Asset Protection:

I don’t believe my use of the term in the context of my article violates trademark law, and it certainly caused no damages. However, to be on the safe side, I did take any reference to “Relationship LLC” out of the article and reposted it on my blog:

corp-llc-bct.com/2008/03/16/slip-knots-alternatives-to-marriage/

While I was writing in a generic sense of the term relationship LLC, and do not sell any product or service by that name, I have removed the term from articles I posted on my blogs and in article banks.

If you could remove “Relationship LLC” from the title on your site, I would appreciate it.

If you choose to remove the article itself, I understand.

My business is trusts. I do not set up or form LLCs for others. For whatever reason, I hit on a hot topic that was picked up by hundreds of republishers. Maybe I should be in this business, but I am not.

I am sorry for any inconvenience. If any good came out of this, I at least got to visit your site, and I appreciate you republishing the article.

Thank you.

Charles Lamm
caketrust@gmail.com
www.corp-llc-bct.com

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Mar

16

Slip Knots - Alternatives to Marriage

Filed Under Asset Protection, Assets, Beneficiary Controlled Trusts, Corporations, Divorce, Gay Marriage, Lesbian Marriage, Marriage, Plural Marriage, Post Nuptial Agreements, Prenuptial Agreement, Trusts | 1 Comment

You don’t have to be gay to understand the frustration committed same-sex partners have with not being able to be recognized as a legal couple through marriage.

As the saying goes, be careful what you wish for. You might get it.

First, in legal terms, marriage is an unconscionable contract. Over 50% now end in divorce. The split up rate for gay and lesbian partners is even higher. If less than half work out, why do we need marriage at all?

The marriage contract is a three-party contract - husband, wife, and state. The state holds all the cards. The state determines who can and cannot marry, and decides if and under what terms the marriage can be dissolved.

What I suggest for couples or groups who cannot legally marry is to construct their own relationships using LLCs to define those relationships according to their own desires. An LLC cannot be set up to circumvent state laws or to legitimize an illegal sexual arrangement, but many other aspects of traditional marriage such as joint ownership of property and health insurance can be addressed quite nicely by the LLC.

For example, if the LLC provides health coverage for the members, and the relationship breaks up, the LLC will continue to insure the individual members. When a divorce takes place, if the insurance was in one spouse’s name at work, the ex-spouse will likely lose their insurance.

Joint property via an LLC is an even better proposition. Membership can be apportioned according to the contributions each made to the LLC. If the relationship dissolves, you still retain your ownership percentage through the LLC instead of having a family court judge divide the property according to how the court wants to apportion it.

An LLC lets you control the “divorce”, and works better than a prenuptial or post nuptial agreement, which can be modified or ignored by the court.

Prenuptial agreements are flawed in regard to children. For traditional couples, a prenuptial cannot contract away the rights of the unborn. The one thing all states will do is bend the divorce decree to favor the payment of child support, no matter what the financial situation of the parents. The state, quite simply, does not want to pick up the welfare tab for your failed marriage.

An LLC can include children as members. Children can have their own say in family/LLC affairs. Assets such as the family home can remain in the LLC and survive the breakup of the marriage.

And finally, husbands and wives destroy each other’s credit all the time. Members in an LLC are treated like partners for tax purposes, and their percentages of the profits pass through to their individual tax returns, while members retain the limited liability protection of a corporation.

Members of the LLC are not individually liable for the debts of the LLC, and they are not liable for the debts of other members. One LLC member cannot ruin the credit of another, as husband and wife can.

For gay and lesbian couples, plural “marriages”, and other unconventional relationships, keep the state out of your affairs with a Limited Liability Company. Instead of tying the knot, use a slip knot to have the relationship you desire, plus the ability to change that relationship without the permission of the nanny state.

===

Charles Lamm is a retired attorney who owns Trustee and RA Services Inc. in Coral Springs, Florida. He recommends asset protection for all using a no-asset corporation, LLC, and beneficiary controlled trust. Read more at: www.corp-llc-bct.com.

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Mar

8

What Do You Do For a Living?

Filed Under Asset Protection, Assets, Beneficiary Controlled Trusts, Divorce, IRS, Liens, Seizure, Taxes, Trusts | Leave a Comment

Explaining being the distribution trustee for the beneficiary controlled trust portion of the Asset Protection Iron Triangle - when someone asks what you do for a living - is a sure fire way to make people’s eyes glaze over or drive them to the bar for another drink.

Most people don’t even know what a trust is, much less what the trustee does to earn his keep.

Like lawyers, doctors, and plumbers, trustees are pretty useless - unless you’ve been sued, get sick, or the toilet backs up. Then, there are the most important people in the whole world, especially the plumber.

I won’t go into a legal description of trustee duties. You eyes might be glazing over already. But here goes . . .

“I’m the Distribution Trustee for a special kind of trust. I help people protect their stuff from lawsuits, creditors, judgments, ex-spouses, future ex-spouses, a failing economy, and even the IRS, but only if they come to me before those other predators come calling.”

I think that sums it up without getting into the technical details.

And what do you own that someone might like to take away from you? Oh, and what do you do for a living?

===

Charles Lamm is the Distribution Trustee for a number of Beneficiary Controlled Trusts. His blogs include the Asset Protection Iron Triangle found at http://www.corp-llc-bct.com.

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Mar

2

Why Asset Protection? I’m Not Rich

Filed Under Asset Protection, Beneficiary Controlled Trusts, Divorce, Trusts | 1 Comment

If you own something you would like to keep and it’s not protected - a car, boat, or piece of property - and I’m coming after it, you no longer own it. I do. You just don’t know it yet.

Would you like to learn how to protect yourself from me?

===

Charles Lamm is a retired attorney and owner of Trustee and RA Services Inc. Learn how to protect yourself from lawsuits, creditors, judgments, ex-spouses, and even the IRS at http://www.corp-llc-bct.com.

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To Republishers of Slip Knots

Mar

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Slip Knots - Alternatives to Marriage

Mar

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What Do You Do For a Living?

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Why Asset Protection? I’m Not Rich

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