Turnip From God

"PARKSLEY -- While picking vegetables from a friend's garden last Saturday, Accomack County resident Eunice Warrington unearthed a natural wonder that she believes was a "sign from God."

Amid the falling snow last weekend, Warrington picked a massive turnip -- nearly as large as her head.

"I thought to myself, 'I've never seen a turnip that big,'" said Warrington of the bulky root vegetable. "I couldn't believe my eyes. There were hundreds of little turnips all around and this one was growing next to them." "

- http://www.delmarvanow.com/apps/pbcs.dll/article?AID=/20080131/CB01/801310341/1052/CB

A sign from God. A turnip?

Can't we just have God turn all politicians into pillars of shit?

That would be an Act of God.

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Charles Lamm is a retired attorney who owns Trustee and RA Services, Inc., in Coral Springs, Florida. His asset protection blog can be found at http://www.corp-llc-bct.com.

Asset Protection Iron Triangle

Asset protection is not just for the wealthy any longer. When a middle class home can easily run a half million dollars in Florida, and over a million in New York or California, anyone can become a target of lawsuits, divorce courts, and the IRS.

You have to dig a well before you are thirsty, or in this case, build a legal fortress before invading barbarians reach your gate.

Your tools to protect your assets are:

* no asset C Corporation
* limited liability company (LLC)
* beneficiary controlled trust

C-Corp:

A "no asset" C corporation will be the management company for your LLC. The two work together to protect your property from those who would take it from you.

You are employed by the C Corp, not the LLC. You can also be the sole shareholder and hold all of the officer positions. Your corporation owns nothing but a checkbook.

Your corporation can pay for:

- medical insurance for the officers
- life insurance ($50 thousand limit)
- retirement plan

As an officer, you can be reimbursed for out-of-pocket medical expenses through a medical expense reinbursement plan (MERP).

Entertainment expenses directly related to the business can include:

- training expenses
- travel
- meals
- computer expenses
- phone expenses
- business gifts up to $25 per recipient

Never let your corporation pay for personal items. Commingling of funds could pierce the corporate veil and make you personally liable for corporate debts in the event of a judgment against the corporation.

This is just a partial list of deductions for your corporation. Consult your CPA or tax advisor for the latest changes in allowable deductions.


LLC:

Your limited liability company is where you earn your income. Your LLC should also own any vehicles, equipment, computers, copiers, printers, and real property.

You want your Operating Agreement to make your corporation the Manager of your LLC.

Your LLC should also pay the bulk of your operating expenses for your office, supplies, travel, fuel, utilities, phone, computers, and more.

Your interest in the LLC will be as a 99% member will be owned by the trust.


Beneficiary Controlled Trust:

A beneficiary controlled trust is the crown jewel of asset protection.

While I will not go into detail here, a BCT works like this:

Someone other than yourself establishes an irrevocable trust with you as the beneficiary and as the Investment Trustee. A second entity or person is required as the Distribution Trustee.

My company, Trustee and RA Services, Inc., can act as your Distribution Trustee if you want to keep your affairs private from your friends and relatives.

We are located in Coral Springs, Florida, and we usually situs the BCT in Florida to take advantage of Florida's excellent trust laws, as well as no state income tax.

The Grantor can put up to $12,000 per year into the trust without gift tax considerations, and you have an immediate right to withdraw the money as it is a Crummey defective grantor trust.

It's complicated, but the idea is to leave the assets in the trust and use the trust to own the LLC and to take care of your needs.

The trust can purchase property, pay for your education and medical expenses, and take care of your physical well-being. You have full control over the trust assets without actually owning anything.

As the Investment Trustee, you control how the assets are used, and you can replace the Distribution Trustee at any time.

We often refer to this as the CakeTrust, as in "have your cake and eat it too".


Summary:

You are now isolated from lawsuits, creditors, judgments, ex-spouses, and the IRS.

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Charles Lamm is a retired attorney who owns Trustee and RA Services, Inc., in Coral Springs, Florida. His asset protection blog can be found at http://www.corp-llc-bct.com. You can also reach him by email at asset-protection@corp-llc-bct.com.

Coming Amnesty

Now is the time for all illegal aliens, undocumented workers, and Mexicans repatriating the motherland, to get prepared.

No matter what venom is spewed by the current Presidential candidates, there will be an amnesty. I don't know when, but it will happen. Count on it.

If you can pay your taxes, pay them. You can bet the powers that be will attempt to extract a steep price for citizenship, and paying back taxes will be a part of it.

RetroCorp

I have to create a retro corp for a number of reasons. I believe the traditional corporate business career will be available for fewer and fewer people worldwide.

The retro corp will be much like the family business without the family. We don't know our neighbors. We are isolated. The retro corp will be made up of individuals with their own corporations, LLCs, and trusts who come together for mutual financial benefit.

Relationships are the new currency.



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Charles Lamm, retired attorney and lifelong scanner, posts articles on his Virtual Joe Friday blog. His latest project is Affiliate Marketing for Scanners.

Learning to Use Mac

As nice as Safari and Mac OS is, too many years of PC makes learning new software a struggle. Then the fear is, once I learn Safari, will I be happy to go back at home to Firefox?

My Observations Re Scanners

by Charles Lamm

Scanners exhibit a number of specific traits which separate us from the masses. None of these make scanners right or wrong. Of course, it doesn’t make society right or wrong either. It’s more important to understand what is happening instead of judging.

1. When you see friends and associates who are less intelligent pass you by on the corporate ladder, you start to question your own talents and abilities.

2. When working in a “good enough job” considered beneath you or blatant underemployment, you allow others’ opinions to poison your mind against that job or company.

3. You don’t trust your own gut feelings.

4. When you are finished with a job/hobby/interest/relationship and want to move on, you see yourself as a quitter.

5. Others feel sorry for you when you are at your happiest.

6. If you learned on Friday afternoon that you had to be an expert witness in court on Monday morning, in a subject you knew nothing about, you could fool a jury with your expert testimony.

7. People suspect you have ADD when you don’t.

8. You don’t want to specialize in one particular field because it would take time away from exploring other career paths.

9. Scanners allow themselves to be tagged with labels like “selfish” or “self-indulgent”. Others tag you with these labels in order to manipulate you into following their rules.

10. Universities have changed from scanner safe liberal arts environments into vocational training schools. Many “core” courses of the past such as art, music, foreign languages, and physical education have disappeared as requirements for graduation.

11. Scanners are often afraid to update their resumes because it “looks bad” to have a wide variety of short-term jobs. Employers want drones, not free agents. A scanner resume is a red flag.

12. Instead of seizing control of our lives and taking full responsibility, we drift.

I have gone from employment highs like practicing law and serving as a U.S. diplomat to lows like tech support in a call center.

I have destroyed more good careers than most people would even dream of attempting.

I have walked away from more relationships than I can count.

And yet, I’m not broken. God doesn’t make junk.

The scanner solution is to:

1. accept yourself as the scanner you are

2. embrace and exploit your diverse talents on your own terms

3. create a new life around those talents, not a traditional career

For most scanners, your path will now start with your own YOU Inc. business. The trend with globalization is a shift away from traditional jobs and toward a free agent nation. Scanners who accept their own strengths and celebrate their differences will prosper.
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Charles Lamm is a retired attorney and a lifelong scanner who recently discovered his “affliction”. You can read this and other articles – on a variety of topics, of course – on his blog at http://www.virtualjoefriday.com. His websites include http://www.clixforbrix.com and http://www.your-dating-directory.com.

you might be a scanner 40

If people use the word "potential" to insult you . . .

~ you might be a scanner