The Total Asset Protection Handbook Jay Mitton Asset
We find that the degree of expected idiosyncratic skewness in seasoned equity issuers’ stock returns is an important determinant of flotation costs and subsequent abnormal stock performance. High skewness issuers incur significantly greater offer price discounts, particularly when institutional share allocation is largest, pay higher gross underwriting spreads, and exhibit poorer stock performance in the three years after issuance, all compared to low skewness issuers.
Firm leverage is total debt to total assets, and profitability is defined as earnings before interest and taxation (EBIT) to total assets. Also estimated but not reported are a constant, a full set of year dummies, and a full set of country dummies (In specifications 1–6). Jay Mitton Asset Protection. JLA FORUMS - REQUEST DENIED! REQUEST DENIED! You appear to be in violation of our Terms Of Service.
Jay Mitton Asset Protection
These results suggest that skewness-induced overpricing increases the flotation costs of seasoned equity offers and leads to poor subsequent stock performance.Received November 18, 2014; accepted December 17, 2015 by Editor Paolo Fulghieri.
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I've twice attended the free sales seminar sponsored by the'National Training Conference', founded by Jay W. Mitton(MBA, JD) who is supposedly nationally known for hisexpertise in asset protection.In essence, the vehicle they propose for asset protection offamilies is to create a Family Limited Partnership ('FLP',based on I.R.C. Section 704), and place all family assetsinto it, which includes a 'funded revocable living trust'for estate planning purposes. (There may also be taxbenefits in doing this, but my primary focus is on assetprotection from judgments and estate planning - when itcomes to taxes and the IRS, I take a conservative position.)In addition, they claim to have created hard to defeatclauses/wording for the FLP, including a 'poison pill'making it very unattractive for anybody to go after anyfamily assets even if they have a 'Charging Order'. Theyclaim that the courts have so far upheld these various'shields'.Obviously, one could simply get enough personal liabilityinsurance to cover anything, but it is claimed that havingsuch insurance actually makes one a magnet for lawsuits('deep pockets'), and with judgments these days being veryhigh one may not be able to get enough insurance, stillleaving personal assets vulnerable.Of course, this all sounds too good to be true, so I'masking the legal and financial experts here if this is avalid and working vehicle to both family asset protectionand estate planning. Or is this vehicle full of holes suchthat it can easily be pierced to seize family assets forsettling a judgment?
Are there other well-tested vehicles toprotect one's personal assets from judgment?Thanks.Brita(Btw, an obvious reply to the above is 'if you don't doanything wrong, you don't have anything to worry about'. Inthese litigious times, with out-of-control lawsuits for eventhe most frivolous things, the many unfair 'statutoryliability' laws where you are liable even if logic andfairness says you aren't, and of course the fraudulentlawsuits hard to defend against, this is a bogus argument,one I won't even take the time to reply to.)Bruce D. Steiner23.11.01 21:50.
Brita wrote:Take a look at the testimony by Joe Hodges, an extremelywell respected lawyer in Colorado, before the Taxation andIRS Oversight subcommittee of the Senate Finance Committeeearlier this year:Then consult with competent tax/estates counsel. Thesubject of your question is too complicated for a quickresponse in an internet discussion group (or in a seminar).And, of course, revocable trusts do not provide any taxbenefits.Bruce Steiner, attorneyNYC and Hackensack, NJalso admitted in FLBill Brown26.11.01 05:08. Steiner' wrote: Brita wrote: I've twice attended the free sales seminar sponsored by the 'National Training Conference', founded by Jay W. Mitton (MBA, JD) who is supposedly nationally known for his expertise in asset protection. Take a look at the testimony by Joe Hodges, an extremely well respected lawyer in Colorado, before the Taxation and IRS Oversight subcommittee of the Senate Finance Committee earlier this year: Then consult with competent tax/estates counsel.
The subject of your question is too complicated for a quick response in an internet discussion group (or in a seminar). And, of course, revocable trusts do not provide any tax benefits.After having attended 4 of Jay Mitton's seminars, I can saythat he does NOT say a living trust provides any taxbenefits.
Actually he specifically says they do NOT! Has JoeHodges even attended one of Mitton's conferences? Quotingfrom the above referenced article:(Because) '. Conferences that are put on by.Mitton.the existence of trust scams and trust mills hasexploded in recent years.' (Sorry-Adobe wouldn't let me copyand paste the paragraph).Is Joe Hodges saying because Mitton has put on conferencestalking about trusts and asset planning tools he isresponsible for the scams.
If that is the case, then thisnewsgroup is also guilty.What I got from Mitton's seminar's for free (or $29 or $49)was a grand overview of a very specialized area of law andaccounting. Even if you buy his books ($2990 less 50% at thelast seminar) you will get a better education that you wouldfrom most lawyers and accounts for about the same money.Would I use his blank forms. But I would like towork with an attorney and CPA that has and can explain thedifferences.Mitton sold me the sizzle, but my local attorney and CPA hascooked it and served it. But I wouldn't have known I washungry if I had not of gone to a Mitton Seminar.Jack Brody30.11.01 05:14. I had the experience of hearing Jay Mitton speak on assetprotection and tax avoidance in 1995, and I heard one of hisdisciples speak in 2001. He apparently now has teams goingout to sell the product at hotel presentations, though hemay still be doing it himself too.If one can accept the idea that no one should ever losemoney in a lawsuit or pay taxes, and they do make asympathetic case for that thought, the legal steps heproposes do make some sense.
The question is whether thestructure will hold up vs. The courts and the IRS over time.There is also the setup cost (thousands) and continuingimmense legal and tax complexities. I gather that somepeople have succeeded by this route.There was a big change in how they offered the product inthe 6 years. In 1995, Mitton wanted people to travel toSalt Lake City for several days, while he or his partnersdid the legal work for them. He also offered to work with alocal attorney (for a price) for people not inclined totravel.
He did charge admission to the presentation. Ithink it was $19/person or couple, and there were some lightrefreshments.
In 2001, it was free admission, and hisagents were selling do-it-yourself kits to start FLP's andcorporations. I guess they ran out of multimillionaires tomarket to and are now going after the larger group of justmillionaires. The special price for members of thisaudience was about $2000 for the box of materials, reducedfrom $3000. I missed the point when he explained why wewere getting the special price.The first time, Mitton had a crowd of people around him whenit ended and I left. This time, I watched with my mouthopen as they sold out their stock of kits and took ordersfor more, to be shipped overnight.
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Both Mitton and new guywere skilled motivational speakers, and very knowledgeablein tax law. They both answered questions very accurately.The new guy seemed knowledgeable too, in the practicaloperation of sneaky business organizations. Incorporatingin Nevada, getting business agents there to front for you,etc.You might want to read Mitton's book, 'Cover Your Assets'that I borrowed from my local library and thoroughlyenjoyed.Jack BrodyBruce D. Steiner04.12.01 01:25.Jack Brody wrote: I had the experience of hearing Jay Mitton speak on asset protection and tax avoidance in 1995, and I heard one of his disciples speak in 2001. He did charge admission to the presentation. I think it was $19/person or couple, and there were some light refreshments. In 2001, it was free admission, and his agents were selling do-it-yourself kits to start FLP's and corporations.
I guess they ran out of multimillionaires to market to and are now going after the larger group of just millionaires. The special price for members of this audience was about $2000 for the box of materials, reduced from $3000. I missed the point when he explained why we were getting the special price.Shouldn't he pay you $19 to attend. The guys selling livingtrusts or time shares usually give everyone a free dinner.Of course, the one who buys the living trust or the timeshare not only paid for his/her free dinner, but also paidfor the free dinners for everyone else in the room.$2,000 is pretty expensive for a form book. As expensive aslaw books are these days, $2,000 would still buy a bunch ofthem from conventional publishers.While having a good set of books is necessary for a goodlawyer, it's not sufficient, any more than a good set ofmedical books would make one a surgeon, or a good set ofgolf clubs would make one able to compete with Tiger Woods.Bruce Steiner, attorneyNYC and Hackensack, NJalso admitted in FL.