DDS Legal Club
Dentists Legal Club
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Specialized Tax and Asset Protection Information for Doctors & Dentists From
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Dentists Legal Club is a specialized information site for the independent medical professional. This site serves the latest news and articles concerning What’s Legal, What’s Not in Law, Tax, Asset Protection, and Business.
Legal Risks & Asset Protection: Legal risks and asset protection planning is not simply the use of a PC, Family Limited Partnership, LLC, or offshore trust. In fact many times it’s more about what ‘situs’ to avail yourself to and what devices, methods, techniques or situs not to use! It’s knowing the legal and governmental climate or tolerance for use of a full array of legal risk and asset protection devices, methods and techniques. It pays to know where the trend is going!
Offshore: For example, let’s discuss “offshore”. It’s critical to understand that bills passed by Congress in 2007 expressly target use of offshore trusts, devices, bank accounts, insurance schemes, and transactions. The STOP TAX HAVEN ABUSE ACT would impose numerous ‘factual’ and ‘guilt’ presumptions of wrongdoing, even if you are not named directly or indirectly on the offshore device (and use a ‘protector’). Click here for an article about this new offshore trend.
Domestic: Don’t be fooled into thinking that the new bills passed by Congress are only targeting ‘offshore’ activity because the very heart of asset protection is vulnerable under the new codification of the ‘form over substance’ doctrine. Click here for an article about this new domestic trend.
Tax Efficiency vs. Avoidance of Capital Gains or Income Schemes: First of all, tax schemes for tax sake are now suspect and targeted itself. New bills passed by Congress reveal the trend that - tax benefits are not allowed if the transaction (or series of transactions) does not have “economic substance” or “lacks a business purpose”. Click here for an article about this Congressional trend.
Avoiding Captial Gains with the Private Annuity Trust (PAT): For example, Private Annuity (Trust) tax deferral is dead. On October 17, 2006 the I.R.S. issued Proposed Regulations 1.72-6(e) and 1.1001-1(j) (reversing Rev.Rul. 69-74) covering certain (private) annuity trust transactions entered into after October 18, 2006, and other types entered into after April 18, 2007. The Private Annuity (Trust) is effectively DEAD after April 18, 2007 in terms of avoiding or deferring taxes! Moreover, if you have such a trust you should contact a specialist attorney to review your situation to safeguard your rights and protections. Click here for more info on Taxes!
ONLY LEGAL METHOD OF PROTECTING ASSETS WHEN FACING A LAWSUIT OR JUDGMENT! Click here for more info.
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