Wednesday, October 31, 2012

TrackBack - MS Estate Planning

Entity Level Liabilities

Real estate should be conveyed into an entity to protect against liabilities generated from the property. ?Insurance should be purchased. ?This is basic entity level asset protection. ?However this does not address personal liabilities.

Real Estate

Real estate is an asset protection problem. ?It cannot be removed from the local jurisdiction, and carries many potential liabilities. ?Possible solutions include: conveying the property into a Partnership which is then owned by an Off Shore Asset Protection Trust; mortgaging the property and the proceeds transferred as cash to the partnership owned by the offshore trust; or pledging the real estate to secure other liabilities.

Personal Residence

The personal residence may be conveyed to the spouse that has fewer potential liabilities. ?For example, a surgeon may have more potential liabilities than does his wife who does not work outside the home. ?Alternatively, the personal residence could be encumbered with liabilities so that the net equity fits within any state law exemption. ?In addition, title may be held as tenancy by the entirety so that the creditor of just one spouse cannot access the property.

Excerpt from The Complete Guide to Estate and Financial Planning in Turbulent Times (Collaborative Press, 2011) - Walt Dallas, Contributing Author

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