• Course Information

    Title: Asset Protection - Tax and Financial Aspects
    Category: Taxation
    Field of Study: Taxes
    Course Code: T018-0104
    CPE Credits: 18.0
    Price: $103.95
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Description

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 assets, cancellation of indebtedness taxation and marital agreements.

Delivery Method:

Level: Overview

Prerequisites: None

Advanced Preparation: None

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Course Details

Author: Danny Santucci

Category: Taxation

Field of Study: Taxes

Passing Score: 70%

Publication Date: 08/08/2018

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Objectives

Objectives:
Chapter 1:     Introduction to Asset Protection
1. Specify the goals and purposes of asset protection, the objections some people have about shielding assets from creditors, and reasons for asset protection.
2. Identify situations that can unexpectedly put assets and financial security at stake and the common sources of lawsuits.
3. Recognize the author's concept of exploding and imploding liability how dealing with them is necessary for complete asset protection plan, and the concepts of insurance, asset placement, and statutory protections when applied to asset protection.
4. Specify the types of creditors associated with asset protection and fraudulent transfers recognizing their salient characteristics.
5. Identify the fraudulent transfer provisions which protect current and future creditors, the badges of fraud in the Uniform Fraudulent Transfer Act, applicable statutes of limitation, potential criminal penalties associated with fraudulent transfers, and the differences between fraudulent asset transfers and permissible asset transfers.
6. Determine 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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Profession

NASBA: Yes

QAS: Yes

CPA: Suitable for all CPAs

IRS: Enrolled Agents Program Number 263UK-T-00080-14-S

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