Maximize eSignature Legitimateness for Personal Leave Policy in Canada

How to eSign a document: e-signature legitimateness for Personal Leave Policy in Canada

i want to talk to you today about why not to use an irrevocable trust for asset protection unless you follow these important rules now you likely already know not to use a revocable trust for asset protection a living trust for example is for estate planning so your heirs often your spouse first and then when you both die your kids get your assets your name is bill and somebody gets a judgment against you the creditor's attorney walks into the courtroom and says bill has the power to change the trust hey judge force him to use that power to change the beneficiary to me so i can give bill's money to my client i'm the business guy and i need your help youtube will promote this video more if you click the like button below and if you could do that i'd really appreciate it you can also text a link of this video to those who need it and you can also click the subscribe button so that when more videos come out like this you'll get notified so if you see the word revocable in a trust it pretty much means no asset protection so what about an irrevocable trust irrevocable trusts are usually created to protect assets from lawsuits reduce taxes and provide for an estate plan for heirs the trust is considered separate from the person who creates it usually called the settler or grantor so when the settler is sued and the trust is properly and timely established in the appropriate jurisdiction the assets of the trust can be shielded from judgments against the settler the other parties include the trustee who manages the trust and the beneficiaries who receive the benefits of the trust now our organization has drafted literally thousands of trusts and an irrevocable trust can give you asset protection if number one it's drafted properly it's not just irrevocable that gives you protection it's the proper wording of the irrevocable trust that protects you number two proper jurisdiction it must be set up in a place that has asset protection laws number three an independent third party trustee unlike a living trust you cannot be the controlling trustee if its purpose is to protect your own assets otherwise again the judge could force you to use that control to turn your trust assets over to your opponent number four the assets must be titled to the trust slash trustee's name the trustee by the way must follow the terms of the trust and by the way as a benefit to you for watching this video if you decide that an asset protection trust is right for you when you call and speak with our attorneys and consultants give them discount code bg for business guy bg trust 100 for a hundred dollars off your asset protection trust now let's dive into the details of what we just talked about number one drafted properly for an irrevocable trust to provide asset protection it must be drafted properly so it's not simply a matter of just adding the word irrevocable to a trust that magically turns it into an asset protection tool the assets held inside of the irrevocable trust are shielded from the debts of the beneficiaries of the trust if those beneficiaries have a contingent and not a defined interest in the trust what that means is they cannot scoop the funds out of the trust arbitrarily if they could so could their creditors their interest in the trust is subject to a future event or at the discretion of the trustee as outlined in the terms of the trust in addition the trust will often include a spend thrift provision that keeps judgment creditors from seizing trust assets and prevents beneficiaries from using the trust assets for payments of their personal judgments under these conditions assets would only be made available to creditors if the assets were paid out of the trust to the beneficiaries so that the assets became personal property of the beneficiaries so when under legal arrest the trustee could simply pay the bills for the beneficiary directly as long as the assets remain inside of the trust they're protected and the trust can keep on providing support for the beneficiaries and keep the trust assets away from creditors revocability as the name implies an irrevocable trust cannot be readily changed or cancelled there is a legal theory such that whatever the judgment debtor could do the judgment creditor could step into his or her shoes and do the same so the reason for irrevocability is that if the settler could easily change the trust a judge could order the settler to change the beneficiary of the trust to the settler's legal enemy now what if i want to change it well depending on the jurisdiction changes may be made through the cooperation of the third party trustee but not directly by the settler the settler gives up ownership of the assets to the trust but in certain jurisdictions gets to enjoy the benefits of them and again that's why revocable trusts don't protect trust assets because it lets the settler change or cancel the trust number two needs to be in the proper jurisdiction california new york florida texas and most other states do not have asset protection trust law where the settler can also be the beneficiary of the trust and can place his or her assets into the trust and enjoy protection from lawsuits now some states have enacted asset protection trust legislation such as nevada wyoming delaware alaska and utah these trusts are advertised heavily by their promoters but here's what they will not tell you domestic asset protection trusts don't work very well results oriented judges penetrate these trusts on a regular basis this is especially the case where the settler lives in one state such as california or florida or another state that does not have asset protection trust laws in place and the trust is established in a state such as nevada california florida new york courts consistently rule that since the settler lives in say california that california law applies the judges simply order the trustee to turn over the trust assets since the trustee is under the u.s court's jurisdiction they have no practical choice but to comply that is why we now resort almost exclusively to offshore asset protection trusts in jurisdictions such as nevis and the cook islands our law firm there is not subject to our local court orders now they don't need to comply because our judges don't have jurisdiction beyond u.s borders in these cases in fact unlike domestic trusts which are continuously penetrated in the 30 years i've been establishing offshore trusts i have never seen our trust penetrated not even once and i believe as the largest offshore trust provider in the world that speaks volumes plus our law firm that serves as trustee is licensed so they went through intensive background checks to get a trustee license we have been dealing with the same personnel who serve on the board of the trust company for over 25 years and they have managed literally billions of dollars of our clients assets faithfully and honestly on top of that look in wikipedia what is the least corrupt country that is the most trustworthy country in the world new zealand is tied for first and guess what cook islands is a part of right new zealand but the true beauty is when we set up an offshore trust we put an llc inside of the trust you act as the manager you and only you are the signatory on the bank account and the only time our law firm would need to step in as account signatory is when the courts would take the money away from you so your money is very very safe number three needs an independent trustee in order to provide asset protection the trustee must be a true third party trustee in order to provide asset protection for you the trustee cannot be you your spouse your parents grandparents your children the trustee cannot be a controlled employee or an agent of yours these people would be considered your alter ego by the courts there are licensed trustee companies that can assume this role number four you need to actually put your assets into the trust so it's not just having a trust it's putting your assets into the trust that protects them now let's talk about estate planning let's talk about putting an ab provision into the trust estate tax reduction or elimination is another reason irrevocable trusts are used for married couples of higher net worth irrevocable trusts are often drafted so the trust is divided into two parts upon death of the settler this is often in the form of an a b trust so when the settler dies half of the assets go into the a trust for the benefit of the surviving spouse and the other half goes into the b trust that remains in the estate of the deceased spouse the surviving spouse typically retains access to the full value of the a trust and the income produced by the be trust so that when the second spouse dies the a trust is given to the beneficiary usually the children of the settlers as an inheritance from one spouse then the b trust is also granted as an inheritance to the beneficiaries from the other spouse so you get to double the amount that go to your kids as state tax free more estate planning benefits want to see 300 000 disappear faster than you can say david copperfield give it to a typical 15 year old when his parents die having provisions in the trust that take care of the living and educational expenses until the child reaches age 30 and the wisdom is gained from age and education are much more likely to lead to the preservation and growth of your hard-earned resources for subsequent generations assets can be kept in trust under a variety of conditions as dictated by the settler that is why waiting until the beneficiary reaches a certain age before they can access the assets is a common irrevocable trust provision ing to the national endowment for financial education 70 percent of people who win the lottery or otherwise snag a windfall end up bankrupt or broke within a few short years settlers want to ensure their estate and assets which they often work hard their entire lives to build are responsibly enjoyed by their loved ones they want to be certain that the inheritance and legacy they leave behind is a help and not a burden downsides are there any downsides to an irrevocable trust to protect assets loss of control of the assets may be thought to be one of them however if the trustee does not abide by your wishes simply fire the trust company and hire another the nice thing about an irrevocable trust is that the settler gets to choose the terms of the trust gets to choose the jurisdiction of the trust and gets to choose the trustee and with a properly drafted trust gets to change the trustee within certain asset protection parameters if that person or organization does not follow his or her wishes benefits there are numerous benefits to irrevocable trust asset protection from lawsuits is one of the biggest plus without a legal tool such as an irrevocable trust dictating the terms of asset transfer upon death the deceased has little to say on how or when beneficiaries receive and sometimes spend the inheritance now the settler can even retain the right to change beneficiaries through the aid of the trustee as he or she wishes in the proper jurisdiction the settler can also keep the income the trust produces those types of perks certainly aren't built into an arrangement where just a gift is made irrevocable trust can work well to protect assets from lawsuits cut estate taxes and manage an estate plan the limitations on making independent changes to the trust mean that the courts are also restricted from stepping into the shoes of the settler or beneficiaries and making changes against their wishes the settler of the trust gets to decide how the trust is drafted and the trustee's job is to follow the instructions of the trust and then make sure that the settler's desires are carried out want more information about setting up an asset protection trust give us a call at 1-954-410-50 or visit asset protection assetprotectionplanners.com remember the discount code bg trust 100 for 100 off for watching this video please click like subscribe and text this video to others thanks for watching this is the business guy [Music] so [Music] you