2 Credits

The current litigation explosion has created tremendous interest in asset protection. Not only does this area have financial and estate aspects but it directly impacts tax planning.

This mini-course is designed to survey opportunities for asset protection that can arise during tax planning and to determine how to properly report such transactions.

Learning Assignment & Objectives

As a result of studying the assigned materials, you should be able to meet the objectives listed below.

ASSIGNMENT

• At the start of the materials, participants should identify the following topics for study:
• Basic protection concepts & fraudulent transfers
• Insurance
• Individual titles and sole proprietorship
• Corporations
• Trusts
• Co-tenancies
• Partnerships
• Limited liability companies
• Marital property & separate property
• Premarital & post-nuptial agreements

Learning Objectives

After reading the materials, participants will be able to:

1. Recognize misconceptions about and the main reasons for asset pro-tection, determine fraudulent transfers noting how to structure asset protection planning transfers so that they are not fraudulent, identify goals associated with undertaking asset protection measures, and spec-ify how life insurance can be used as an asset protection vehicle.

2. Identify how the various types of entities relate to asset protection and how the various types of joint ownership of property and various trusts directly impacts asset protection and tax liability.

3. Determine the concepts of common law property, community prop-erty, and equitable ownership noting which states base distribution laws on those concepts, specify asset division principles, and recognize premarital and post-nuptial agreements and how they can be used to advise clients in individual asset protection.
 

Additional Contents : Complete, no additional material needed
Advance Preparation : None
Intended Participants : Any CPA looking to maintain or enhance their professional competence
Course Declaration : Participants must complete the final examination within one year of purchase. A minimum passing grade of 70% or better is required to receive CPE
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