Asset Protection

"Give a portion to seven, and also to eight; for thou knowest not what evil shall be upon the earth."

On January 1, 2010, the estate tax was repealed. But the estate tax is not really dead, only sleeping. As of this date, this is my prognosis on the estate tax.

Last weekend I took 20 young men and 8 adults on a winter campout in the Uintah National Forest in Northern Utah. We rented cross country skis and we carried our gear in backpacks and sleds. We began our trek as the sun set and an enormous full moon began to rise over the horizon. As we ski'd through the forest, we heard coyotes (and possibly wolves) howling in the distance. We traveled six miles, and the final mile was a steep climb, in soft snow, pulling heavy sleds. At times I wondered if I had made the right choice. It certainly would have been safer and easier to stay in my comfort zone at home. But in the end, I realized that the risks were well worth the rewards. I will forever cherish the friendships I enjoyed on this adventure, the brightness of the moon on the snow, the stark shadows, the erie sounds of wild animals in their natural habitat, the vitality of working my muscles and lungs in the cold fresh air, and the silence and peace of a natural setting far removed from city lights, pollution, or man made noise of any kind.

If you are looking to benefit from all the best laws, you might consider living in Florida, shopping in Oregon, forming your corporation in Delaware, forming your LLCs in Alaska, and forming your trusts in Nevada.

If you have one or more corporations or LLCs, this subject should be of importance to you.　The general rule in every state is that a creditor of a corporation or LLC cannot reach the assets of the owners unless the owners have signed a personal guarantee, or unless the creditor can pierce the corporate veil.