www.captiveinsurancecompanies.com

After the IRS lost its $600+ million challenge against a captive owned by United Parcel Service in 2001, the Service resigned itself to the legitimacy of captive insurance companies and soon thereafter abandoned its economic family challenges to captives. The IRS has since issued a great deal of guidance to assist captive owners in their proper structuring, management and reporting.

This website also supports the book Adkisson's Captive Insurance Companies: An Introduction to Captives, Closely-Held Insurance Companies and Risk Retention Groups written by Jay Adkisson. The author has been active in the alternative risk management sector since 1995, has been forming captive insurance companies since 1998, and for several years was the owner of a licensed captive insurance management firm in the British Virgin Islands.

BETIR Trust

The Beneficiary-Taxed Irrevocable Trust (BETIR Trust, pronounced "better trust") is a variation of the so-called "Intentionally Defective Grantor Trust" (IDGT), which means that it is an irrevocable trust that is treated as a grantor trust for tax purposes.

Like an IDGT, the BETIR Trust allows for tax-neutral funding and the client/beneficiary may receive tax-neutral repayments over time. Because the balance of the assets in the trust pass outside the client's estate at death, this form of trust is ideal for funding with cash-value life insurance.

The advantage of the BETIR Trust is that it is not considered a self-settled trust for collection law purposes, which means that it offers a very significant degree of asset protection that is not offered by a standard IDGT.

The BETIR Trust can be formed in any state, and is not dependent on any laws that are unique to particular states. Thus, the BETIR Trust is not restricted to so-called "Domestic Asset Protection Trust" (DAPT) states, such as Alaska or Delaware.

AssetProtectionBook.com

Welcome to AssetProtectionBook.com which is published by the law firm of Riser Adkisson LLP. This website supports the all-time best-selling book on the subject, "Asset Protection: Concepts and Strategies" which is published by McGraw-Hill & Co.

The purpose of this website is twofold:

First, to debunk wrong or unrealistic information about asset protection planning.

Second, to provide a collection of articles and original source materials -- such as the actual statutes and court opinions -- for the use of other attorneys in advising their clients on these subjects.