents like a living will. This document and a healthcare power of attorney can outline your medical wishes and name the person appointed to act on your behalf. This is distinct from a traditional will which typically only outlines who will get your property after you die.
Ten Ways To Protect Your Assets From Mainecare Medicaid Or A Nursing Home
Asset protection can mean different things. For instance, if you are a surgeon, or a hedge fund manager, or you just sold your business, asset protection techniques and strategies are different from someone interested in protecting from loss due to a potential future stay in a nursing home. This article is about asset protection to prevent loss of wealth due to a stay in a nursing home.
What if I dont have any assets?
What if I give my assets away?
What if I stay at home?
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Irrevocable Life Insurance Trust
These types of Trusts will allow you to put conditions on how and when your assets will be distributed upon your death. They allow you to reduce your estate and gift taxes and distribute assets to your heirs without the delay and can also protect your assets from creditors and lawsuits.
How To Protect Assets From A Medicaid Spend Down
Dont wait until youve spent down your entire life savings on nursing home care before calling an attorney.
Our elder law attorney works hard to legally restructure your assets so you can qualify for assistance through Medicaid.
Continue reading to learn how we can protect your assets from a Medicaid spend down.
Why I Founded The Hard Assets Alliance
This is the reason I founded the Hard Assets Alliance. I wanted to offer my customers a transparent and secure platform to buy, store, and sell physical precious metals globally with minimum hassle.
What was once a mere idea in my head has now become the most convenient and innovative precious metals platform for private investors on the market.
Our customers have permanent access to the most liquid market when they want to buy or sell. They can request delivery of their allocated metals at any time.
We offer global vaulting options, which some clients choose to diversify, and provide an added layer of protection in the event of government failure or confiscation.
Hard Assets Alliance is not a bank, and your metals are not on our balance sheet. The metals are yours and yours alone.
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Can A Trust Protect My Assets
Determining who receives your assets after your death is difficult enough, and that is before the paperwork gets involved. One of the best tools in this planning process is a living trust, which can help ensure that your assets go to your intended beneficiaries as quickly as possible with little fuss.
Living trusts are similar to their better-known compatriot, the will, but with a specific set of advantages. One of the major advantages of a living trust is that the assets you put inside of it will bypass probate, which can be expensive and time-consuming. Living trusts are also a great way to ensure privacy. Probate is a public process, meaning that the procedures will be part of public record. With a living trust, things stay private.
Another advantage of living trusts is that, in certain circumstances, you can use them to help protect your assets from the government and creditors if you handle them properly.
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What Happens If You Go Into A Nursing Home
Before you can make a plan to protect your assets, its important to understand the financial mechanics that unfold when you go into a nursing home.
The costs of staying in a nursing home vary based on the state. But heres a look at the average costs:
- Median annual cost of a semi-private room: $89,297
- Median monthly cost of a semi-private room: $7,441
- Median annual cost of a private room: $100,375
- Median monthly cost of a private room: $8,365
Its easy to see how these costs could spiral out of control quickly. The good news is that Medicare may help to cover some of the costs for low-income individuals. But even with the help of government programs, you could be facing significant costs.
How To Protect Your Assets From The Irs
This article was co-authored by Clinton M. Sandvick, JD, PhD. Clinton M. Sandvick worked as a civil litigator in California for over 7 years. He received his JD from the University of Wisconsin-Madison in 1998 and his PhD in American History from the University of Oregon in 2013.There are 13 references cited in this article, which can be found at the bottom of the page. This article has been viewed 43,449 times.
The Internal Revenue Service is responsible for collecting federal taxes. While some of your assets will undoubtedly be subject to various federal tax laws, you may be able to protect some of your assets from taxes. To do so, hire qualified help and take advantage of tax laws that allow you to legally avoid certain taxes. Specifically, you should take part in extensive estate planning to avoid estate taxes and gift taxes. In addition, you can avoid a portion of your annual tax liability by using and saving your money in specified ways.
How To Protect Your Assets From Nursing Homes
One strategy for protecting assets from a nursing home is utilizing a trust to protect assets from a nursing home. How an irrevocable house trust works. This is sometimes referred to as a Medi-Cal trust or Medicaid trust. This is the trust to protect assets from a nursing home. The home is placed into an irrevocable house trust. The future Medi-Cal recipient can use the house as before. Since the house is held by the trust instead of the recipient the government does not count it for qualification purposes. So, the person can still live in the house, use the furniture and drive the car held by the trust. The person will not hear your assets are too valuable to qualify for the program. because the house will not be in the persons name. In addition, there generally are provisions in the trust so that the children and grandchildren, etc. can receive the house after the person passes.
The Best Way To Protect Yourself From Out
You probably know its a bad idea to put all of your asset eggs in one investment basket. The same goes for holding all of your assets in one country. But how much thought have you put into political diversification?
With proper planning, you can greatly reduce the risk your home government presents to your financial and personal wellbeing.
International diversification frees you from absolute dependence on any one country. Achieve that freedom, and it becomes very difficult for any group of bureaucrats to control you. The results can be life-changing.
Everyone in the world should aim for political diversification. Though its especially critical for those who live under a government sinking hopelessly deeper into financial trouble. That means most Western governments. The US in particular.
To get started, there are four core areas to consider: your savings, your citizenship, your income, and your digital presence.
Diversify Your Savings
Its crucial to place some of your assets beyond the easy reach of your home government. It keeps that government from trapping your money if and when it implements capital controls or outright asset seizures. Any government can do either without warning.
You can diversify your savings in several ways:
- Foreign bank accounts
- Precious metals held abroad
- Foreign real estate
Unlike digital financial assets, it’s probably impossible your home country could seize your foreign real estate.
Diversify Your Income
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A New York Medicaid Planning Law Firm Can Assist You
At Goldfarb Abrandt & Salzman LLP, our planning lawyers can evaluate your situation in relation to the income, asset, and equity restrictions for eligibility for government benefits. We can devise a strategy to protect your assets and ensure you receive the care you need without depleting your estate. Asset protection is only one of many estate and special needs planning services we provide. If you want to further discuss how we can help you, call our office at 387-8400 or contact us online today.
Enlist The Help Of A Tax Professional
While you might think that working with a tax professional is not necessary, you might not understand what all tax experts are able to do today. They know tax laws and usually offer individuals and businesses a free consultation initially anyway.
Working with a tax consultant can be very beneficial. They understand the laws, rules, regulations, requirements, and all the tax jargon they have learned from their education, expertise, and experience.
Depending on the type of tax professional who you decide to work with, they can represent you in dealing with the IRS. If you suspect a tax audit is in your future or are just concerned about being audited, work with the right tax expert someone who can represent you with the IRS, such as an enrolled agent.
One great thing about working with a qualified tax representative is that they are required to stay up-to-date with the latest tax codes, statutes of limitations, and tax laws each year. Make sure that you find the right one to ensure your taxes are handled by a pro!
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Make Tax Payments In Full
Along with filing your taxes when they are due, you should make sure payment is made when the deadline requires it. If you are unable to make payments on time, speak with the IRS about payment options. They will work with you, as they would rather you pay a little or partial payments than none whatsoever.
If you are unsure what your tax liability is, you can make estimated payments with the help of a qualified tax consultant. Usually, tax liability for small businesses and entrepreneurs is 30% of your income, if you want to be generous about estimating it.
Asset Protection And The Five Year Lookback
What is the five year lookback? What is the 60 month rule? When answering the question how can you protect your assets from Medicaid or Mainecare, first you must understand what Mainecare is. Medicaid is a government program that pays for a nursing home if you cant afford it. In Maine it is called Mainecare. But how does Medicaid or Mainecare know if I can afford it? They look at 60 months, or five years worth of your financial history. That is the 60-month rule or the five year lookback with nursing homes and Medicaid. So, you say to me, what if I give my stuff away 60 months or 5 years before I apply. Yes! The lawyer says, that will work. However, you must be careful. Also, you should have a backup plan in case you are in need of care before the five year period has run.
Asset Protection Gifting Strategies that Dont Work
However, now youre back to our number 10 on the top ten list give your assets away. You have no assets. But, you say, wont the person I gave my assets to be so grateful for the gift that theyll use the assets to pay for my private room? Remember the private room in number 10? For private room fill in the blank with anything you might want that will make your quality of life a little better but may not be covered by Mainecare. Or maybe you arent in a nursing home. Now youre the one who has an expensive home repair. Or maybe you just want to buy a new car.
Yes! The lawyer says, that will work BUT now you have no stuff!
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Dont Tell The Irs About Your Assets
You must be careful when using this method. You are not required to tell the IRS about all of your assets and the location of them if they do not ask. If they do not know about the asset, then they will not seize it. It is against the law to lie to the IRS about assets, though. Keep in mind that the IRS will search through public records and try to find any assets that they know you have. When the IRS begins asking questions about assets owned, it is a good idea to speak to a tax professional first. If there are assets that the IRS may not know about and you dont want them to know about, you should try to keep the items out of view by not keeping them on your immediate property so it makes it harder for the IRS to discover these assets.
Take Inventory Of All Your Assets And Possessions
To draft a will and designate beneficiaries, youll want to take stock of what you have. While you may not think you have much to pass down, its essential to itemize everything.
Create a list of all the assets you plan to include in your will, including your investment and retirement accounts. Take note of the beneficiary designation of your accounts and update them if needed.
Take an inventory of personal possessions that you plan to pass down too. Include these in your letter of intent so your loved ones know how to to divide your items. This can mitigate conflict between family members once youre gone.
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