This means that your beneficiaries avoid capital gains tax on the increase in value that the trust assets accrued during your lifetime. Sell the schools to investors who will run the school as a business. Make sure your personal umbrella liability coverage is for an amount at least equal to your new net-worth. Tip: If there is a need for a joint account, keep the balance as low as possible. Those with more assets are bigger targets for lawsuits. Primarily because I advocate the elimination of public education altogether. Protect yourself from renters. Formalize informal partnerships. Protect your assets before you get the windfall and you will sleep a little easier knowing your assets are better shielded. Draft a will. Learn new things. I would love to see this discussion. Do we really want to provide negative incentives for people to create businesses which in turn create jobs? 10. “What does this all mean?”, you may ask. The key question, however, is why is litigation booming? 2. a system of social organization in which all economic and social activity is controlled by a totalitarian state dominated by a single and self-perpetuating political party. This generates a huge amount of revenue to the city or county with the property sale and also allows the elimination of property tax since most municipalities use property tax for education purposes. If your partner is involved in an accident on the way to a client, your personal assets can be in jeopardy. City and county planners determine what gets built and where with the intention of minimizing overcrowding. EY & Citi On The Importance Of Resilience And Innovation, Impact 50: Investors Seeking Profit — And Pushing For Change, Michigan Economic Development Corporation With Forbes Insights, The Sudden Wealth Solution: 12 Principles to Transform Sudden Wealth Into Lasting Wealth. Some say it is actually unconstitutional because it does not grant equal treatment to all citizens. How many of you are familiar with Karl Marx’s ‘Communist Manifesto’? Those of us who saw the problems of 2007-9 coming would not have thought that the temporary rescue at that time would have lasted 10 years until today. Certain assets can absolutely be protected. You know that the America of tomorrow will be but a shadow of yesteryear. 7. Socialism: If there was one idea that you could say dominates today's Democratic Party, it could be summed up in one word: Socialism. Now let’s address these one at a time in order to explain what they mean in terms that are relevant to today. You may not have made the direct comparison to Marx’s writings, but you probably feel that something just isn’t right. Create options for yourself. PROTECT YOURSELF So rather than trying to time the coming secular economic downturn, it is more important to plan how to protect yourself. For example, if you have children from a previous marriage and commingle an inheritance you receive with your new spouse, your children may get less than you expect when you pass away. Centralization of the means of communication and transport in the hands of the state. Of course the big argument here is that without public education, the poor would not send their kids to school. And that means socialism—a society where private property has been abolished. Communism is but an extreme form of socialism. 2. But socialism isn’t about making you give up your money or pursue affluence. Protect your assets before you get the windfall and you will sleep a little easier knowing your assets are better shielded. Tip: It’s best to make this five minute phone call before you receive the inheritance or windfall. For example, if you are going to receive $3 million from your Aunt Jane’s estate, tell your insurance broker that you want a $3 million umbrella liability policy. © 2020 Forbes Media LLC. Don't get angry about it. Connect with me on Twitter @rpagliarini, my financial planning blog, or email me. Business partnerships are ticking time bombs. You might think you’re just parodying a well-known song, or you could think it’s no big deal to paint Disney characters on the wall at the daycare center you own and operate. Tip: Create a business entity that shields your personal assets from lawsuits against your company. First class mail delivery is also a government monopoly. Airports. When a trust is properly designed to provide asset protection, the assets transferred to it no longer belong to you. Don’t let your sudden wealth suddenly get stripped from you. This is probably my favorite. But can you really expect insurance t… If you want to solve 2 of the 10 issues listed above, privatize the public school system. Big mistake. While shielding all your assets from paying for nursing home costs probably won't be possible, you can protect at least some of your property through smart estate planning now. Global Wealth Protection advises its clients on asset protection and wealth preservation strategies based on a variety of legal, economic, geographic and other criteria. 6. Keep your own funds separate. More than half of American adults don’t have one. 10. I urge you to read through this a few times. 4. Review all jointly held accounts. You may not need a prenuptial agreement with your significant other, but consider how you can protect your money if something goes wrong. I won’t go into too much depth here, but here are the 10 requirements for full realization of the communist utopia once they have gained political power: 1. Industrial armies – labor unions. Here are eight fairly simple steps you should take now to protect your family and your assets later. how to protect your assets from probate plus lawsuits plus nursing home expenses with the living trust plus Oct 12, 2020 Posted By Michael Crichton Public Library TEXT ID d1074b5b0 Online PDF Ebook Epub Library that allows a settlor to be trustee and retain an interest in the trust while also protecting the assets from being counted by state medicaid agencies a living trust provides the Yesterday I had a phone conversation with a friend of […], Offshore Trusts and Private Interest Foundations, If You Work From Home, Watch Out for This Tax…, Student Loan Forgiveness Only Inflates the Bubble Further. 2. Give them a tax deduction or credit when their kids are in school that offsets the cost. Learn more at www.pacificawealth.com. 1. This problem is easily solved with the proper incentives. Talk of socialism is suddenly everywhere. 6. There has been a push towards suburbia. We never sell, rent or share our email lists, and you may opt out at any time. Tip: Avoid partnerships. Abolition of property in land and application of all rents of land to public purposes. Our collective power is the key to what socialism in America would look like, because democratic socialism rests on one key premise: We don’t have a … If I am reading this correctly, socialism is merely a stepping stone to utopia – communism (according to Marx anyway). 2. If the joint owner files for divorce, incurs a tax lien, or lawsuit judgment, the entire account could be wiped out. Spread them a bit around in foreign banks in local currency or gold. 5. 3. If you have a small business or do part-time work on the side without having a formal business structure such as an LLC or a corporation, you are operating as a sole proprietorship. For comparison’s sake, the definition of communism is; 1. a theory or system of social organization based on the holding of all property in common, actual ownership being ascribed to the community as a whole or to the state. They have effectively eliminated private ownership of property. (in Marxist theory) the stage following capitalism in the transition of a society to communism, characterized by the imperfect implementation of collectivist principles. 2. 39:00 — The best entitlement ‘demands’ you’ll hear all day; 44:00 – The ONE thing you need to do if you want to protect your money in an age of Socialism; We hope you enjoy and learn from today’s podcast. Just like joint accounts, you are responsible for the actions of your partner. Need I say more??? Here is the point where you fire off your hate emails to me calling me unpatriotic and requesting that you are unsubscribed from all future mailings. If you have rental property or expect to invest in rental property after receiving your sudden wealth, create a business entity such as an LLC or corporation to shield your other assets from a disgruntled tenant. Confiscation of the property of all emigrants and rebels. Socialism is an economic system where everyone equally owns production. Create business entities to shield assets. Education quality would soar. Consider keeping assets separate. 8. Any money you deposit into a joint account with your children, elderly parents, roommate, or business partner is at risk. Those who really do benefit from capitalism will lie and tell you that under socialism you can’t have your own PERSONAL property. You could also argue that the majority of the population die completely broke because of government programs like Social Security and Medicare which provide the safety net in your older years. FCC. But unlike a joint account, a lawsuit against your partner can put all of your assets at risk. Telecommunications tax. We now live in a society where if 51% of the population agrees that it’s ok to steal from you, then it’s ok. This doesn’t mean you are helpless though. Make yourself more valuable. While it’s incredibly unlikely that anything truly significant will change, it’s enough to make the more paranoid among us curious how we can protect our assets from the IRS. Written by: John Financial, Top Headline 6 Comments Print This Article. By protecting your assets from a creditor in this way, you could be seriously affecting the division of your assets if you divorce. Equal obligation of all to work. According to dictionary.com, the definition of socialism is; 1. a theory or system of social organization that advocates the vesting of the ownership and control of the means of production and distribution, of capital, land, etc., in the community as a whole. This discussion is not intended as financial, legal or tax advice, and cannot be relied upon for any purpose without the services of a qualified professional. Go ahead, I will wait…. Combination of education with industrial production, etc. Depending on the state in which you live and the source of your windfall, if you deposit the money into a joint account with your spouse, this money could instantly become half theirs. Protecting Your Assets from an Out-of-Control Government, Part I. Tip: If you don’t want your spouse to have ownership of your windfall, talk to an attorney and keep the assets in a separate account. Maybe you still think we live in the land of the free and the home of the brave. How To Protect Your Assets From Confiscation And Inflation. However, I would argue that we started to path towards socialism and/or communism decades ago. We never sell, rent or share our email lists, and you … One of Sovereign Man's core goals is to help you increase your freedom & protect the assets you've worked all your life to build. The way you have structured your business has implications for your tax and licensing obligations, and can determine your potential personal liability. The “sole” means it’s just you, so unlike a partnership, you don’t have to worry about a partner's actions . 1. Extension of factories and instruments of production owned by the state; the bringing into cultivation of waste lands, and the improvement of the soil generally in accordance with a common plan. Events of this magnitude often take longer than you expect. The bailouts over the past couple of years have shown us where the government’s loyalties lie – with their campaign supporters. Therefore, protecting your assets must be one of your family’s top survival priorities. This is a huge tax burden during your working years that reduces your ability to save and invest for retirement and future generations. I have a PhD in financial and retirement planning and. 5. Now is the time to explore your options. As the president of a fee-only financial advisory firm, we focus on retirees and others going through significant financial transitions. Sudden wealth can be a life-changing experience that can improve your life and the lives of those around you, but only if you keep it. The original trademark owner may disagree – and sue for damages. 4. Dedicated to retirees, business owners, and sudden wealth recipients. There could even be schools with different specialties allowing you to choose making them compete for tuition. Centralization of credit in the banks of the state, by means of a national bank with state capital and an exclusive monopoly. While I don’t have much to say about the combination of agriculture with manufacturing, there certainly has been a concerted effort to spread the population out over the country. By doing this, if your renter sues you for $5 million, they can attack the assets in the entity that holds the real estate but the rest of your personal assets are protected. If you're a sole-trader or a small business your personal assets may be at greater risk than if you're structured as a company. When the government looks at your ability to pay for nursing home costs, they'll find little or none because everything resides in the living trust. I wrote about von NotHaus in the March 24th newsletter (send me an email requesting this if you didn’t get it) where he was charged with domestic terrorism for creating his own bartering system. Companies like GM and Chrysler are still heavily owned by the federal government. But I suspect many of you are already aware of these things, or else you would not be seeking alternative viewpoints like my newsletter. But don’t sit on your thumbs. Abolition of all rights of inheritance. Basically this is a wakeup call – a slap in the face – a splash of cold water. Consider the homestead exemption. Call your insurance broker and increase your liability limits. There would be no net job losses as we still need the teachers. One of Bush 2’s last pieces of legislation signed into law before he left office was an exit tax for Americans who give up their citizenship. You have more control over the weather than you do over other people's political beliefs. You cannot receive principal from the irrevocable trust, but the periodic interest and dividends you receive from the trust are safe from seizure. There have also been recent cases where private property was seized of people considered to be enemies of the state. 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