iPug™, Do uPug?
by Kevin Purcell
What’s an iPug™? If you have assets you worry are not protected from lawsuits, particularly if you are in a high-liability profession, “iPug”™ may be the most important word for your financial security.
The word “iPug”™ is an ancronym for an “Intentionally Pure Grantor Trust”. We believe it is the most powerful and effective Asset Protection trust the law recognizes.
In a nutshell, here are its main features:
- The iPug™ is a trust in which, after careful legal counseling, you typically place a specified amount of your assets. (In certain cases, clients will place 100% of their assets in the trust.) Those assets will be available to your loved ones when you die, and can be made available to you, but will be out of the reach of your future, unknown creditors. That means, say, you as a professional can still provide your valuable services or engage in your chosen business without the worry that “with one mistake, I’ll could get sued and be wiped out”.
- Despite insulation from lawsuits, plaintiffs and their lawyers, any income on the assets in your trust will still be taxed at your personal income tax rate, not on the much higher income tax rates of trusts—because the trust is carefully drafted to be a “pure grantor” trust—that’s lawyer-speak for a trust whose assets are yours for income tax purposes but not for liability or creditor purposes.
You may have heard of other Asset Protection Trusts such as Domestic Trusts (e.g. Delaware or Alaska-based trusts) or Offshore Trusts (e.g. Nevis or Cook Island-based trusts.) Call us to schedule an appointment to learn why we believe the the iPug™ is the most superior Asset Protection vehicle—and the most cost effective one as well!
Kevin Purcell
Attorney at law
"Helping protect life savings for over 29 years" © 2010
The River Terrace Building
Suite 206
19111 Detroit Road
Rocky River, Ohio 44116
440.331.5883
fax: 440.331.9125
www.ohioestateplanning.com
Certified as a Specialist in Estate Planning,
Trust and Probate Law by the Ohio State Bar Association,
which certification has been approved by the Ohio
Supreme Court's Commission on Specialization
"Own nothing, control everything"--John D. Rockefeller, famous Cleveland entrepreneur
IRS CIRCULAR 230 Disclosure: Under U.S. Treasury regulations, we are required to inform you that any tax advice contained in this e-mail or any attachment hereto is not intended to be used, and cannot be used, to avoid penalties imposed under the Internal Revenue Code.
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