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Asset Protection (K.I.S.S.)

Asset Protection (K.I.S.S.). “A Fool And His Money Are Always Welcome”. By Rick Kahler, CCIM, CFP ™, GAA Kahler Financial Group. “Who Me, Worry? I’ve Got Insurance.”. Denied Claims Policy Limits Bankruptcy Lapsed Policy. “Well, Maybe I Should Worry.”.

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Asset Protection (K.I.S.S.)

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  1. Asset Protection(K.I.S.S.) “A Fool And His Money Are Always Welcome” By Rick Kahler, CCIM, CFP™, GAA Kahler Financial Group

  2. “Who Me, Worry?I’ve Got Insurance.” • Denied Claims • Policy Limits • Bankruptcy • Lapsed Policy

  3. “Well, Maybe I Should Worry.” • Frivolous Law Suits – “Show me the assets” • High Profile = Perceived Deep Pockets • Property Liability • EPA, HUD • Property seizures – 260,000 per year • RICO, DEA, ATF, FBI, IRS

  4. Illegal discrimination Returning deposits Illegal contracts Lead paint Injury to tenant Pools Smoke detectors Failure to maintain Injured visitors Inadequate door locks Drug dealers Liability for manager Failure to remove trash Violations of laws Damage by workmen Etc. “OK, I’ll Worry!”

  5. “OK, OK…What Should I Do? Get started, today.

  6. Before You Start • Good asset protection seems real silly, like major overkill….until you need it. • Then it’s called a fraudulent transfer. • Get used to hearing, “Why would you want to do that?” and “You can’t do that." • Educate yourself

  7. Asset Protection Fundamentals • Own nothing in your own name • Use a variety of entities • Trusts, LLCs, Corps, FLPs • In a variety of states

  8. K.I.S.S.Keeping It Simple isn’t Smart

  9. How Do I Protect My Real Estate?

  10. Methods To Hold Real Property • Personal Name • Living Trust • Corporation • Limited Liability Company • Limited Liability Partnership • Land Trust

  11. Personal Name • NO liability protection • NO privacy • Report taxes on Schedule E • NO annual fees or paperwork • NO annual meeting

  12. Living Trust • NO liability protection • Some Privacy • Don’t use your name in the title or be trustee • Beneficiary deemed to own equitable title • NO additional tax return • NO annual fees or paperwork • Tax Neutral

  13. Corporation • Liability protection • Can only lose what corporation owns • Some privacy • Officers are public record • Additional tax return • Annual fees and meeting • Not tax neutral

  14. Limited Liability Company • Liability protection • Can only lose what company owns • Some privacy • Officers are public record • Additional tax return • Annual fees but no meeting • Tax neutral

  15. Limited Liability Partnership • Liability protection • Can only lose what partnership owns • Some privacy • Two partners are public record • Additional tax return • Annual fees but no meeting • Tax neutral

  16. States That Statutorily Recognize Land Trusts • Florida • Georgia • Hawaii • Illinois • North Dakota • Virginia

  17. Land Trust • Liability protection • Can only lose what land trust owns • Privacy • Trust not public record • Beneficiary deemed to own personal property • NO additional tax return • NO annual fees • NO annual meeting • Tax neutral

  18. LAND TRUST Real Estate

  19. Real Estate Rapid City LAND TRUST North Dakota Trustee North Dakota Resident Beneficiary

  20. RE RC RE RC RE RC LT ND LT ND LT ND Trustee North Dakota Resident LLC Wyoming Registered Agent Wyoming Resident Beneficiary

  21. Real Estate Rapid City Trustee North Dakota Resident LAND TRUST North Dakota Registered Agent Wyoming Resident LLC Wyoming Trustee You LIVING TRUST South Dakota Beneficiary

  22. This Is Just The Beginning • Don’t try this at home • The devil is in the details • Educate yourself • Educate your attorney • Educate your accountant

  23. Our 30 Years of Experience Runs Deep • Operate multiple businesses • With over 40 employees • Instruct nationally and internationally • Columnist for 10 years • Several financial and real estate degrees • CFP™, ChFC, CCIM, GAA • Masters in Wealth Management

  24. Our Broad Experience Means: • We give you tried applications, not theory • You learn from our experiences • We see the bigger picture • We know the answers to the questions you don’t ask • You get better, more balanced advice.

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