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Friendly Liens
In law a lien or encumbrance is a form of a security interest placed upon property, be the property real or personal. In real property, the lien or encumbrance is often called a deed of trust or mortgage; when placed upon personal property the Universal Commercial Code Form #1 (UCC1) is usually used.
Once perfected, any of the above encumbrances must be removed to clear title, without removal the secured party or beneficiary has strong powers to foreclose or repossess their interest.
In the United States, a lien or encumbrance is usually non-possessory; simply meaning the true owner retains possession of the property subject to the secured interest. In possessory liens the lender holds the property; a pawn shop is the best example.
Liens or encumbrances can be consensual or non-consensual. Consensual liens are contracts between the property owner and the beneficial creditor; typical examples are home deeds of trust and mortgages, home improvement loans, vehicle loans, etc.
Non-consensual liens are thrust upon the property such as a tax liens, mechanics liens, judgment liens, attorney fee liens, Federal Tax Liens, etc.
Liens are also perfected or unperfected. Perfected liens are those liens where the lender or creditor has established a priority right on the encumbered property against third party claims. Recognize, perfection is usually accomplished by taking steps as may be required by law including recordation.
Perfecting a lien is an essential step by the lender or creditor as it becomes a senior lien over virtually any attack upon the secured property to include bona fide purchasers, trustees in bankruptcy, subsequent liens and all TAX LIENS.
SIMPLY STATED, A PERFECTED LIEN BECOMES A SAFE GUARD EVEN AGAINST THE INTERNAL REVENUE SERVICE. IRS MAY PLACE A VALID CLAIM AGAINST A PROPERTY BUT MUST HONOR ALL EXISTING PERFECTED LIENS.
IF A SALE IS FORCED, ALL UNDERLYING LIENS ARE PAID FIRST; JUNIOR LIENS PAID LAST.
THE STATEGY THUS BECOMES RELATIVELY SIMPLE IN THE PROTECTION OF YOUR EQUITY IN ANY PROPERTY.
PLACE YOUR OWN "FRIENDLY LIEN" UPON YOUR PROPERTY PRIOR TO OTHER CLAIMS.
THIS STRATEGY BECOMES A "FRIENDLY LIEN".
You, personally, do not want to be the beneficiary of the lien; suppose you injured someone and they brought judgment upon you, they could possibly obtain a court ordered charging order on your lien and they would become the beneficiary of the lien.
Rather, the FAMILY LIMITED PARTNERSHIP (FLP), a Statutory ENTITY of the State of Nevada, becomes the beneficiary of the lien.
The FLP created by Nevada Revised Statute #88, is designed as a passive ownership entity that is virtually impossible to pierce.
The only limitation of the FLP, is not to place any dangerous personal assets in the FLP, the reason is academic, "dangerous assets can generate litigation, then all the assets in the FLP would be at risk."
Our definition of dangerous personal assets are assets with wheels, propellers and in no manner, rental property; tenants can become lethal when your money becomes their goal.
There are other ways to protect the equity in the dangerous assets, call me on this strategy.
Your personal assets will be transferred to the FLP via the GRANT, GIFT AND BEQUEST FORM. This document is to personal property as a grant deed is to real property, it conveys ownership.
The University of Nevada's Boyd School of Law, in conjunction with La Verne College of Business Administration, Orange County, CA, held an open seminar on the subject of asset protection, having researched court systems thought out United States.
The results of this research reflected NO EVIDENCE OF PENETRATION OF THE NEVADA FLP.
BOTTOM LINE
THE GRANT GIFT & BEQUEST AND DEED OF TRUST DOCUMENTS WILL BE PREPARED FOR YOUR EXECUTION. YOU WILL THEN FILE THEM IN THE RECORDER'S OFFICE OF THE COUNTY IN WHICH THE ASSETS VEST.
THIS RECORDING WILL PROTECT YOUR EQUITY IN YOUR PERSONAL HOME AND WILL PROTECT ALL YOUR NON-DANGEROUS ASSETS AS LONG AS YOU ANNUALLY RENEW YOUR FAMILY LIMITED PARTNERSHIP; we will keep you informed as to the renewal date.
THE RECORDING CAN BE MADE IN JUST A FEW MINUTES IN THE RECORDER'S OFFICE OF YOUR COUNTY COURT HOUSE.
IF FOR ANY REASON YOU DESIRE TO REMOVE THE DEED OF TRUST, THIS CAN BE ACCOMPLISHED QUICKLY AND WITH A DEED OF RECONVAYENCE.
I CAN NOT QUOTE A RECORDING FEE WHICH IS QUITE NOMINAL IN MOST COUNTY'S. CLARK COUNTY, NEVADA, FOR INSTANCE, IS $29.00 FOR BOTH DOCUMENTS.
TODD J. MC MILLAN |
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