and if it's held in trust or company structure then you don't get the $300k (or thereabouts) threshold, i believe.
Chris Burns said:Hi All,
Has Ed Burton still got his web site? Can he still be contacted? Or is any of his literature still available especially from his seminars?
Thanks in advance.
My name is Margie Baldock. I am a professional Asset Protection Specialist and Managing Director of Bulletproof Asset Protection.
I help people like you ‘bullet-proof’ their valuable assets, so nobody can ever take them away (even the hottest, top gun, big city lawyer).
You are probably aware of the litigation epidemic sweeping our once fair nation (but more about that later). I have devoted my career to helping ordinary investors and business owners protect themselves from frivolous lawsuits.
That’s why I feel compelled to tell you that asset protection and trusts are now under attack in Australia. If you haven't already taken massive action to update your asset protection & preserve your tax deductions, then you must fight back before it’s too late. In this special report, I’ll explain just how you can go about doing just that.
“Just recently I heard you on the ABC with Todd Johnson speaking about Asset Protection. I must say it was refreshing to hear you speaking about other strategies that probably aren't new but they have not been widely promoted except at the big end of town.” T. M (ABC listener)
“And...please tell Margie Baldock (yesterday) she is fabulous - had to stop the car to take notes and she inspired me to take action!” C.S (ABC listener)
“I have heard you before on financial things and have always been so impressed by your articulate manner and easy way of explaining complex issues.” F.W (ABC listener)
Bulletproof Asset Protection
As featured on ABC Radio (Perth 720AM) as the “Resident Financial Educator” for 2 years.
“And If You Think That You’re Already Protected – Think Again….”
For 500 years Trusts have provided effective asset protection against frivolous law suits for business owners, landowners, politicians, medical and other professionals, and basically anyone else with assets they want to protect.
But as an expert in Asset Protection I now feel an obligation to tell you that there are now serious cracks in the system. You need to know that trusts are under attack, and take immediate steps to amend your strategies to ensure that you have asset protection going forward.
In the past 12 months there has been a very significant change in the laws relating to discretionary and hybrid trusts which could significantly affect your assets, business and financial planning (including your eligibility to access tax deductions that you may be counting on).
In short, the Federal Court gave a controversial decision in ASIC Re Richstar Enterprises Pty Ltd V Carey (“Carey’s Case”) which has fundamentally changed the concept of “control” in trust law in Australia.
Briefly, the facts of Carey's case are: ASIC claimed Norm Carey was involved in fraudulently using funds of the collapsed Westpoint Group. The receiver was trying to locate and seize assets Norm Carey had bought with the funds. In Carey's Case, he sought to freeze the assets of some discretionary trusts of which Norm Carey was a beneficiary.
For literally hundreds of years, trust law has been such that (generally) a beneficiary's interest in a discretionary trust is a 'mere expectancy' (i.e. anticipated, hoped for) and is not a sufficient proprietary interest for a receivership order to freeze assets of a trust.
In Carey's case, the Court fundamentally altered the law so that, in some circumstances, a beneficiary's interest in a discretionary trust does amount to 'property' under s 9 of the Corporations Act and therefore can be subject to a receivership order under s 1323 of the Corporations Act.
The basis of the decision was if a discretionary trust's trustees are the 'alter ego’ (i.e. effectively the same person as) the trust's beneficiaries (or under their effective control) then a receivership order can be made over the trust's property.
The implication of this case is that anyone who has a discretionary or hybrid trust in Australia now must re-evaluate their strategy and make the necessary changes to preserve their asset protection status.
In “How To Armour Plate Your Financial Empire Against The Frivolous Lawsuit Epidemic Engulfing Australia (And Legally Slash Your Tax Bill By Up To 38% At The Same Time)” we provide you with detailed recommendations to fix your trusts to ensure that your asset protection is maintained in the face of these new laws. Plus….you’ll get an in-depth personal consultation with the most experienced asset protection lawyers in the nation!
Don’t Assume Your Tax Breaks Will Continue…
And if you have a hybrid trust we will explain why your negative gearing tax breaks may now be lost in the ATO’s crack down. If you don’t get your Deeds updated now you could lose invaluable tax deductions and possibly face stiff penalties for non-compliance.
Self Managed Super Funds Are Also Under the Microscope…
And Require Urgent Amendment
But it doesn’t stop with discretionary and hybrid trusts, if you have a Self Managed Super Fund and have not yet brought your Trust Deeds up to date with the latest laws….then time is ticking to get these amendments made.
If you fail to get these amendments made, not only is your SMSF redundant but the ATO has the power to seize up to half your super fund assets by way of penalties. Ouch!!! That could really put a dampener on your retirement plans.
Hi ASDF and Tubs,I'm part of his VIP group, which is now the same as the Gold group as its all conducted via teleseminar now.
The Asset Protection business was (at least in my understanding) never actually run by Ed. It was promoted by Ed and set up largely by him, the design, marketing, training etc but I understand it is run by somebody else. Can't be sure, because I didnt get involved in the asset protection business.
The person on the website redwing mentioned seems to have some very good testimonials, and I have heard of the solicitors that gave them, although from withing Ed's groups. One did an update to my SMSF deed recently and I was very happy with it. If solicitors are prepared to say that somebody knows their stuff, then its always a good sign. They would be fairly hesitant to put their names to it otherwise. Again, do your DD with them as you would with anybody offering you advice or services.
If anyone has any questions on Ed's business, feel free to ask away. I'm sure there are a few members here who are still involved as well.