I am going to open your eyes, enlighten you, and teach you why the limited partnership is the ultimate asset protection tool.  I will show you how to laugh at lawsuits and make your creditors cry.  I will explain all the secrets about using limited partnerships to protect any kind of asset.   I will reveal how you can pass $1,000,000 through your estate using only your $625,000 exemption. 

Perhaps the most important thing you're going to learn is that using the ultimate asset protection tool is not only what you should do, it is something you can do yourself.  As with everything I do, I have simplified the creation and use of limited partnerships. 

 Let me first tell you a little bit about myself.  I am an attorney who specializes in real estate, business and asset protection.  For several years, I was the Chief Executive Officer of Success Development International, Inc., one of the largest providers of business and real estate education in the country.  In 1999, I left that position, and today I annually teach thousands of people the exact techniques they can use to protect their assets, and reduce their income taxes, the same techniques that only the rich normally have access to.

Will You Get Sued?
         Yes.  It's a fact.  Accept it.  It's only a question of time.  When, not if.  Our society is so litigious that you are going to be sued personally at least once in your life.  Bureau of Labor statistics project that the number of lawyers will increase by 35% by the year 2005.  The American Bar Association estimates the average person will be sued five (5) times during his or her life.  We already have more lawyers in this country than we really need.  All these lawyers have to do something.  They are not going to be suing people without assets.  They will be suing you, often not for any good reason.  The sooner you accept the inevitable and prepare for it, the better protected you will be. 

I spoke at a seminar recently and a doctor in attendance told this sad story.  As the director of a youth group in 1991, he invited the entire group and their families to a picnic at his house at his expense.  One girl brought along her boyfriend.  The young man was carrying his girlfriend on his shoulders and playing "chicken" in the lake.  Some other children allegedly pushed the first couple over.  Nothing was made of the incident at the time and no injury was reported. 

Almost two years later, the doctor was served with a lawsuit claiming that the young man injured his neck while at the picnic and spent a brief time in the hospital.  Of course, what better place to be injured than at a house owned by a wealthy doctor.  He was seeking $3,000,000 from the doctor and $3,000,000 from the families of the other children.  Until the doctor was served with the lawsuit, he was not aware the boy might have been hurt.  The doctor's insurance company refused to defend the lawsuit or pay the claim because they were not notified when the accident occurred, even though the doctor was never informed.  So now the doctor is paying one law firm to defend him against the claim.  He is paying another law firm to sue the insurance company in an attempt to force them to cover his loss and attorneys' fees.

  A similar scenario could happen to any one of us.  You can probably tell me as many scary stories as I can tell you.  We have to be prepared or we can be wiped out.  You don't have to do anything wrong to lose everything.  You just have to be in the wrong place at the wrong time. 

So what does this mean?  Does this mean that we shouldn't be nice?  Does this mean that we should never invite anyone into our homes?  No.  We're sharing and caring human beings and we will not live that way.  This scenario is frightening to me and people I know.

 One of my clients recently hosted a birthday party and he was having a great time until he realized there were three lawyers in his house.  Given his recent court battles, he was immediately concerned about the potential for the lawyers to either (a) have an "accident" or (b) turn someone else's minor mishap into a money making venture.  This is the world we now live in.

 I don't want you to get scared and stop doing business.  If you manufacture widgets, keep the machines rolling.  If you're a professional delivering a service, keep up the good work.  If you're a retail store owner, continue to sell.  All I'm asking is that you change the way you think and the way you own and control your assets.   

You are very vulnerable right now.  You don't know when or where disaster will strike.  It might never happen.  The important point is this:  If you prepare for disaster and it never happens, you have nothing to lose.  If you aren't prepared when disaster strikes, you could lose everything. 

 As I travel the country, I hear so many horror stories.  Most of them begin like this:  "If only I had known two years ago what you've just taught me, before I lost two or four or ten million dollars."  It is truly horrible to hear the things that have happened to people who were happy, successful business owners and investors.  Then, one day, a lawsuit was filed against them and it was the beginning of the end.  What the plaintiffs didn't take, the lawyers did.

 You've worked very hard to get what you have today.  I know just what it has and will cost you personally to achieve your success.  I go through the same process and face the same problems that you do.  One specific rule that I strictly adhere to is this:  "I have worked very hard to get what I have.  You will have to work even harder if you want to take it away from me."

 I know you feel the same way I do.  I know you don't want some plaintiff and his lawyer to wipe you out after you have worked so hard to succeed.  If I show you a way to protect yourself, your family and your assets, are you going to be interested?  Are you going to use it?  I have written this report so you will never have to call me with your own horror story.

 So, let's look at how we are going to protect ourselves, our families and our assets.

 You Need to Own All Your Assets in Various

Limited Partnerships and Here's Why.

 No one can discover what assets you own until after he obtains a final judgment against you.  You do not have to reveal anything before or during a lawsuit unless you choose to do so.

 When you are sued and lose, the plaintiff (the person suing you) will obtain a judgment against you.  If you don't pay the judgment, the plaintiff will have the opportunity to question you to discover your assets.  Assuming (and you know about assuming, don't you?) that the lawyer asks the right questions, you will then have to reveal whatever you own and the form of ownership.

 If you have money in the bank, the plaintiff can get it.  If you have stocks and bonds, the plaintiff, as a judgment holder can take them.  If you own real estate, the plaintiff can obtain that as well.  The plaintiff can also take your business, even if it is incorporated.  You must realize that the plaintiff, as a judgment holder, can keep taking your assets until he gets enough, or you are wiped out. 

This Brings Us to The First Rule of Asset Protection - Maintain Control.

 For example, you are in the position of defending a lawsuit based on a claim you would pay if you had the money available.  The plaintiff obtains a judgment and demands payment.  When you refuse, the plaintiff may choose which of your assets to sell.  These assets are usually sold well below fair market value. 

The plaintiff has the right to continue the process of attachment and subsequent sale until he actually receives the full dollar amount of the judgment.  Because the plaintiff could attach your assets, he is in control.  If the plaintiff could not attach your assets, then you would be in control.  You could then sell only the assets you choose, for full value, to obtain the money to pay the judgment. 

When the other party is in control, even a relatively small claim can result in a large amount of damage.  When you are in control, you determine what is sold, for how much and when, plus how much is paid to the plaintiff and when.  But, much more importantly, if you choose never to give up your assets, or pay the judgment, you can legally do so by simply using the Limited Partnership to bomb proof your empire.

 If you continue to own assets the way you always have, then you will not be in control.  You can be severely hurt or completely wiped out unless you adopt a different strategy to ensure your survival.  The easiest and quickest way is to divide your assets and own them in limited partnerships. 

The Uniform Limited Partnership Act (ULPA), which is adopted in some form in every state except Louisiana, specifically defines certain treatment for limited partners and limited partnership interests.

 The most important provisions from an asset protection standpoint are these: 

 A Limited Partnership Interest Can't Be Attached,

Can't Be Taken From You and Can't Be Sold by A Judgment Holder.

 This differs from the treatment of stocks, bonds, mortgages, real estate, beneficial interests and all other property interests, whether real or personal.  A judgment holder can take these assets from you or force their sale.  A judgment holder can't take your limited partnership interest.  The courts continually rule that it is against public policy and the ULPA to allow anyone to attach or take a limited partnership interest.

 Isn't it obvious that you need to use limited partnerships?  Absolutely!

 The judgment holder can't take the limited partnership interest away from you, so what can he do?  If he has a smart lawyer who knows what to do (and that is one big "if"), he can get a charging order.  The charging order requires any income that would otherwise be distributed to you as a limited partner to be paid to the judgment holder until he is paid in full.  In other words, you can't get any distribution of income as a limited partner until the judgment holder is paid in full.

 Now, here's the good part.  Who's in control of the limited partnership and any distributions?  The general partner.  Who's in control of the general partner?  You are.  (I will explain the details later.)  You completely control the distributions to the limited partners.  If you or your wife is an employee of a corporate general partner, one of you can still receive a salary and have your expenses paid while not paying the judgment holder. 

Imagine that.  There you are with all your assets in limited partnerships.  You get sued, lose and a judgment is entered against you.  Before you knew better, you would have been ruined.  Now, a judgment holder only has a judgment against you and has a great deal of trouble collecting.  He dearly wants to get paid, but he can't.  You are in a tremendously well protected position.

 As good as this is, it gets even better.  Federal income tax law requires partners to pay income taxes on the net income of a partnership even if no money is distributed.  The test for taxation is not the actual distribution to the partners, but the net profit for the tax year.  The money itself may have been reinvested into the partnership business.

 Likewise, if your limited partnership makes money and chooses to roll the money back into the business, you still have to pay income tax on your share of the net profit of the limited partnership. 

Furthermore, the IRS requires a judgment holder with a
charging order  to pay income tax on your share of the net
income even if no money is actually distributed or received.

 Because the judgment holder would be entitled to the money if it was distributed, he has to pay taxes on it even though he does not receive any money.  The greater the profit made by the partnership, the more taxes the judgment holder will have to pay. 

I hope you understand just how powerful this is.  I can't put enough emphasis on this.  You definitely must grasp this concept. 

Instead of letting someone take away your assets, you will place him in a position of having two bad choices.  One is to give up and walk away.  The second is to obtain a charging order, wait for some income to be voluntarily paid out to you and, until then, to pay income tax on any net income of the partnership although no money is actually paid.  The use of the limited partnership gives you incredible leverage.  Even if the other guy has a judgment against you, you are in control. 

You Are Virtually Invulnerable.

 You have completely turned the tables on the judgment holder.  Look at what you've done to the guy.  He started with great expectations of collecting a large sum of money from you.  He sued, went to court, won the final decision and got a judgment.    This guy was mentally spending the money already.  He was already cruising the Caribbean Sea thanks to you.  Then, you upset him by refusing to pay the judgment. 

 His smart lawyer forced you to reveal where your assets are, then charged into court and got a charging order.  Then, the judgment holder sat back and waited for the money to roll in.  Surprise, surprise, surprise.  The money never does show up.  The tax bill does, however, and the judgment holder must pay taxes on money which he will never receive. 

So what's  the judgment holder going to do now? He has done everything right and gotten an income tax bill for his efforts.  Instead of making money, he is losing money.  It's a good thing he had that smart lawyer!

 Speaking of lawyers, which we unfortunately have to do from time to time, let's look at the lawyer's position in all of this.  If the lawyer is getting paid on an hourly basis, he is absolutely loving this long, drawn out, complicated process.  He is billing his client a huge sum of money although the client is collecting nothing.  The client, on the other hand, unless he is unbelievably stupid, is ready to call it quits.  He is wasting money paying his attorney to chase the wind.

 If the lawyer is doing the work on a contingent fee basis, a situation in which he gets paid only if he actually collects money, the lawyer is in a very tough position.  He can't get his hands on anything of yours so he can sell it and make money.  If he gets a charging order, his client is going to be upset that he's paying taxes without receiving any money.  This leads us to ask this question:  How long will a lawyer chase the wind when he is not getting paid?  The answer is usually "not very long."

 If either the judgment holder or his attorney gets discouraged, then the whole process begins to unravel.  As their enthusiasm for the chase wanes, your ability to survive, and even win, the war increases.  If you have ever tried to collect money from someone who didn't want to pay or could not pay, then you understand the feeling of frustration and amount of time being wasted by the Plaintiff.  When you were seeking payment, you gave up and walked away because it was more prudent and beneficial for you even though your principles weren't satisfied when you couldn't collect the money.

 What About IRS Liens?

 Even when the IRS levies against you personally, the levy doesn't attach to assets you don't own personally.  When your limited partnership owns these assets, a lien against you will not tie up your assets.  This is especially true and even more important when real estate is involved.

 If you own a property in your name, an IRS lien, or any other lien, will attach to your real estate the minute it's recorded.  By not having title in your name, a lien against you is not a lien against your property.  Of course, you should always take title to real estate in a land trust.  If you want more information on land trusts, please see the Special Report titled "How to Use Land Trusts for Protection and Privacy".  The report should be available from the same person who gave you this report.

 Just so there is no misunderstanding, this doesn't mean the IRS cannot get to your assets eventually.  In time if they wish to persist, their broad powers will allow them to attach your partnership interest if they choose.

 However, the IRS may be the most powerful collection company in America, but they are also the slowest and least likely to pursue an interest that can't be converted into cash.

 What If I'm Already Under Attack?

 Well, it may be too late to close the barn door, but . . . maybe not. 

 Let's say you transferred your assets to a limited partnership even after you knew a suit was pending.  Could the plaintiff claim fraudulent conveyance and overturn the transfer?  The answer is probably, "Yes."

 But, this would first require the plaintiff to even be aware of the transfer and, second, to pursue a fraudulent conveyance lawsuit.

 On the other hand, what have you got to lose?  The point is:  if you do nothing, your assets will surely be seized.  If you use the limited partnership, you at least stand a good chance of losing nothing -- even when most people think it's too late.

 Take it from an attorney in the arena:  it's never too late to build walls between you and your predators.

 The limited partnership is truly the ultimate asset protection tool.  By placing groups of assets in separate limited partnerships, you will be completely prepared for any lawsuit or judgment. 

 Usually, you will use more than one limited partnership.  You want to separate safe assets and dangerous assets.  Safe assets are ones which do not carry any potential for liability, such as money, stocks, bonds, mutual funds, art collections, antiques and the like.  Dangerous assets are ones which carry potential for liability, such as real estate, businesses and automobiles. 

 You never, I repeat, never, mix dangerous assets with safe assets.  Because the limited partnership could be sued due to its ownership of dangerous assets, you do not want to risk the safe assets in case of a lawsuit.  You also will want to consider the total dollar amount that you will want to place at risk in any one partnership.

You can certainly understand why the limited partnership is the ultimate asset protection tool.  Shortly, I will explain how the limited partnership will also give you some terrific estate planning advantages.  First, though, I want to describe how the limited partnership is formed and used. 

A limited partnership is composed of at least one general partner and one or more limited partners.  Usually, you will have only one general partner.  Often, the general partner will be a corporation you control yourself or through someone you trust.  The limited partners will be you, your family members, your partners or others.  The limited partnership interests can be divided into any combination you choose.  The limited partners can own up to ninety-nine (99%) percent of the interest with the general partner owning just one (1%) percent.

 The general partner is in complete control of the partnership decisions and is liable for all acts and debts of the partnership.  The general partner, for our purposes, will only own one (1%) percent of the partnership.  You will usually want to have a corporation be the general partner for further liability protection.  Since the general partner is the sole point of liability exposure, you want to protect that position.  The general partner's interest is freely transferable.

 The limited partners have no control and no liability for either partnership acts or partnership debts.  As a limited partner, no plaintiff, judgment holder or creditor can sustain a personal attack on you.  The limited partners will own as much as ninety-nine (99%) percent of the partnership.  The limited partners' interests are not freely transferable.  Usually, the interests can only be transferred upon the unanimous consent of all the partners at the time of the proposed transfer.

 For income tax purposes, all income and expenses flow through the partnership and your percentage, based on your ownership interest, is reported on your income tax return.  You will not suffer any adverse tax consequences by using a limited partnership.  The method of reporting income and expenses on your tax return will change, but the net result will essentially be the same.  If you properly handle the transfer of assets into the limited partnership, then you will have no adverse tax consequences.

 The limited partnership is also a very advantageous estate planning tool.  You can drastically reduce the total value of your estate for federal estate tax purposes and save hundreds of thousands of dollars.

 Currently, you can pass a total of $625,000 through your estate without the payment of federal estate taxes.  This amount includes the fair market value of everything you own less your debts.  If you expect the net value of your assets to exceed $625,000, you need a way to reduce the taxable value of your estate.  The first tax bracket for federal estate tax purposes is 37%.  As the size of the estate increases, so does the percentage of tax you pay.

 By using proper estate planning, you can reduce or eliminate federal estate taxes.  For every $100,000 you reduce your taxable estate, you save at least $37,000 in taxes.  The limited partnership is a terrific estate planning tool because your limited partnership interest is worth less than the same interest in the actual asset would be. 

 When you transfer assets into a limited partnership, your ownership changes.  For example, you own a portfolio of stocks and bonds worth $1,000,000.  You transfer the stocks and bonds into a limited partnership in which you and your wife own a 99% limited partnership interest and control the other 1% through the general partner.  The tax court has held that the limited partnership interest has a different value, lower than the value of the assets owned by the limited partnership.

 The test for fair market value is what a willing, knowledgeable buyer would pay a willing, knowledgeable seller.  The limited partnership interest is not worth as much as a free, unencumbered interest.  The limited partnership interest can't be controlled by the purchaser and may not be freely transferable.  As a limited partner, he has no rights since the general partner is in control.  This lack of control results in a lower value for the limited partnership interest.  The minimum discount from the fair market value of the assets is generally 30%.  Sometimes, the discount has been as high as 95%.

 By transferring your assets into a limited partnership and obtaining a 40% discount, you can reduce the taxable value of your stocks and bonds from $1,000,000 to $600,000, thereby saving more than $150,000 in federal estate taxes.

 The limited partnership is the ultimate asset protection tool and a great entity for estate planning as well.

 Without using the limited partnership, you risk losing everything you have, even if you never do anything wrong.

 I have created a superb system on Limited Partnerships called "The Ultimate Asset Protection System."  As usual, I put all my efforts into creating a course that contains a complete explanation in language you will easily understand.  The manual is as easy to read as this report.  The cassette tapes will teach you how to create a limited partnership using the fill-in-the-blank forms I have included.  You will understand how to transfer assets into several limited partnerships for the best asset protection mix.  You will receive the knowledge of how to plan your estate to minimize or eliminate federal estate taxes.

 The course also includes the forms on a computer disk, for IBM or Macintosh, that you can use with your existing word processing program.  You will be able to quickly form your own limited partnerships.  I have made using them as easy as it is ever going to be.  You can see from this report that you need to use limited partnerships and my new system, including the manual, cassettes and computer software, is the best, easiest, most cost effective method of doing so. 

Shawn Casey's "Millionaire Success System" includes

1. How to Protect Your Assets and Reduce Your Taxes Using Trusts
   
2. How to Create and Use Corporations
   
3. The Ultimate Asset Protection System
   
4. How to Never Pay Taxes When You Sell Real Estate
   

This is a $1588 value all for only $997