Why Asset Protection Trusts are a better alternative to Prenuptial Agreements
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Why Asset Protection Trusts are
Why Asset Protection Trusts are a better alternative to Prenuptial Agreements
Today, I’m going to be talking about prenuptial agreements and asset protection plans. When to use each and I’m going to tell you why I strongly prefer asset protection plans over pre-nuptial agreements.
It’s a highly emotionally charged issue particularly if you’ve been through a divorce and have a few dollars that you’ve managed to salvage from that awful processor if you’ve fallen in love and you’re about to get remarried.
And I’m going to tell this from a man’s point of view because I’m a man and it’s a little easier but it works both ways. In fact, the most famous divorcee in the world has used an asset protection plan instead of a prenup and it worked perfectly.
Many people think this is a good strategy to protect their assets in the event their marriage doesn’t succeed. These types of agreements typically explain how the property will be divided and if spousal support, also known as alimony, will be paid in the event of a divorce.
Each individual may also set up their intentions about distributing property after one of them dies. This is particularly an issue for second marriages when one or both spouses want to preserve property for their bloodline children or grandchildren from a former marriage.
Depending on the state where you reside, a premarital agreement may be called a “prenuptial agreement” or simply a “prenup.” There is also the term “antenuptial agreement,” which is basically the same, except it is done after a couple has been married.
Advantages of Asset Protection plans over Prenup agreements
More effective Asset Protection won’t destroy your partner's trust
Keeps the relationship intact.
Never vulnerable to U.S. judge in the case of liquidity.
Now, here’s why I like asset protection plans to prenups. First, they’re very effective. If you are getting married and you’ve put assets into an asset protection plan particularly if those assets are liquid, you can totally eliminate your future spouse’s ability to get to them if things go to pieces. How?
By triggering the first rule when you fund the plan and triggering the second rule of asset protection which is no country in the world automatically enforces U.S. judgments but simply moving the liquidity out of the United States, away from the jurisdiction of the divorce court. And there are certain countries such as Belize that formally refuses to recognize you as divorce decrees.
Basically, asset protection is a great way to avoid the pain of a prenup. I once upon a time went to a wedding. My friend at the time owned a house next to the Playboy Mansion. He’s a very wealthy, major real estate developer. L.A. Philharmonic was one of the orchestras playing at his wedding.
Well, his wife who is also a friend was sitting in her hotel room getting ready when he sprung a prenup on her. Well, they didn’t get married until 2:00 in the morning. Nobody knows if she actually signed it but we know it was a five-hour negotiation.
Prenups Will Destroy Trust
Prenups destroy trust. Honey, I love you. I want to spend the rest of my life with you. You’re the only person that I really love. I will never cheat on you. You are the apple of my eye but would you mind signing this little paper? It’s that if we’re not married at least eight years, you don’t get more than $100,000 a year and you could acknowledge that my son when he graduates from Stanford gets the car dealership and my younger daughter is, you know, you know what I’m talking about.
Do Prenup agreements really work?
Prenuptial agreements are often good ideas. They often work; but, sometimes they don’t work (just ask Donald Trump). One thing, and the only thing, you can count on from a solid pre-nuptual agreement is the guaranteed destruction of trust. To ask for a Pre-nup is to admit that you don’t trust your prospective spouse. This is often a wise move; however, this sure destroys the illusion of complete trust and respect most couples like to take to the alter.
To get a pre-nup in place the wealthier prospective spouse will normally say: “Honey, I have built up some serious wealth and thought it would be great to keep it separate property.” What the other spouse hears is “Gosh I love you, but just in case you turn out to be a loser, would you sign this so I can keep my stuff?” The “poor” spouse now knows for sure that he or she is not trusted. Simply stated: Prenups do not promote great marital relationships. In many cases, even the act of proposing one puts serious impediments to personal trust.
Full video transcript at https://www.assetprotectiontraining.c...
Subscribe for more videos
Today, I’m going to be talking about prenuptial agreements and asset protection plans. When to use each and I’m going to tell you why I strongly prefer asset protection plans over pre-nuptial agreements.
It’s a highly emotionally charged issue particularly if you’ve been through a divorce and have a few dollars that you’ve managed to salvage from that awful processor if you’ve fallen in love and you’re about to get remarried.
And I’m going to tell this from a man’s point of view because I’m a man and it’s a little easier but it works both ways. In fact, the most famous divorcee in the world has used an asset protection plan instead of a prenup and it worked perfectly.
Many people think this is a good strategy to protect their assets in the event their marriage doesn’t succeed. These types of agreements typically explain how the property will be divided and if spousal support, also known as alimony, will be paid in the event of a divorce.
Each individual may also set up their intentions about distributing property after one of them dies. This is particularly an issue for second marriages when one or both spouses want to preserve property for their bloodline children or grandchildren from a former marriage.
Depending on the state where you reside, a premarital agreement may be called a “prenuptial agreement” or simply a “prenup.” There is also the term “antenuptial agreement,” which is basically the same, except it is done after a couple has been married.
Advantages of Asset Protection plans over Prenup agreements
More effective Asset Protection won’t destroy your partner's trust
Keeps the relationship intact.
Never vulnerable to U.S. judge in the case of liquidity.
Now, here’s why I like asset protection plans to prenups. First, they’re very effective. If you are getting married and you’ve put assets into an asset protection plan particularly if those assets are liquid, you can totally eliminate your future spouse’s ability to get to them if things go to pieces. How?
By triggering the first rule when you fund the plan and triggering the second rule of asset protection which is no country in the world automatically enforces U.S. judgments but simply moving the liquidity out of the United States, away from the jurisdiction of the divorce court. And there are certain countries such as Belize that formally refuses to recognize you as divorce decrees.
Basically, asset protection is a great way to avoid the pain of a prenup. I once upon a time went to a wedding. My friend at the time owned a house next to the Playboy Mansion. He’s a very wealthy, major real estate developer. L.A. Philharmonic was one of the orchestras playing at his wedding.
Well, his wife who is also a friend was sitting in her hotel room getting ready when he sprung a prenup on her. Well, they didn’t get married until 2:00 in the morning. Nobody knows if she actually signed it but we know it was a five-hour negotiation.
Prenups Will Destroy Trust
Prenups destroy trust. Honey, I love you. I want to spend the rest of my life with you. You’re the only person that I really love. I will never cheat on you. You are the apple of my eye but would you mind signing this little paper? It’s that if we’re not married at least eight years, you don’t get more than $100,000 a year and you could acknowledge that my son when he graduates from Stanford gets the car dealership and my younger daughter is, you know, you know what I’m talking about.
Do Prenup agreements really work?
Prenuptial agreements are often good ideas. They often work; but, sometimes they don’t work (just ask Donald Trump). One thing, and the only thing, you can count on from a solid pre-nuptual agreement is the guaranteed destruction of trust. To ask for a Pre-nup is to admit that you don’t trust your prospective spouse. This is often a wise move; however, this sure destroys the illusion of complete trust and respect most couples like to take to the alter.
To get a pre-nup in place the wealthier prospective spouse will normally say: “Honey, I have built up some serious wealth and thought it would be great to keep it separate property.” What the other spouse hears is “Gosh I love you, but just in case you turn out to be a loser, would you sign this so I can keep my stuff?” The “poor” spouse now knows for sure that he or she is not trusted. Simply stated: Prenups do not promote great marital relationships. In many cases, even the act of proposing one puts serious impediments to personal trust.
Full video transcript at https://www.assetprotectiontraining.c...
Subscribe for more videos
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