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Liabilities that Sidestep an Asset Protection Plan

Be cautious of limits. Be confident when assisting your clients with creating and maintaining an asset protection plan.

Many asset protection planners effectively assist their clients with establishing and maintaining good asset protection plans. However, many do not understand the limits of such planning in certain situations. There are obviously a number of ways to undermine one's own asset protection plan; for example, not treating corporations, LLCs, and trusts as legitimate, separate entities. However, this topic will focus on problems that, in the presenter's experience, are often underappreciated and which can create liabilities that entirely bypass an asset protection plan. Specifically, this topic will address improper ownership of NFA or Title II firearms, improper ownership of private aircraft, the trust fund recovery penalty for federal payroll tax withholdings, and individual ownership or signature authority over foreign accounts. While this is by no means an exhaustive list of issues that bypass an asset protection plan, these problems are relatively common and often handled inappropriately.


Runtime: 90 minutes
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Why Lorman?

Over 31 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Agenda

NFA or Title II Firearms

  • Overview of Firearm Classification and Laws
  • Planning Techniques and Liabilities for Improper Possession
  • President Obama's Recent Executive Action

Aircraft Ownership/Flight Department Company

  • Overview of the FAA Regulations
  • Perils of Owning Aircraft in a Holding Company
  • Dry Leases and Proper Aircraft Ownership and Maintenance

Trust Fund Recovery Penalty

  • Overview of TFRP vs. Other Taxes
  • Individual Joint and Several Liability for Federal Payroll Tax Withholdings

Foreign Account/FBAR Reporting

  • Overview of Reporting Requirements
  • Latest Changes to IRS Voluntary Compliance Program
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Why Lorman?

Over 31 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Credits

OnDemand Webinar

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

Audio & Reference Manual

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

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More Program Information

Why Lorman?

Over 31 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Faculty

Sterling S. Olander

Kirton McConkie PC

  • Attorney at Kirton McConkie PC, the largest law firm in Utah
  • Practice emphasizes tax and estate planning, asset protection, and business
  • Writes a blog at www.CPAatLaw.com, which has over 82,000 hits
  • Certified public accountant with a master of accountancy degree in tax
  • J.D. degree, cum laude, J. Reuben Clark Law School, Brigham Young University
  • Can be contacted at 801-350-7640, [email protected], or Twitter® @CPAatLaw
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Why Lorman?

Over 31 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

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Product ID: 398979
Published 2016
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