I have written about some of my suggestions on what to do in this era I call the ‘Great Reset’. 8. This discussion is not intended as financial, legal or tax advice, and cannot be relied upon for any purpose without the services of a qualified professional. This problem becomes even more damaging if you are contemplating a divorce. The 16th amendment of 1913 granted congress the power to tax income and made it a permanent fixture of the US tax system. I would love to see this discussion. Now let’s address these one at a time in order to explain what they mean in terms that are relevant to today. Airline tax. Telecommunications tax. Here is the point where you fire off your hate emails to me calling me unpatriotic and requesting that you are unsubscribed from all future mailings. Create business entities to shield assets. The “sole” means it’s just you, so unlike a partnership, you don’t have to worry about a partner's actions . First class mail delivery is also a government monopoly. 7. Learn new things. In this post we'll talk about the top priority of every trader and investor: wealth preservation. Tip: Create a separate business entity for each rental property or consider a Nevada or Delaware Series LLC, which is designed to protect each property within a single LLC. The feds are now trying to seize his private property. This will protect you and your assets against any lawsuits going forward. There have also been recent cases where private property was seized of people considered to be enemies of the state. © 2020 Forbes Media LLC. By doing this, if your renter sues you for $5 million, they can attack the assets in the entity that holds the real estate but the rest of your personal assets are protected. . We continue to go to war for ambiguous reasons increasing the wealth of the political supporters at the expense of the citizens. You can’t own your own home or your own boat, etc. Maybe you still think we live in the land of the free and the home of the brave. Of course, not all Australians share these traits which is a blessing. Here’s where there is the most confusion about socialism. 4. Review all jointly held accounts. Take a look over the past couple of decades. What is Socialism? This generates a huge amount of revenue to the city or county with the property sale and also allows the elimination of property tax since most municipalities use property tax for education purposes. Our government continues to spend money at the expense of future generations because ‘they’ think that is what is best for the people. Of course you haven’t. While shielding all your assets from paying for nursing home costs probably won't be possible, you can protect at least some of your property through smart estate planning now. If the joint owner files for divorce, incurs a tax lien, or lawsuit judgment, the entire account could be wiped out. Your anger is only hurting you. Basically this is a wakeup call – a slap in the face – a splash of cold water. We now have a progressive tax system that penalizes you the more productive you become. You could also argue that the majority of the population die completely broke because of government programs like Social Security and Medicare which provide the safety net in your older years. Protect yourself from renters. One of the biggest challenges related to long-term care needs is that you rarely get to know in advance what services you—or a loved one—will require, or for how long you'll need to fund them. Do we really want to provide negative incentives for people to create businesses which in turn create jobs? As a result, they are beyond the … Abolition of children’s factory labor in its present form. Sudden wealth can be a life-changing experience that can improve your life and the lives of those around you, but only if you keep it. Make sure your personal umbrella liability coverage is for an amount at least equal to your new net-worth. Opinions expressed by Forbes Contributors are their own. The government now is the most unionized employer in the country. Those who really do benefit from capitalism will lie and tell you that under socialism you can’t have your own PERSONAL property. Don't get mad; get rich. If you have a small business or do part-time work on the side without having a formal business structure such as an LLC or a corporation, you are operating as a sole proprietorship. 9. The right to own property that was formerly recognized as a natural right exercised universally by all people is wiped out, to be replaced by a state-awarded privilege controlled exclusively by political elites. Enter your email address to receive our Asset Protection e-newsletter with tips and ideas you can use to keep you, your family and your assets safe. Socialism and communism are the same ideology. Many people talk about the destruction of privacy from Bush’s Patriot Act, while others discuss the nationalization of the healthcare system from Obamacare. We now live in a society where if 51% of the population agrees that it’s ok to steal from you, then it’s ok. 2. 39:00 — The best entitlement ‘demands’ you’ll hear all day; 44:00 – The ONE thing you need to do if you want to protect your money in an age of Socialism; We hope you enjoy and learn from today’s podcast. Big mistake. But can you really expect insurance t… You may not need a prenuptial agreement with your significant other, but consider how you can protect your money if something goes wrong. 4. Most Australians would not normally consider themselves vulnerable to litigation as they would not normally put themselves at risk and often have appropriate insurances as well. I urge you to read through this a few times. As the president of a fee-only financial advisory firm, we focus on retirees and others going through significant financial transitions. 3. Of course the big argument here is that without public education, the poor would not send their kids to school. 2. Why? There has been a push towards suburbia. We aren’t 100% there yet, but we do have a very heavy death….I mean inheritance tax that robs a family of its wealth and grants it to the federal government. Tip: Create a business entity that shields your personal assets from lawsuits against your company. Enter your email address to receive our Asset Protection e-newsletter with tips and ideas you can use to keep you, your family and your assets safe. If you are a business professional or if you own a business, you could be hit by any of the following: 1. I have a PhD in financial and retirement planning and am a CFP and Enrolled Agent with the IRS. Create options for yourself. 8. Free education for all children in public schools. 6. For example, suppose you and a friend have an informal agreement to partner and provide consulting services. Gas tax. You may not have made the direct comparison to Marx’s writings, but you probably feel that something just isn’t right. Can you still protect your assets? Look around and you will find numerous government programs designed to put people to work – of course they don’t really work… Inside, you know what is going on is detrimental to our future and that of our kids and grandkids. 6. The key question, however, is why is litigation booming? This means that your beneficiaries avoid capital gains tax on the increase in value that the trust assets accrued during your lifetime. Instead, it's best to use the turning political tides to your advantage and profit from the swing. For some, this isn’t an issue, but for others, this could pose a problem. You might think you’re just parodying a well-known song, or you could think it’s no big deal to paint Disney characters on the wall at the daycare center you own and operate. Confiscation of the property of all emigrants and rebels. 3. It instructed the government to protect the rights of all to pursue their idea of happiness. Protecting Your Assets from an Out-of-Control Government, Part I. Draft a will. You have more control over the weather than you do over other people's political beliefs. 10. But unlike a joint account, a lawsuit against your partner can put all of your assets at risk. You may opt-out by. If you have come into money, you should also consider investing in a higher level of liability insurance. A heavy progressive or graduated income tax. The journey from a free society to socialism, however, does not occur overnight. 1. Socialism is an economic system where everyone equally owns production. Abolition of property in land and application of all rents of land to public purposes. In socialist economies, the government owns and manages the economic resources such as money and other forms of capital Capital Capital is anything that increases one’s ability to generate value. Consider keeping assets separate. In this article, you'll learn what threats you are up against… as well as the simple, logical steps you can take to build a solid foundation. From the ideological standpoint, there is no substantial difference between the two. One of Sovereign Man's core goals is to help you increase your freedom & protect the assets you've worked all your life to build. Trademark Infringement Lawsuits. Those of us who saw the problems of 2007-9 coming would not have thought that the temporary rescue at that time would have lasted 10 years until today. Once you have legal guidance, they may suggest that you make sure your community property is below the limit, or else you will be disqualified for Medicaid assistance. Depending on the state in which you live and the source of your windfall, if you deposit the money into a joint account with your spouse, this money could instantly become half theirs. Connect with me on Twitter @rpagliarini, my financial planning blog, or email me. Public highways. It seems we are well on our way to fulfilling #1. Learn more at www.pacificawealth.com. Tip: If you don’t want your spouse to have ownership of your windfall, talk to an attorney and keep the assets in a separate account. Companies like GM and Chrysler are still heavily owned by the federal government. If your partner is involved in an accident on the way to a client, your personal assets can be in jeopardy. You know that the America of tomorrow will be but a shadow of yesteryear. All communication and transportation now is federally controlled. Increase your liability insurance. (in Marxist theory) the stage following capitalism in the transition of a society to communism, characterized by the imperfect implementation of collectivist principles. 3. For comparison’s sake, the definition of communism is; 1. a theory or system of social organization based on the holding of all property in common, actual ownership being ascribed to the community as a whole or to the state. Why we must protect the family, private property and America from the dangers of socialism * * * 1. Those with more assets are bigger targets for lawsuits. Communism is but an extreme form of socialism. Protect your wealth while you still have some. Tip: Avoid partnerships. One that ensures you’ll thrive no matter what happens next in the world. For example, if you are going to receive $3 million from your Aunt Jane’s estate, tell your insurance broker that you want a $3 million umbrella liability policy. Dedicated to retirees, business owners, and sudden wealth recipients. Just like joint accounts, you are responsible for the actions of your partner. However, I would argue that we started to path towards socialism and/or communism decades ago. An asset-protection plan employs legal strategies, put in place before a lawsuit or claim arises, that can deter a potential claimant or help prevent the seizure of your assets after a judgment. how to protect your assets from probate plus lawsuits plus nursing home expenses with the living trust plus Oct 12, 2020 Posted By Michael Crichton Public Library TEXT ID d1074b5b0 Online PDF Ebook Epub Library that allows a settlor to be trustee and retain an interest in the trust while also protecting the assets from being counted by state medicaid agencies a living trust provides the But I suspect many of you are already aware of these things, or else you would not be seeking alternative viewpoints like my newsletter. By protecting your assets from a creditor in this way, you could be seriously affecting the division of your assets if you divorce. Establishment of industrial armies, especially for agriculture. 5. You cannot receive principal from the irrevocable trust, but the periodic interest and dividends you receive from the trust are safe from seizure. Spread them a bit around in foreign banks in local currency or gold. Call your insurance broker and increase your liability limits. The answer may be as simple as more lawyers and more wealthy people coupled with a general apathy towards wealth creation and a propensity to take it from others. Extension of factories and instruments of production owned by the state; the bringing into cultivation of waste lands, and the improvement of the soil generally in accordance with a common plan. And that means socialism—a society where private property has been abolished. 3. The socialism vs. capitalism issue remains a sensitive matter today, particularly the extent of the government’s role in the conduct of a country’s economic affairs. I won’t go into too much depth here, but here are the 10 requirements for full realization of the communist utopia once they have gained political power: 1. 2. procedure or practice in accordance with this theory. For example, if you have children from a previous marriage and commingle an inheritance you receive with your new spouse, your children may get less than you expect when you pass away. 5. Taxes would drop. Our freedoms seem to shrink on a daily basis. Business partnerships are ticking time bombs. Your first line of defense in litigation should be insurance. 4. Robert’s latest book is The Sudden Wealth Solution: 12 Principles to Transform Sudden Wealth Into Lasting Wealth. No world superpower stays that way forever; America is no different. One of Bush 2’s last pieces of legislation signed into law before he left office was an exit tax for Americans who give up their citizenship. 3. While it’s incredibly unlikely that anything truly significant will change, it’s enough to make the more paranoid among us curious how we can protect our assets from the IRS. Protect your assets before you get the windfall and you will sleep a little easier knowing your assets are better shielded. Lawsuits aren't filed against those with few assets; they are filed against those with “deep pockets.” If you have substantial assets or are coming into a windfall from a sudden wealth event such as an inheritance, lawsuit, stock options sale, business sale or from a sports/entertainment contract, there are several money moves you should consider to best protect your new wealth against lawsuits and from others. I say BULLSHIT. . Industrial armies – labor unions. An asset protection trust can be held domestically or offshore. A living trust provides the security you need: you can maintain control over your finances but remove your assets from your name. STEP 6: Place Your Assets And Your Spouse’s Assets Into A “pour-over” Trust. If I am reading this correctly, socialism is merely a stepping stone to utopia – communism (according to Marx anyway). 2. 5. 10. but all of your personal assets are at risk if you are sued. Combination of education with industrial production, etc. This problem is easily solved with the proper incentives. 10 Reasons to Reject Socialism . They have effectively eliminated private ownership of property. All Rights Reserved, This is a BETA experience. It's the government's role to create a level playing field to allow that to happen. Asset Protection Trusts. Go ahead, I will wait…. Consider an annuity. Events of this magnitude often take longer than you expect. Don't get angry about it. When a trust is properly designed to provide asset protection, the assets transferred to it no longer belong to you. 6. More than half of American adults don’t have one. But socialism isn’t about making you give up your money or pursue affluence. Make yourself more valuable. If you're a sole-trader or a small business your personal assets may be at greater risk than if you're structured as a company. Here are eight fairly simple steps you should take now to protect your family and your assets later. Talk of socialism is suddenly everywhere. Socialism: If there was one idea that you could say dominates today's Democratic Party, it could be summed up in one word: Socialism. The original trademark owner may disagree – and sue for damages. Consider the homestead exemption. This is probably my favorite. Therefore, protecting your assets must be one of your family’s top survival priorities. But don’t sit on your thumbs. FCC. Centralization of the means of communication and transport in the hands of the state. The key to your family’s financial survival is your assets, namely your money and your property. Bruce Givner, a Los Angeles tax attorney, recommends that his clients have a minimum of a $5,000,000 umbrella policy, and most of them opt for $10,000,000. It effectively charges you with the inheritance tax upon your departure. There are also numerous incentives for home ownership. I have dedicated my professional life to learning and writing about retirement planning and managing sudden wealth. How To Protect Your Assets From Confiscation And Inflation. This is a huge tax burden during your working years that reduces your ability to save and invest for retirement and future generations. 2. a system of social organization in which all economic and social activity is controlled by a totalitarian state dominated by a single and self-perpetuating political party. Feel free to email me your arguments or debate it on my Facebook Fan Page. Equal obligation of all to work. Rates are inexpensive – often $200 or $300 per $1 million of coverage. Tip: If there is a need for a joint account, keep the balance as low as possible. The public education system is riddled with flaws and tends to draw the least competent administrators and teachers. You are merely renting your property from the government. EY & Citi On The Importance Of Resilience And Innovation, Impact 50: Investors Seeking Profit — And Pushing For Change, Michigan Economic Development Corporation With Forbes Insights, The Sudden Wealth Solution: 12 Principles to Transform Sudden Wealth Into Lasting Wealth. Pursue their idea of happiness, and can determine your potential personal liability planning blog, or lawsuit judgment the! Create businesses which in turn create jobs is properly designed to provide negative incentives for people to create which! S where there is the most unionized employer in the hands of the brave means that your avoid! Be no net job losses as we still need the teachers trader and investor: wealth.! 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