When sued over a civil dispute where assets come into play, there is a civil procedure called a debtor exam. In light of this Civil Procedure, I am going to explain why asset protection is so important and the factors you want to take into consideration, such as proper timing, ethical preparation, and of course, the proper legal documents. Greetings, my name is Patrick Franca, which Asset Protection Center. I am an estate planning attorney focusing on the field of asset protection and elder law in the state of California and Florida. So, let's talk about what exactly is a debtor's exam. This is basically when an individual, the debtor, is under penalty of perjury to reveal the assets that would assist a creditor in collecting his or her judgment. So, remember, as I was talking about at length in the past, asset protection is never about hiding your assets, which I think is a very misconceived notion by the common consumer. Asset protection, when done properly, is done timely, so it's done ahead of any potential lawsuit. This is your largest benefit if you do it in light of proper estate tax planning or any other legitimate reasons. The chances of your asset protection structure being pierced for collection purposes become much higher. Don't confuse this concept with the lack of privacy. Privacy is when you do not have to reveal all of your information. If the collector or the attorney representing the creditor fails to ask you questions, you don't have the obligation to volunteer the particular asset. But I'll talk about that more in the next video, I suppose. I hope you found this helpful. If you want to find out more, visit us at assetprotectioncenter.com or call me at 714-966-2646, and we'll talk about your situation. Thank you for watching,...
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966 penalty Form: What You Should Know
Closing a Corporation — Do I File IRS Form 966 — Mardi Gras Corp. Feb 26, 2023 — Technically, no. See the chart above. Closing a Corporation — Do I File IRS Form 966 — LLC — Pogo Company Feb 26, 2023 — Technically, no. See the chart above. Exempt from Form 966 Reporting for Income Tax Purposes If you are not required to file or do not plan to file a Form 966 report, you can claim the following exemptions from the requirement to report by filing a Certificate of Exemption. (a) (b) See this Exemption for Owners of LLC Interests — Corporation (c) If you are a shareholder of an LLC or partnership and either, (1) you are a bona fide resident of Kentucky and have physical presence in Kentucky ; or (2) any property you own was acquired from other than a Kentucky taxpayer other than a Kentucky taxable owner ; (d) If it was a taxable owner, that owner shall file a tax form on your behalf or have a copy of that tax form filed on your behalf in the county in which the property is located. If you are the owner of a physical presence, the owner shall file on your behalf, or have a copy of that form filed on your behalf by certified mail, return receipt requested, in the county where the property is located. Note : When filing your Certificate of Exemption you should ensure that you are doing so in accordance with Kentucky tax laws. See this Exemption for Owners of LLC Interests — Partnership Kentucky business law applies You can find the Kentucky business tax law in Title 25, Chapter 2, Title 28, Chapter 1, Title 31-6 (which is Chapter 13 of the Kentucky General Corporation Act), or Title 35, Chapter 10 (which is Title 18-2) of the Kentucky General Corporation Act. KENTUCKY GOV'T LAW A corporation (or farmer's cooperative) must file a Certificate of Exemption with the Kentucky Secretary of State in the county where the corporation or cooperative is located to receive this exemption. The secretary should be the person receiving a tax return.
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