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Fraudulent Conveyance

All states have some sort of fraudulent conveyance law in place. People who are in trouble often try to put assets out of the reach of their creditors or the bankruptcy courts. Fraudulent conveyance laws are designed to prevent people from doing this. Basically, these laws ensure

Annual Exclusion

The annual exclusion is the amount of property the IRS allows a person to gift to another person during a calendar year before a gift tax is assessed and/or a gift tax return must be filed. The amount increases periodically and currently is set at $14,000. There

Calendar Year in Taxation

It is possible to choose your own fiscal year for taxation, but the benefits from doing so rarely outweigh the disadvantages in a small business. You can only choose a fiscal year different than the calendar year if your business is designated as a C corporation, and

Community Property vs Common Law Property

There are basically two types of property law in the United States.  One is common law property, which is based on British law, and the other is community property law, which is based on Spanish law.  Those states where the Spanish influence was strong tended to become

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We wish everyone in America had the means to obtain the knowledge that Attorney Lee Phillips is attempting to impart in the Accumulation and Preservation of Wealth course. We are thankful that there is a legal system that is designed to protect people’s assets, no matter how little or how much.
~ Ed, Dallas Texas