Partnering With Families To Make Life Better

How to Survive a Zombie Attack Or

Asset Protection Planning 101

1. Sources of Liability

2. Basic Rules & Things to Know

3. Asset Protection Techniques

4. Practical Considerations

Overview

• Divorce

• Parents with teenagers

• Accidents (auto, etc.)

• Catastrophic health care costs

• Professional risk (physicians, dog washers)

• Property owners (especially with renters)

• Business risk (officer, director, employer)

Sources of Liability

1. The Primary Asset Protection Rule: In general, creditors can obtain the

same access to your assets as you can.

2. Lawsuits, judgment, attachment and levy

3. Bankruptcy Basics

4. Fraudulent Conveyances

5. Entities: Corporations, LLCs and LPs

6. Irrevocable Trusts

• Created by other

• Self-settled

Basic Rules & Things to Know

7. Joint Ownership

• Tenants in Common

• Joint Tenants with Right of Survivorship

• Tenancy by the Entireties

• Community Property

8. Piercing the corporate veil

9. Qualified retirement accounts

10. Life insurance

11. Homestead exemption

Basic Rules & Things to Know

1. Joint ownership by spouses (in some states)

2. Use of LLCs and FLPs

3. Liability Insurance

4. Gifts into irrevocable trusts for descendants

5. Joint spousal trust (some states)

6. Inter vivos QTIP

7. Domestic self-settled asset protection trusts

8. Pre-nups

Asset Protection Techniques

1. Effective asset protection planning means giving up control

2. Engage in planning when there are no claims on the horizon

• Effective asset protection planning is long-term planning—when an issue

arises its likely too late

3. Estate planning and asset protection planning can be at odds

4. A non-asset protection reason for engaging in planning is helpful

5. Concept of peeling layers of an onion

6. Bucketing assets

7. Personal vs. business assets

Some Practical Considerations

For an actual zombie attack:

• Change

• Cut

• Run

Some Practical Considerations