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Wealth Protection Planning Fraudulent Conveyance
By Randall Borkus, Principal of InKnowVision, LLC
Over the past year, I received a call or two a month from Advisors telling me
their clients want wealth protection advice and the motivation for the call is
generated after some feasible liability has arisen. Too often no meaningful
planning is available. The reason is that the contemplated transfers involve
property with loads of contingent liabilities, so planning with such assets
would most likely be undone by a court under fraudulent conveyance laws.
Learn how you can help this client
without getting into trouble yourself.
Keep
reading to find out how...
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Jason Weaver is 73 years old and has 2 grown children from a
previous marriage; a son who is his business partner and a daughter, who while
having a good relationship with her father, has no connection to the family
business. Jason’s wife Melissa also has children from a prior marriage. With
little to no charitable interest, Jason is only concerned with passing as much
of his accumulated wealth on to his children for them and their families to
enjoy.
Jason’s net worth is $6 million with about $2 million of that in the family
business where he’s a 50/50 partner with his son. Jason has a very modest
lifestyle of $75,000 a year. Jason wants to ensure that his interest in the
family business passes to his son with as little tax as possible while also
providing for an equal and timely inheritance to his daughter. Jason wants to
provide sufficient assets including the use of their home to Melissa should he
predecease her while at the same time minimizing the decrease in inheritance his
own children may receive.
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