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REVOCABLE V.S. IRREVOCABLE LIVING TRUST

REVOCABLE V.S. IRREVOCABLE LIVING TRUST published on

A revocable trust, often referred to as a living trust, is a legal entity created to hold ownership of an individual’s assets during their lifetime and distribute them to beneficiaries upon their death. The key feature of a revocable trust is that the creator (often called the grantor or settlor) retains the ability to modify or revoke the trust during their lifetime. This means they can add or remove assets, change beneficiaries, or even dissolve the trust altogether if they wish.

An irrevocable trust is a type of trust in which the terms cannot be modified or terminated without the permission of the beneficiaries. Once assets are placed into an irrevocable trust, they are no longer considered the property of the grantor and generally cannot be taken back by the grantor. This is in contrast to a revocable trust, where the grantor retains the ability to modify or revoke the trust. It’s important to note that creating an irrevocable trust involves giving up control and ownership of the assets placed into the trust. Additionally, the tax and legal implications of irrevocable trusts can be complex, so it’s advisable to consult with a legal or financial advisor before creating one.

The main difference between an irrevocable trust agreement and a revocable trust agreement lies in the level of control and flexibility they offer to the grantor (the person creating the trust). There are also estate planning and tax implications, and probate avoidance and privacy to take into consideration.

CONTROL AND FLEXIBILITY

A Revocable Trust provides Control and Flexibility, allowing the grantor to retains control over the assets placed into the trust and can modify or revoke the trust at any time during their lifetime. This includes the ability to change beneficiaries, alter the terms of distribution, or dissolve the trust entirely.

In contrast, an irrevocable trust agreement cannot be modified or revoked by the grantor once it’s established (funded), except under limited circumstances and with the consent of the beneficiaries. The grantor relinquishes control over the assets placed into the trust, which are managed according to the terms outlined in the agreement.

ESTATE PLANNING AND TAX IMPLICATIONS

For estate planning and tax implications, a Revocable Trust typically includes the grantor’s assets in the taxable estate. Since the grantor retains control over the assets, they can still be accessed by creditors and are subject to estate taxes upon the grantor’s death.

In contrast, assets transferred into an irrevocable trust are generally removed from the grantor’s taxable estate, potentially reducing estate taxes. Additionally, depending on the terms of the trust and applicable laws, assets in an irrevocable trust may be protected from creditors and lawsuits.

PROBATE AVOIDANCE AND PRIVACY

For Probate Avoidance and Privacy, both types of trusts can help avoid probate, but irrevocable trusts are typically more effective in this regard because assets held in them are not considered part of the probate estate. Both types of trusts can also provide privacy for the beneficiaries, as the details of the trust and its assets are not typically made public through the probate process.

Overall, the choice between a revocable and an irrevocable trust depends on factors such as the grantor’s goals, estate planning needs, tax considerations, and asset protection objectives.

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If you already have a trust or have an understanding of how you would like to structure your trust, please provide the name of the Trust, Settlor, Trustee, and Beneficiary.

The name of your trust can be anything you like.
The name of the person creating the trust.
The trustee is the person(s) responsible of managing the trust. It can be the settlor or an appointed individual or entity.
A beneficiary of trust is the individual or group of individuals for whom a trust is created.

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FLAT FEE E-2 VISA

FLAT FEE E-2 VISA published on

An E-2 visa is a nonimmigrant visa that allows individuals from certain treaty countries to enter the United States to establish a business. The E-2 visa is specifically designed for treaty investors and their employees who are seeking to develop and direct their investment enterprise in the United States. The E-2 Visa process is a laborious undertaking and a lengthy process. Spiegel & Utrera, P.A.’s FLAT FEE E-2 VISA service is complete and fee transparent.

Our staff of attorneys have dealt with many aspects of immigration law, including but not limited to:

Business and Investment Visas: E-2, EB-5, L-1, etc.
Employment-Based Visas: H-1B, O-1, TN, etc.
Family-Based Visas: K-1, CR-1, IR-1, etc.
Permanent Residency and Naturalization

We can help you, family members, friends, and business associates with immigration matters.

Submit your contact details to get a free no-obligation consultation.

Individuals who typically seek E-2 visas include business owners or individuals who wish to establish a new business or invest in an existing enterprise in the United States. E-2 visas can also be granted to investors who are interested in investing a significant amount of capital in a U.S. business with the intention of generating profit. Also, qualified employees of investors who are needed to assist in the development and operation of the investment enterprise in the United States. Additionally, spouses and unmarried children under 21 years of age of treaty investors or employees may accompany or follow the primary visa holder to the United States.

Overall, individuals who want to start or expand a business in the United States and are citizens of countries that have treaties of commerce and navigation with the U.S. are prime candidates for E-2 visas. Our Flat Fee E-2 Visa covers the entirety of the lengthy and time-consuming process to get an E-2 Visa decision. Submit your contact details below to speak with an attorney about our FLAT FEE E-2 VISA process.

SUBMIT YOUR DETAILS BELOW FOR A FLAT FEE E-2 VISA CONSULTATION

 

REAL ESTATE INVESTING WITH A PROPERLY STRUCTURED LLC AND OPERATING AGREEMENT IN 2024

REAL ESTATE INVESTING WITH A PROPERLY STRUCTURED LLC AND OPERATING AGREEMENT IN 2024 published on
When you are ready to move forward with your next real estate investment, you may want to consider having our firm CREATE a new or REVIEW your current Limited Liability Company (LLC) and Operating Agreement to make sure you limit your personal assets from liability in the event of litigation. A properly structured Real Estate LLC with an operating agreement allows the owner to buy, sell, or rent their property without the worry of their personal assets being put into jeopardy. LLCs offer strong benefits aside from just liability protection, such as pass-through taxation, and flexibility in business structure. To further protect all your assets, it may be advised to keep a single investment in it’s own Real Estate LLC entity.


Purchasing real estate under the umbrella of an LLC provides the investor with much needed protection for themselves. The protection alone is pivotal for investors to reduce the amount of risk associated with real estate investing. This is crucial for investors to shield their finances from potential legal actions. For instance, if you or a member fail to make payments on a loan for the property and the debt is in the LLC’s name, you would not have to risk wiping out your personal assets to satisfy the remaining loan and creditors will not be able to seek payment from other members in the LLC.

A Limited Liability Company (LLC) is known as a ‘pass through entity’ because they are exempt from paying corporate taxes. Meaning all proceeds of the company are used to pay debts and are then distributed accordingly to its members to pay individual taxes on. Members can then write off the LLC in their taxes as a profit or loss in their personal income. Additionally, if your LLC is used for managing rental properties, you may be eligible for an additional personal income tax deduction. When deciding on the distribution of the companies proceeds, LLCs offer a flexible business structure to apportion appropriately.

To properly structure an LLC, investors use what is known as an Operating Agreement.

Operating Agreements allow the company to set, for each member, a framework to accommodate for each other and to distribute ownership. Setting up operating agreements is only required depending on the state in which the entity has been formed. These can be referenced when needing to resolve problems or disputes that could occur within the company. Unlike Operating Agreements, Articles of Organization must be filed to legally establish the entity with the state. Together they are the framework for your Real Estate LLC.

While purchasing real estate without the protective vail of a limited liability company is legally possible it is deemed unwise. Investors might find that the strategic choice of real estate management through an LLC is a crucial step into the real estate market. With the major advantage of highly mitigating financial risk, tax advantages and asset protection investors can leverage their LLC to venture through the unprecedented world of real estate investing.

CREATE OR REVIEW YOUR REAL ESTATE LLC AND OPERATING AGREEMENT

 

TRANSFER ON DEATH DESIGNATION FOR YOUR BUSINESS

TRANSFER ON DEATH DESIGNATION FOR YOUR BUSINESS published on

A Transfer on Death (TOD) designation for a business is a must if you have more than one member or shareholder. The Transfer on Death is a mechanism that allows the seamless transfer of ownership or control of a business interest to a designated individual upon the death of the current owner. This is a way to plan for the succession of a business without the need for probate.



For example, if a spouse untimely passes away, the Transfer on Death can designate the surviving spouse to receive all of the decease ownership in the business.

The specifics of a Transfer on Death for a business can vary depending on the jurisdiction and the type of business entity. Here are a few common scenarios:

Transfer on Death for Business Interests:

For sole proprietorships or partnerships, the business owner can designate a specific individual or individuals as beneficiaries who will receive the business interest upon the owner’s death.

Transfer on Death for Corporate Stock:

In the case of a corporation, an individual can specify beneficiaries for their shares of stock through a Transfer on Death designation. This allows the designated individuals to inherit the stock outside of probate.

For an LLC, the owner can often designate beneficiaries for their membership interests using a similar TOD designation. It’s crucial to work with legal and financial professionals when setting up a Transfer on Death for a business, as the structure and requirements can vary based on the business type and local laws. Additionally, businesses often have complex ownership structures and contractual agreements that need careful consideration in the estate planning process.

In some cases, a comprehensive business succession plan may involve a combination of tools, such as a Buy-Sell Agreement, a will, or even the establishment of a business trust. These decisions depend on the unique characteristics of the business and the goals of the business owner.

Please submit your contact details below to discuss the Transfer on Death designation for your Corporation or LLC.

 

BUYING REAL ESTATE WITH AN LLC IN 2023

BUYING REAL ESTATE WITH AN LLC IN 2023 published on

When launching a business in any industry, business owners must consider ways of protecting themselves from liability. This also applies to the real estate business. A limited liability company is a very popular option for those looking to invest in the real estate business. LLCs help to protect you and your personal assets when being faced with a lawsuit, or possible other legal matters. All types of income and losses go through the LLC and then are added to the income on the investors tax return as a write off. A huge advantage of owning property through the LLC is the protection it will provide to your assets like the rental property itself. The LLC helps to separate your personal assets from your business assets, this then provides an extra layer of protection from legal matters. LLCs also allow multiple members to join the business, which would allow them to pool together all their resources and share all of the profits.

When you’re looking for rental property to finance, there are many options at your disposal to facilitate the process. Some of these options are the standard loans from banks or credit unions, or maybe partnering with other investors, or even using a mortgage broker. All of these options have their own advantages and disadvantages, so doing research is important so you can choose the one that best fits for your own business structure. Remember, everyone’s situation is different and should be carefully revised to apply the right strategies. This way one could maximize on profits and minimize on losses.

We can assist you with setting up an LLC entity for the purpose of buying property.

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LLCs could also be very flexible and versatile because of the way they are taxed, and they also provide a lot of great tax benefits. LLCs actually offer more flexibility than corporations and partnerships and usually pay the least amount of state taxes than any other business entity. Which also means that there are some unseen benefits of owning real estate in the name of an LLC. Some benefits are that it appears to the renters to be possibly much more professional, this could help to increase any credibility with possibly valuable future tenants.

In conclusion, investing in rental property through an LLC has many advantages. It helps protect investors from being personally liable, they offer tax benefits, and they also provide a good business structure to partner with other investors. It is crucial to consider all of the pros and cons before committing to an LLC, and to do the prior research to ensure that an LLC is the right fit for the investor’s rental property and goals for its coming future.

General Counsel Club members can call our member-only line at (800) 734-9900 to discuss buying property with an LLC directly with Larry Spiegel.

ASSET PROTECTION FOR YOUR PARTICULAR CIRCUMSTANCE IN 2023

ASSET PROTECTION FOR YOUR PARTICULAR CIRCUMSTANCE IN 2023 published on
Spiegel & Utrera, P.A. has helped hundreds of thousands of clients with setting up entities such as Corporations, LLCs, Trusts, and Partnerships over the years. One of the driving forces behind setting up an entity such as a Corporation, LLC, Partnership, or Trust is the idea that you can separate your own personal self from whatever it is you are trying to protect by putting those items into that entity.
Asset Protection
Many people set up entities to protect their assets, and the key to asset protection is asking the right questions! What is it that you are trying to accomplish? Is it a business you’re trying to protect? Is it real estate you’re trying to protect? Is the real estate income producing? Is the business operational? Is it just cash that you are trying to protect? The key to forming an asset protection strategy is to gather what it is you want to accomplish and find out your particular set of circumstances and facts.

Another key to asset protection is anonymity and layering the entity to protect your public records. For example, you may need to create an entity in a state that protects your public records and then use that entity for anonymity in a separate state. Remember, we don’t want anybody to know our strategy as we’re trying to protect our assets.

SUBMIT AN ASSET PROTECTION INQUIRY HERE

If you are a current member of our General Counsel Club, please call our General Counsel Club line at (800) 734-9900 to discuss your asset protection strategy directly with Larry Spiegel.

Asset Protection Law Firm Shares an Asset Protection Strategy

Asset Protection Law Firm Shares an Asset Protection Strategy published on

Asset Protection Law Firm Shares an Asset Protection Strategy

asset-protection-law-firm

What is Asset Protection?

It’s a legal process within the realm of estate planning that protects your wealth (property, financial accounts, private capital, businesses, investments, etc.) through arrangements that structure assets in a way that makes it very difficult for a creditor to collect. The goals of asset protection planning are not to be deceitful and secretive, hide assets, or defraud creditors. Instead, asset protection planning strives to improve a client’s position in bargaining and negotiations while deterring litigation and furnishing legal options. In most circumstances, it’s never too late to engage in planning an asset protection strategy. Anyone who’s been diligent and fortunate enough to accumulate assets needs some form of asset protection. Spiegel & Utrera, P.A.’s Asset Protection Law Firm brings you 175 years of experience in asset protection, estate planning, and entity formations to cover all your bases and help ensure the longevity of your wealth.

Call (800) 603-3900 for a Free Consultation with our Asset Protection Law Firm

How to Protect Your Assets from Judgments

The most common type of asset protection planning is the purchase of liability insurance—such as automobile, homeowners, or malpractice insurance—but can be unreliable due to inadequate coverage and extensive policy omissions. Many states allow residents to exempt particular assets from the claims of creditors but are subject to specific limitations, such as a threshold for the value of an asset to qualify for protection. Creating a business entity (like an LLC or a Corporation) is another common form of asset protection, allowing for limited liability and the power to segregate the business assets from the personal. Some business entities are a better fit than others to protect your assets and their effectiveness in doing so depend on the context of your particular situation.

Submit contact details for immediate assistance:
* Please give our attorneys up to 4 business hours to contact you. Thank you.

Asset protection planning is a complex legal matter that benefits greatly from expertise in estate planning, business law, and entity formation. Lack of mastery in any one relevant area of law might prevent a client from getting the best possible results, which is why you should call us! Read on to learn a great strategy for asset protection, and call our asset protection law firm for a free consultation so that we may tailor an asset protection plan to your specific needs.

Charging Order Protection

Business entities have Limited Liability, which shields the owners from the liabilities of the business and inhibits creditor’s from collecting through personal assets. There are several different business entities you can form to get limited liability—but for optimal asset protection, you will want a business entity that wields what is known as “charging order protection,” such as a Limited Liability Company (LLC) or Limited Partnership (LP). Charging order protection means that a creditor can’t go after the assets of the LLC or its membership interests. Traditional corporations and single-member LLCs don’t have charging order protection, allowing creditors claim to the corporate shares or company interests. The purpose of charging order protection is to shield the non-debtor members or partners from being involuntarily forced into a membership or partnership with the debtor’s creditor, which is why single-member LLC’s and S-Corporations may not provide charging order protection. A judgment against a stockholder of a corporation can result in judicial foreclosure of the shareholder’s stock or may pierce the “corporate veil” so that the corporation’s assets can be reached to satisfy a creditor’s claim. For this reason, we recommend forming multi-member LLCs, which grant you limited liability and charging order protection.

Best Business Structure for Asset Protection

A popular Charging Order Protected Entity (COPE) is the Family Limited Partnership (FLP), a limited partnership where family members hold most if not all of the ownership interests—which is an important vehicle for asset protection and estate planning. After forming the FLP, all family assets can get transferred into it, including investments and business interests. After the transfers, a husband and wife (for example) will not own those assets individually, but rather hold a major interest within a business entity that owns those assets. The family members, being General Partners—will have complete management power and control over the affairs of the partnership and can buy or sell any assets they wish on behalf of the FLP. Furthermore, as General Partners, the family members can decide either to distribute the proceeds from the sale of the assets or to have the FLP keep such proceeds. Creditors cannot reach into the FLP and seize assets such as property, investments, bank accounts and other assets owned by the FLP. For this reason, a husband and wife that wisely transferred all their formal personal assets to the FLP, possess the interest in the FLP as their only individually owned asset.

We can help!  Spiegel & Utrera, P.A. has over 175 years and 260,000 clients of experience in Company Formations

Each Family Limited Partnership is COMPLETE

INCLUDES State Filing Fee, “YES! Includes State Filing Fee”
INCLUDES Family Limited Partnership Seal and Book
INCLUDES Certificate of Limited Partnership
INCLUDES Family Limited Partnership Minutes
INCLUDES Family Limited Partnership Agreement
INCLUDES Preliminary Name Search
INCLUDES 110% Lowest Price Guarantee

Yes, even INCLUDES Attorney’s Fee
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An Asset Protection Strategy

Let’s go over a strategy you can use to structure your asset protection plan. You may use layers of limited liability to isolate and protect your valuable assets. Individuals with appreciated property or assets should place each real estate parcel or business operation into its own Limited Liability Company. For anonymity, you may want land trusts (in the states that permit them). Furthermore, all of the operating LLCs should become owned by a Limited Partnership or Family Limited Partnership comprised of a General Partner that is a business entity with limited liability itself, such as an LLC (this would not be needed if you are in a state that permits Limited Liability Partnerships or Limited Liability Limited Partnerships), and several limited partners. The reason a Limited Partnership would be the holding entity is that compared to Limited Partnerships or Family Limited Partnerships, LLCs are a relatively new type of business entity that does not have the stability and predictability of settled case law. The initial owner should get Holding Limited Partnership interests, in proportion to the value of the real estate parcel or business operation contributed to the LLCs.

asset-protection-law-firm

Following this strategy allows continuity of management and professional management, restriction of sales of Holding Limited Partnership interests, freedom from personal liability for contract, tort or hazardous waste claims regarding the real estate parcels or business operations, tax-free gifting to family or others to reduce taxable estate, participation of foreign investors, and minority discount valuation for estate tax purposes.

Spiegel & Utrera, P.A.’s Asset Protection Law Firm stands ready to help you structure your business entities for maximum asset protection. Click here to submit information about your individual situation and an attorney will contact you.

ON THE AIR with Larry Spiegel and host Joe Castello: Asset Protection 101

What You Have To Do Next After You Win $1.4B Powerball

What You Have To Do Next After You Win $1.4B Powerball published on

As you work hard and commence to acquire assets and invest in different things, it is often a chilling thought to imagine something happening to you and what is to then happen to your assets and your loved one’s access to these assets.

Many times poor planning leads to loved ones having to spend too much money attempting to marshal and probate someone’s estate, because the person either did not even have a will or passed away with only a will, which requires a probate be established in the competent court.

“A trust is an arrangement where either money, real estate or other assets are transferred from the settlor, many times while the settlor is still alive, to be managed and administered for the benefit of another pursuant to the terms of the trust agreement”

A revocable living trust is where the trust is created during the settlor’s or grantor’s lifetime and can normally be changed and modified during the settlor’s or grantor’s lifetime. Generally, the revocable living trust is created by a written document, known mainly as a trust instrument or trust agreement. The funding of the trust should occur at the same time or shortly thereafter. Funding or vesting requires assets to be transferred into the trust.

Many times the grantor or settlor, the creator of the trust, and the trustee and the administrator of the trust are the same individual, and the grantor or settlor has the right to amend or revoke the trust.

The primary reason to consider using a revocable living trust is to avoid the sometimes lengthy and expensive probate process which many will be subject to when their loved one passes with or without a will only. The trust provides that in the event of the grantor or settlor’s incapacity, mental or physical, or death, the successor trustee takes over the administration of all trust property.

The most important or popular reason for its use is the avoidance of probate upon the grantor’s or settlor’s death. Probate is avoided because the Trust assets are owned by the trust rather than the grantor or settlor.

Do you have any questions about trusts?  It is important that you have a well drafted trust. Speak to one of our attorneys by calling 800-743-9900 or visit our website www.AmeriLawyer.com today!

Being A Better Decision Maker

Being A Better Decision Maker published on

One key difference between an entrepreneur and the average individual: the entrepreneur is a natural-born problem solver. While simple decisions can easily be taken care of, the more difficult problems require making difficult decisions. Successful entrepreneurs have found the following strategies helpful in the decision making process:

  • Don’t waste time. It is all too easy to delay a decision because of the sheer fact that it is a difficult decision. Consider setting aside a block of time during the day (or over a span of several days) to work the pros, cons, risks, and outcomes of your decision. Remember that ignoring problems will never help you make better decisions.
  • Put your ego and emotions on the back burner. It is completely natural to be too personally invested in your business. However, this can make decision-making especially difficult. Transcend your emotion and ego by practicing self-awareness. Strive to objectively arrive at the root of the problem. List potential causes of your problem. For example, if your business isn’t making enough money, ask yourself what the specific cause may be. Is your pricing right? Do your customers identify with your brand or services? Did you hire a bad employee? Better decisions will result from objective facts instead of wounded egos.
  • Ask an expert or neutral third party. Remember that while your problems may seem unique to you, there are entrepreneurs and professionals out there who have solved the same problems. A neutral third party also aids in keeping you objective in your decision-making process.
  • Understand the worst-case scenario. An entrepreneur understands the underlying risks of the decisions he or she makes. Always take a moment to deeply consider the worst-case scenario of the decision you’re about to make. Identifying your risks will help you rest easier when making decisions.

Visit our website for more information and to make sure your interests are protected!

 

AmeriLawyer Has Served Over 265,000 Clients

AmeriLawyer Has Served Over 265,000 Clients published on

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Spiegel & Utrera, P.A. has been in business for 20 years because of it’s professional service and value pricing and has over 265,000 satisfied clients. Our lawyers are qualified and highly experienced in Forming Corporations, Limited Liability Company and Sub Chapter S Corporations.

If you have any questions about our service and what we can do for you, don’t hesitate to call us at 800-603-3900, fax us at (305) 857-3700 or send a letter to P.O. Box 450605, Miami, FL 3324

Our prices are the lowest in the industry and we guarantee a top rated service. Make sure to visit our website today for more details!

www.AmeriLawyer.com

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