Gassmanlaw.com



Alan GassmanCreditor Protection For Physicians5.30.200:04Good morning.?It is Saturday May 30.?And what else would you want to be doing but talking about creditor protection??for physicians?0:13The virus has nothing compared to credit or issues for physicians or at least for the next 30 minutes.0:22By the way, recently, I gave a one hour Talk on creditor protection for Peak Trust company.?So we're going to be sending everybody a link that if you don't get enough between now and 9 30, you'll get even more.0:36Also at 10 AM, we are presenting a webinar on the new House of Representatives Bill that will substantially change the PPP Program Rules and will extend the 6 the 8 week period by quite a few weeks.0:52So, if you want to join us it at 10, you're welcome to.?If you send me an e-mail that just says webinar, we'll make sure to get you invited.?You have my e-mail address here, a gas from the katherine ...?dot com.?I try to answer questions and give more information if you like it.1:08If you would, if you would like to have it, just just let me know.1:14June fourth, Brandon Kashrut is going to talk about 199, an income tax planning, which does include medical practice planning.1:22June sixth, which is next Saturday.?I'll be talking about planning for the single physician.?And then, as you see, we have a lot of other upcoming events.?And we continue to do these free webinars.?We really enjoy doing them.1:36We have a Lindberg Webinar, not so free.?Get your PHD.1:40In PPP on June third with Kevin Cameron, who also has a fantastic PPP Calculator that we'll be talking about, So that's not so free, one.?And then, for your friends or clients who are independent contractors or sole proprietors.?And they want to figure out how PPP applies to them.?Weinberg has a new spreadsheet just for them.2:04So, they don't have to worry about all the big application questions.?If they have no employees, they can do this, like 1, 2, 3, with John Back, and Kevin Cameron.?So you might refer your independent contractor, friends there.?I have an asset protection checklist, I'm not going to go over it, but it's here for you.?Obviously, in the remaining 28 minutes, I can't cover everything, but let's, before we forget, talk about the number one liability problem for doctors.?It's not malpractice, It's not divorce.?It is number six, car ownership, and number five, car use.2:47Almost every week, I get a new client.?As the result of someone driving their car.2:55It may be the client driving the car.?It may be the spouse driving the wrong car.?It may be, and is often, a child driving a car.3:04Don't do that.?Don't let children drive your car.?Or if you're going to let a child drive your car and make sure that car is not enjoined names, make sure the creditor protection is handle.3:15And make sure that there is plenty of umbrella of liability insurance covering those drivers who are touching your car, that is the biggest, biggest problem.?And number 10, alcohol at events, alcohol in cars, medical, marijuana, in cars, these are all your biggest liability issue.3:38People operating your boat, so just think about who owns it.?Why does that person own it??Who drives it??Why does that person drive it??And is there a ton of insurance??So the checklist you can go back to, and then there's even a CPA checklist.?So you can sit down with your CPA and say, hey, am I covered on these things, or do I need to talk to a lawyer about these things?4:04And in number two here, Page 10, just to remind you, as we'll say a few times, I believe, if you are married and you reside in Florida, then you can own assets as tenants by the entirety.4:20And if somebody sues one spouse, the creditor can't touch the joint tenancy by the entirety's assets.4:27As a matter of fact, even if the doctor gets sued, and goes, and files, bankruptcy, the bankruptcy court cannot touch properly situated tenancy by the entirety's assets.4:42But many people on this call, and I mean you, I'm looking at you have joint accounts where you did not check the box for tenancy by the entirety.4:54Or, you are a member of an LLC, or a limited partnership, or a corporation, where your ownership interest might be joint with your spouse, but it will not qualify as tenancy by the entirety.?Even if it says tenancy by the entirety, if the LLC operating agreement is improperly drafted.5:15And, by my estimation, more than half of them are, then you may not have the TB protection that you thought you had.5:24So it's not enough that you get an account statement that says John and Mary T B E, It needs to be in the account agreement that you signed when you opened the account.?You needed to either check tenancy by the entirety, or confirm that it's a joint with right of survivorship account, where a tenancy by the entirety was not offered as a separate box to check.5:50That is probably the most important thing, for most of you watching here.?I know Ken Crotty did a very nice webinar last Saturday on tenancy by the entirety, but some of you may have already forgotten what he said or needed the reminder or we're not with Ken for that.?Nice presentation.6:09Page 13, especially for the advisor's.?I think more than half of the people on this call are CPAs and lawyers.6:16When you sit down with a physician client, asked the question, do they have enough assets and are they going to save enough before retirement age to have a comfortable retirement?6:32And it is somewhat surprising.6:36The frequency of the answer being, I don't know.?I really hadn't thought about it.6:42Well, part of asset protection is making sure that we put enough assets in a proper mode of ownership so that the client can comfortably retire if all the terrible things happen, that might happen.6:57So do you have enough, how much do you need to be saving a year based upon a reasonable rate of return?7:05Are you spending too much?7:07Do you really need the second vacation home when you don't have enough to retire on vacations??Homes are usually not a good investment.?Stocks and bonds historically have been good investments.?So, this checklist on page 12 goes hand in hand with the creditor protection planning because so often we get clients who come to see us for the creditor protection planning, and that's what brought them in.?But then, what about disability insurance that you forget to have disability insurance??What about a partnership agreement with your partner, so that you don't lose your practice if things don't go well?7:44Again, plenty of things to try to attend to making sure you're working with the right people.7:53This is almost always an independent lawyer, an independent certified public accountant, separate investment advisor.?If you have somebody wearing 2 or 3 of those hats, I think you have to be extra careful.8:08I do not know, but a really good lawyer who also practices accounting for a really good accountant who also practices law, there's just too much to do.8:19That would be, like, learning how to be a doctor and a dentist at the same time.?I don't know many doctors who are also dentists.?I know there's oral surgeons but I think, you know what I'm talking about.8:33And a CPA has a lot more training and a lot more continuing education then someone who is not a CPA.8:43So the good team of advisors and making sure the advisors know that you're going to ask the creditor protection question at least once a year?8:52How am I doing on my creditor protection?8:55Let's call Alan.?Go over this chart.?Tell Alan what's changed.?Make sure we're covered.?That's what are more successful clients do.9:04A lot of clients do not want us to call and say, Hey, Floyd.?It's been a couple of years since we did your estate plan, do you wanna go over your chart?9:13No, I don't.?You're not my dental hygienists don't ever call me again.9:17That's kind of the feeling we get sometimes, but if you want a quick review of your chart with a lawyer and with your CPA, once a year, I do highly recommend it.9:28Those of you who are clients know what I'm in, And colleagues of mine, most of you know what I mean by the chart, but if you're not sure, just send me an e-mail that says sample chart, and I will send you a sample chart.9:41Page 20, there's a lot of things you can get sued for.?Watch what you're doing and think about your risks.?Talk to your accountant, talk to your lawyer, talk to your hairdresser.?If you're still able to see them, and think about your risks, talk to your liability and casualty insurance agent.10:00So, many people.10:01Say, Now, I say, who handles your insurance Geico Who handles your insurance progressive, OK, who are you going to call If there's a problem I don't know.10:12Does Geico know that you're driving a business vehicle?10:15I'm not sure I told him does Geico know that you might get hurt on the job?10:21Will that be covered??Idyll, no, I don't remember.?If you use a good, independent liability and casualty insurance agency, you will usually get better service and better policies.10:34And if you're not sure if you have all the right policies, it's very easy to send the first page of each policy that's called the Declaration page.10:42Also known as the deck page to an independent agency.?And they will take a look and let you know if you have the right coverage and if you don't, they'll let you know.?They may try to sell you different coverages.?They're on a pretty low commission standard.10:57They don't make enough money to really do what they do a labor intensive job.11:03So, be very appreciative.?Of these people who work for these liability and casualty insurance agencies get their time, talk to them, go over the chart with them.?If you'd like.?We can make a sterilize chart that doesn't have your financial information.11:17Make sure there are no significant gaps in coverage, but don't rely on insurance, because if you accidentally you have done something illegal that hurt somebody, insurance is not going to cover it.?And we have examples of that all the time.?Oh, well, I didn't know I needed a permit to re redo the ceiling.?The guy seemed really nice, he told me I didn't need a permit.11:41I redid the ceiling.?The ceiling fell on a customer.?Now, I don't have coverage because it was an unpermitted illegals ceiling.11:49In fact, that story goes back to a client who bought a building and the ceiling was already there illegally, somebody got hurt, and the insurance carrier wouldn't cover it.12:01Hazardous waste is another issue.?They just won't cover.?here's an article about a car.12:06Now, some liabilities, you can't even bankrupt out.12:10Like if you owe Medicare money as penalties you can't bankrupt that out child support and alimony pay.?That first you can't bankrupt that out.12:20Hazardous waste.?If somebody dumped a bunch of hazardous waste on your property, not your fault, still your liability to clean it up.12:28So please be careful jetski a lot of doctors have jet skis, normally the umbrella doesn't cover them, normally the umbrella doesn't cover your beautiful dalmatian or rottweiler.?Normally the umbrella may not even cover your pool liability.12:45You may have to have what's called a drop down umbrella that would cover what your other policies might not cover.12:53So, can't be too careful Have a lot of definitions you can read about beginning on page 28.13:03one thing I wanted to mention is I just did a 30 minute talk on bankruptcy.?If you want to send me an e-mail with the line that says Bankruptcy Talk.?We'll be glad to send you the link on That bankruptcy is very interesting, even if you never want to go bankrupt or need to go bankrupt.?I find it to be a fascinating area.13:24But bad faith on page 30.?Now, this is Different than Blind faith, which was a great band that Eric Clapton was in.13:32Bad Faith is when a insurance carrier covering a claim for liability, has the opportunity to settle and does not do so.13:45And the wonderful thing about that is if you get sued and you have 250 coverage and it's a million dollar case and the plaintiff offers to settle for 250, and your carrier says, No, we're not going to settle.13:59You say, I want you to settle, please subtle.?Carrier says, Nope, we're not going to settle.?We're gonna go to trial and we're gonna win this.14:07OK, the carrier's wrong.?You go to trial, million, dollar verdict.14:13What happens the carrier is responsible, if you had proper independent legal counsel, that wrote a proper letter, saying, Hey, you've got the opportunity to settle, Doctor did nothing wrong.14:27Nothing that happened in the doctor's office caused this problem.?But the jury may believe it, and there's a lot of damages here.?So we need you to settle this case.14:38So don't be fooled and to say, No, no, no, don't settle.?I did nothing wrong, let's take this to the end of the world, because that's you at risk, not the insurance carrier.?Yes, they wince six out of seven trials, but don't be number seven.14:53And, yes, we have seen many doctors dig into their pockets and write six figure checks to settle lawsuits, because they didn't send the bad faith letter at the right time.15:05So I hope you remember that when you get sued, the lawyer assigned by the insurance company is usually very good.?The insurance company pays their fees, and that lawyer is not going to tell you all about how to setup a bad faith claim against the insurance carrier.?Some of them will whisper it, they will send you a long, complicated conflict of Interest Letter, but if you're a client of mine and you get sued, let's have a five minute conversation and just make sure that we know and that the plaintiff lawyer, I mean, that the defense lawyer knows when it is time to send the bad faith ladder.15:42How to stop worrying and start living Page 31, many of you on the call have received this book for me.?It's a killer killer.?Good book.15:50If you've read the book, go ahead and read it again.15:52If you haven't read the book, you're in for a real treat.15:56Because not only does Dale Carnegie in this book written in the 19 thirties tell you how to deal with the loss of energy and sleep with worrying, but he tells you how to decide what your options are.16:10How you're gonna handle, what you're gonna do, make a decision, what you're gonna do, and do it.?That is a heck of a lot better than worrying about it day after day after day.?So if you will have procrastination eidos, which we all have to some extent, please get your creditor protection work done, so that you can stop worrying about it.?And, remember, it wasn't raining when Noah built the Arc.?We want to get this done early if you don't get it done early than the Florida.16:42Fraudulent Transfer Statute, Section 726, will be the creditors friend.?Once the creditor gets a judgement against you, they file a new proceeding to collect on the judgement with the same judge that allowed the jury verdict against you.16:58That judge may not like you may like you, and they generally have, in most cases, four years to go back and set aside a transfer that you made to avoid the creditor.17:11Now, the fact that they can go back four years doesn't mean that you shouldn't do something when you have the opportunity to do it.?You get a lawsuit, you have an exposed asset.17:23You need to see a lawyer who is very experienced in this area.17:27Sometimes the answer is to simply sell the exposed asset and spend the money on living expenses.?Sometimes the answer is to transfer the asset but to understand the risk of making a transfer to avoid creditors.?In Florida, it is not illegal or unethical to make a transfer for the purpose of avoiding creditors.?And if you're going to have to fill out an affidavit for the plaintiff lawyer, and they may not ask you whether you've made any transfers, it might be the right thing to do.?But it might also be a very wrong thing to do because the person or entity receiving the transfer, may end up owing the creditor, and it could also detrimentally impact of bankruptcy.?So be very careful, I get these calls.?Allen, I was in an accident Monday, so I transferred all the accounts to my wife on Tuesday, and it's Wednesday, and I'm calling you.?Is there anything else you can do?18:22I should do, Yeah.?Yeah, go back in time and call me Monday.?Don't call me Wednesday after you've already done the wrong stuff.18:29Just be careful.?Remember what deftly Bailey said?18:33Anyone who acts as his own lawyer as a fool for a client.?I don't know if that applies in medicine.?Also.18:39If you read your blood, test yourself and your EKGs yourself, I'll tell you a little story.?I had a client that got in big trouble because she thought she was sick.18:50So, she took her own blood and sent it in, and told the lab that it was a client's blood, and the lab, of course, found something in the blood that wasn't so good.?And that got to her personnel.19:06And before she could stop the personnel, the personnel called the patient and said, you got something improper in your blood, and the patient said, but I didn't give you guys any blood, and you can just imagine what happen from a licensing standpoint.?Don't do risky stuff.19:21And please also, don't mow your yard or do edgy.?If you can't afford to lose your hands, let somebody else do that stuff.19:29Liability insurance.?You can go to YouTube and visit a video called what Mary Poppins didn't know about and about umbrellas.?You need umbrella coverage.?It is a separate policy above and beyond your car coverage, which is normally 250.19:46And above and beyond your house coverage, which is normally 300,000 if you can get a reason.?Normal carrier, but it may only be 100,000 if you have citizens.?So between 100,000 from citizens and the umbrella you may need what we call a doughnut policy from a company named our ally.20:06So next time somebody says, honey, do you want a donut?20:09The answer is: why do I have citizens insurance?20:14Here's my Umbrella, Insurance Instruction Letter and also a letter.?Dear Insurance Agent.?Here's all the stuff I have going on, Is it covered??A lot of charts, people call this the Gasman letter, because when they get it, they go, Oh, my gosh, I better answer this quickly.?Because if my client doesn't have the right coverage than the lawsuit is going to be against the insurance agents, See, and we do see malpractice cases against insurance agencies, let your insurance agency know everything that's going on in writing, preferably, or at least read your deck pages, and make sure it's accurate, and they know where your cars are, kept, who drives your cars, et cetera, et cetera.?Have lots of insurance.?I favor having more malpractice insurance.20:58A lot of you on this call completely disagree with me, but let me tell you when, when it hits the fan, and when you feel actually guilty about a mistake that someone in your office made, which cost a client, an arm, and a leg, or a loved one, you'll be happier.21:14Knowing that you've got a million dollars coverage, you're much harder to get to touch, and that that family will get one million dollars instead of 250.21:23Just think about it from that point of view.21:25When you think about worrying, when you think about ethical responsibility to patients, are you sure you only want the 5950 rates??Look at for you, advisors.?Internal medicine, doctor may be paying 7000 a year for malpractice insurance.?four times as much, 12,000 a year.?It's $4500 discount.21:49If that client is taking really expensive vacations, and says, I'm sorry, I can't afford more malpractice insurance, I can't afford another $4500 tax deductible.22:00Ask for a little bit of discussion on that.?But, that being said, most of my clients have 250, 750 coverage, and I'm glad to represent them.22:09There are advantages and disadvantages to raising your coverage.?I know all the doctors on the call know the disadvantages.?But, again, I'm, I respectfully disagree, disagree.22:24Page 45, the Florida Exemptions on the left-hand side, the homestead is king.22:31The Florida Constitution says that, even if you make a last-minute transfer of money or assets into a homestead, and you reside on that homestead, and you have less than half an acre if you're within the city limits or up to 160 acres outside of the city limits, then the creditor cannot set aside the transfer.22:56Our fraudulent transfer statute does not apply to homestead.?We're the only state in the country.?And, to my knowledge, the only jurisdiction in the world that has this protection.?And that's why so many people moved to Florida when they're having issues, but you can still lose the home if you have to go into bankruptcy within 10 years of making a fraudulent transfer into your homestead even in Florida.23:23Please don't buy more homestead than you need because of creditor protection because where we there's other things that are protected from creditors and homestead is typically not a great investment.23:35Even though the average median homestead may go up by 3.5% a year, your homestead is a year older every year And it needs a new roof and it needs to be air conditioned.23:49So a homestead is not normally a great investment.23:54IRAs, completely creditor proof Great investment 401 K is completely creditor proof, great investment.24:02Defined benefit and defined contribution pension plans where you could put in 150 to $250,000 a year for the doctor and relatively little for the staff, great tax planning tool and absolutely creditor protected and there's good tax business reasons to to prepare those.24:22So, if you don't have a good CPA or pension actuary send somebody, you could send it to me.?Your employee census have that reviewed by a good actuary, they almost never charge to do that.24:34Not by just a bank or a brokerage firm, quite honestly, a good independent actuary, they're the ones with the sophistication to tell you how to pull that together.?Important important for doctors.24:48I believe that if you fund a Pension plan for last year or all of this year during the eight week PPP period, that you can count that towards your forgiveness.?If you're having issues with forgiveness, we're going to be talking more about that at 10 o'clock, if you join us.25:04Permanent life insurance, also creditor protected, but can be very expensive.25:09I wish that I could be reborn as the life insurance agent for a lot of our clients who maybe have more permanent life insurance than they need.25:19Same thing with annuity contracts, you can buy a very low-cost annuity contract or a relatively low cost and moody contract or a very expensive, highly commissioned annuity contract.25:32Please be careful but these are creditor protected.25:36You could put your money that you would otherwise invest in bonds and bond funds and CD's into a fixed annuity contract which will pay competitive rates and be credited approved.?And you don't have to pay taxes until you make a withdrawal.25:52So these are worth looking at if you're under 59.5.?There's an extra 10% excess excise tax on income from the annuity but a lot of clients have millions and millions of dollars of low-cost annuities and have done very well with them.?26:11But then you, of course, have 529 college savings plans and tenancy by the entirety.26:17So here's the doctor, spouse one.26:20Here's the T V assets protected from creditors.26:24Here's the doctors, spouse, spouse two, Now you could have a big life insurance policy, and some assets held by or payable to this revocable trust.26:34When spouse two dies, the trust becomes irrevocable.?It has held for spouse one.?It is not accessible to spouse ones creditors, not accessible to spouse ones next spouse.26:46And spouse one might be required to serve as sole trustee.26:50Or as co trustee spouse.?one can have the power to direct where the assets go when spouse one dies.26:58You need to make sure that your revocable trust has the proper bells and whistles.27:05Don't try doing this on legalzoom.27:07Over half of the trust agreements that we review have defects in them that we fix or replace.?So if it's been a long time since you had your trust or your trust was not prepare by a tax law specialist, then there's a good chance you want to have it looked at.?We don't put anything in the doctor's revocable trust because creditors can reach into the doctor's revocable trust.27:31The doctor will often form an irrevocable trust for spouse to put assets in their spouse to could be the trustee.?And as long as spouse one is not a beneficiary, and spouse to can only receive what she needs for health education and maintenance, no creditor of either spouse can touch this asset.27:49If one of them dies, it continues to be creditor protected, and they can have a divorce clause to divide into two separate trusts in the event of divorce, and then a page 47, we put in our underlying entities to give even further protection using what we call charging order.?So if somebody even sous both clients, they can't reach into the LLC.28:14So one question for you, your Medical practice related Entity.28:20Why is it owned only by the doctor??Why isn't owned??Why is it not owned as tillage by the entirety with the spouse?28:29So that if the doctor gets sued for malpractice for work done before she started the new company for a car accident for a guarantee situation.28:39For alimony, if this practice is jointly as tenancy by the entirety, it can't be touched by the subsequent creditor, and that even applies to a divorce creditor.?28:51So you can convert your medical practice to a regular from a PA or PLC to a regular corporation, put it in joint names, and have joint ownership with right of survivorship.?It fits better in your estate plan.?It gives your spouse a sense of ownership.?It allows dividends to be paid to your spouse, which can be advantageous for planning purposes.?So, a lot of medical practices need to have the conversion and you can also have separate subsidiaries under the practice, which can own the practice entity and then the equipment separately, so a lawsuit against the doctor in the practice doesn't cause loss of all the equipment, all the intellectual property, The vehicle goes in a separate LLC, because I don't want the doctor's practice to own the vehicle.29:41If the doctor's practice owns the vehicle and the vehicle is of an accident, then you have unlimited liability and possible loss of accounts receivable.29:51Please don't tell me that if you get a creditor problem in the company, you're just going to shut it down and start a new one.?Because of the doctrine of successor liability, that creditor will follow you right into the new company if they know what they're doing.?The only way around that is going to be a bankruptcy court approved sale, which is not a cakewalk cakewalk.?It does, that it is effective, but it is not a cakewalk.30:16Plaintiffs do not always subtle for policy limits.?Believe me they want to be in the newspaper.?A lot of these plaintiff lawyers are hunters and fishermen, and they'd like to go hunting and they're going hunting usually not to hurt the doctor, but to get a big verdict, they like the attention of the trial.?whenever They went to trial and the verdict goes in the newspaper.?It hurts the doctor a little bit.?It helps the plaintiff lawyer a lot.?So, this is what's going on.30:45Your estate tax planning.30:47Do you have a situation where on the first, spouses, DAF an amount can pass into a bypass trust that can benefit the surviving spouse without being subject to estate tax on the second??Remember, while the exemption right now is $11.58 million, It's going to be coming down in 20 26, to half of the level, and with all of the deficit situation, as it is now.?Do you think that might not happen sooner, especially if the Democrats sweep the presidency, the House and the Senate??So, get your estate tax planning done sooner or not later.31:24If the Democrats sweep the election, then I'll be really, really busy.?At the end of November, December, January, that is for sure.31:35When one spouse dies, you may want to require the surviving spouse to fund the joint assets into an asset protection trust.31:43These asset protection trusts are not as good as tenancy by the entirety, as usually.?They are not as good as homestead.31:50They're not as good as variable annuities or a fixed annuity, but they are much, much better than nothing, and they have normally stood up pretty.32:03Well, here's a single physician.?I'll, I'll just end this in a couple of minutes.?When I took the Dale Carnegie course, they said, If you can't explain what you do and two minutes, then get out of the business and get into another business.?So, I've got a single physician, Anyone else out there who is single that would like to meet this physician, just send me your e-mail address and I'll introduce you.32:26The single physician has a nice homestead directly owned by her, not in the living trust because if it's in the Living Trust, creditor protection may not apply 99% sure chance it does, but 1% chance it does.?the same thing living trusts to avoid probate, great to avoid death expenses, Great.?But don't put your life insurance or your annuity ownership into the Living Trust.?because if you do, we can't be sure whether it's protected or not.32:58Owns her, all her own car, doesn't let other people drive it, or if a child drives that she's got a ton of insurance, and better to put the the Automobile's name and her ex mother-in-law's name.?As opposed to her name.?From a liability standpoint.?If there's a child over 18 driving, and she should get her ex husband to sign the learner's permit application, which makes him and not her, liable for all negligence on the roadway for a child until they're 18.33:27Please don't have one spouse have their name on the title of the car and the other spouse assigned to the learner's permit.33:35OK, off on a tangent, sorry, but I wasn't, I was pretty good in geometry, OK, IRA Protected 401 K protected annuity contracts protected a life insurance protected.33:47If she works for an arm's length employer, she can set up a wage account if she also is the head of household, meaning that she's supporting one other person, that can be a child or a other relative, or somebody with a moral obligation to be supported.34:08So then, that wage account can be rolled periodically into the variable annuity to keep it safe.34:13She has her medical practice earned individually or under the Living Trust, depending on whether it's a PA or a PLC, and then she has part ownership of her Building LLC, and her securities stock and bond LLC by an irrevocable trust for her children, or her friends or her church or somebody.?So if somebody sues her, they can't reach into these entities.34:37They only get what's called a charging order, where it would be a lien by the creditor against the entity, but they can't, The creditor can't reach, And the client can't reach.?And it's a deadlock, usually, plaintiff lawyers subtle.34:50When they have that deadlock, you need to have the right language in your LLC agreement, in order, sorry about that.34:56I just skipped something in order to make sure that's protected or better yet, have a big part of that.?LLC owned by a Nevada asset protection trust or even an offshore asset protection trust or a trust for children.35:14When you do it this way with a gifting trust and the client, the LLC can be disregarded for income tax purposes.?You don't have to file a partnership return.?If you make the other owner of the LLC, a Gift to Minors Act account for the child, or the child themselves, or your mother or your mother-in-law, then that LLC has to be taxed as a partnership and file a partnership return.35:41So, that is my half-hour presentation.35:44I am sorry that I ran a little bit over.?I will mention page 61.35:50If you plan or hope to inherit, then do it wisely.35:55Get your parents to set up an estate plan where you don't inherit it directly.35:59You can control it, you can use it, but you don't inherit it or set up your own irrevocable trust and make that the beneficiary of your parent's estate plan.?Not your revocable trust, OK??Again, let me know if you want to see the peak trust webinar, actually.?We're going to send you the link I forgot.36:21You can check out my articles on Forbes'.?If you Google Forbes Gassman you'll see a lot of articles that are very well suited.?For physicians, including one that I posted last night on the PPP prescription.?Is the New House of Representatives Law, Good Medicine for PPP, borrowers.?And for most of you, it is, but for a couple of you, it may not be.?And you can see that article.36:44I'll see some of you at 10 o'clock, have a fantastic day, help others, and that will help you.?Thank you.RE-GENERATE TRANSCRIPTSAVE EDITS ................
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