General Feature & Benefit FAQs

Financial Crimes Enforcement Network (FinCEN) within the U.S. Department of Treasury has issued a final rule requiring certain entities to file with FinCEN reports that identify two categories of individuals: the beneficial owners of the entity, and individuals who have filed an application with specified governmental authorities to create the entity or register it to do business. These regulations implement Section 6403 of the Corporate Transparency Act (CTA), enacted into law as part of the National Defense Authorization Act for Fiscal Year 2021 (NDAA), and describe who must file a report, what information must be provided, and when a report is due. According to FinCEN, these requirements are intended to help prevent and combat money laundering, terrorist financing, corruption, tax fraud, and other illicit activity, while minimizing the burden on entities doing business in the United States.

YES- you are responsible for and must register your WY LLC to keep it in good standing with the Department of Treasury. You must register your entity so you are not fined. You do not need an attorney nor CPA to register your LLC, you can do it on your own.
Check out the steps here: https://www.fincen.gov/boi

The rule is effective January 1, 2024. Reporting companies created or registered before January 1, 2024, will have one year (until January 1, 2025) to file their initial reports, while reporting companies created or registered after January 1, 2024, will have 90 days after creation or registration to file their initial reports. Once the initial report has been filed, both existing and new reporting companies will have to file updates within 30 days of a change in their beneficial ownership information.

For more information and resources related to this federal requirement, please visit FinCEN’s website.

Information: https://www.fincen.gov/boi
Fact Sheet: https://www.fincen.gov/beneficial-ownership-information-reporting-rule-fact-sheet
Contact: https://www.fincen.gov/contact

🚨Please note that with this structure we are not worried about playing games of anonymity. We don’t want to cause issues that a court may challenge because with this structure we can show all assets and there will be no equity for the plaintiffs to go after.

You can protect your asset in many ways, using many structures. Usually attorneys recommend separating assets into different LLCs to limit your liability to whatever equity you have in each of the LLCs that could be sued. We always believed that the Ultimate Asset Protection Structure is one that is simple, powerful, inexpensive to set up and maintain but does not allow anyone to go after any asset or any equity whatsoever. Most importantly it must pass muster in court with a proven track record of judgment proof and legislative protection power against charging orders.

The structure:

  1. We set up for you a special WY LLC. (Specially drafted Articles of Organization and Operating Agreement to stand in any court in the USA)
  2. We set up a special arrangement debt obligation to the benefit of that LLC. (You control the LLC as the Manager and you hold the Certificates of Ownership)
  3. We draft a specially worded Promissory Note for each of your RE assets and a specially worded Debt Instrument for each of your business assets.
  4. We draft a lien in accordance with each state and local law requirements. Such a lien could be either a mortgage lien for each of your real estate properties (to eliminate any real estate equity). Or the lien could be a UCC1 Filing for each of your business entities (to eliminate any business equity, or value of inventory, receivables, future orders, patents and any and all other assets held under your business name and entity).
  5. We send you all the documents by email so that you could have the Tax ID for the LLC along with the LLC’s bank account. You will also be able to record all the mortgage liens against your real estate properties no matter the location around the USA and also record the UCC1 filings against your business assets no matter their location(s) around the country.
  6. You have full control of the simple and manageable structure.

The benefits:

  1. You do not need to transfer any assets out of your name or current entities name. You would not incur any transfer tax assessment, any additional attorneys’ fees and any due on sale clause issues on any of your loans
  2. You do not need to have an attorney set up and maintain multiple LLCs
  3. You do not need any third party to operate the structure since you are in full control
  4. You do not need to set up anonymous corporations or go offshore
  5. RE properties and business entities will reflect no equity or net worth under your name or entities as you would have more debt than the liquidated value of all your assets combined
  6. This discourages any litigants and attorneys will require high retainer fees in advance to pursue a lawsuit
  7. Even if you lose in court and a charging order is issued the litigant cannot go after the WY LLC because it is protected by law and WY LLC Act and if they force you to sell any or all Assets you must pay all creditors (including your own LLC by law) henceforth making it impossible for a litigant to collect
  8. A Litigant that wins a lawsuit in court for a certain amount of money could be taxed on that money as phantom income even though he/she has not collected a penny. Such litigant will either drop the lawsuit altogether before getting to that stage, or will settle with your insurance or you much earlier.
  9. This structure has added benefit not only in case of a lawsuit but also (see below) it can be used for bankruptcy protection, prenuptial agreement, post nuptial agreement, mortgage default etc.
  10. The entire structure is inexpensive to set up and maintain yet easy to operate for a long time with legislative protection against lawsuits and charging orders

We prefer setting up the LLCs in Wyoming because:

  1. They originated the LLC entity structures in 1972 vs. NV for instance that adopted LLCs in 1994. So the Judges in WY protect the structure through various legislations
  2. An LLC filed in WY does show on public record who the owners are or who the managers are. One must obtain a subpoena from the court to get such information, which is costly, tedious and requires additional time
  3. Most lawsuit attorneys are not too familiar with WY laws and how it protects LLC entities against charging orders and lawsuits (including single member LLC – i.e. WY LLC Act 17-29-503)

The best state to set up an LLC for asset protection is Wyoming and the reasons are:

  1. Less expensive to file
  2. Faster to obtain
  3. Less expensive to maintain yearly
  4. Higher level of privacy for WY LLCs (No filing of Manager or Members- Plaintiff will have to obtain a subpoena through the court to get a hold of the Manager)
  5. Wyoming created the LLC structures in the US over 40 years ago so the Wyoming Judges provide stronger protection
  6. Most Plaintiff’s attorneys are less familiar with Wyoming compared with Nevada
  1. Although we recommend you leave this LLC intact so it does not create any liability for you, you can conduct some no to low risk business transactions such as:
  2. Selling your equipment to it and leasing it back.
  3. Setting up a Solo 401K and transferring income into your retirement account while deducting taxes (contact www.iPlanGroup.com)
  4. Setting up a trading account and trading securities from your LLC account
  5. Place extra cash reserves in it because it is protected
  6. The key thing is you do not want to operate a full and active business with potential liability under this LLC. And you do not want to tie it up with any other entities you may have so it can stay on its own protecting your assets as a lender from a distance.

Go to www.iPlanGroup.com and contact Suzi or Lynn for a free consultation to make sure you can structure a Solo 401K. Each case is slightly different and if you can get one set up the benefits are phenomenal and 401K are 100% lawsuit proof.

You do not need to set up another LLC or even transfer ownership etc. We can just increase the amount of the Lien and record it secured against several properties for cross collateral (there is an additional fee for each additional lien or UCC that we have to draft for you to file and record against each asset) But the good news is you do not have to pay for any more LLCs or maintain several structures. It is only one and the paperwork to maintain an LLC is drafted once and remains in your possession and control.

This is like asking an attorney for the contract before he/she drafts the contract! The answer obviously is “no”, we do not provide a sample of the documents. While generally speaking, the structure is the same, (one LLC in WY. Stripping all equity in each asset), the details are different from one individual to another, from one asset to another and each state where an asset is located has different requirements. The documents are personalized to meet individual needs and concerns from the capitalization amount to the structure of the promissory note.

You need to understand that different attorneys draft different parts of the documents because entity structuring and lending laws are slightly different from state to state and we spent a lot of money preparing the correct legal documents for each step of the process.

We have attorneys working with us to draft the legal paperwork for the structure and no matter where you live in the United States; our documents will be in full compliance.

The structure of properly and adequately stripping the equity of your assets holds up in any court not only because of timing (prior to being sued) but because of how we word the legal documents and personalize them for each individual and family as needed.

Here is what we do for our clients to protect them:

  1. We create an Operating Agreement for their LLC based on whether they are single or married, in a community state or not, etc.
  2. We use a separate attorney for the Operating Agreement of the LLC, this document is over 70 pages long, and the attorney must show separate business reasons for the capitalization requirement in addition to asset protection and so on)
  3. Another attorney drafts the Promissory Notes and Liens because it is a different specialized field that has to do with lending laws and we use special wording that can hold up in court as well as terms for the each Note that are acceptable for the client)
  4. Each Promissory Note for each Asset gets drafted based on the laws of each county in each state where the asset if located. (We must follow the rules for Non-Judicial states vs. Judicial state, Trust Deeds or a Mortgage Notes etc.)
  5. The Lien itself is also drafted specifically for each property and each state to match whatever is required by that specific county in that specific state.
  6. Finally if they are going to be stripping the equity for their business as well, then the Promissory Note and the lien (in that case it is a UCC1 filing) are different based on each company’s type of entity and the specific amount they want to strip from their inventory, receivables, patents, brand value etc.

I try to keep it simple for the investors interested in the structure by providing them with 2 forms to fill out and we do the rest by asking specific personalized questions and getting back up documents such as grant deed for real estate and/or inventory information for businesses etc..

You can email us a specific company if you want us to be specific about their offer versus ours. But generally speaking most other attorneys or gurus in the seminar circuit prefer to sell a kit for $4,995 – We give you a turnkey set up at that price plus a few additional dollars for extra liens as you need.

Regarding the firms that actually set you up, well there is no one that can beat our value: We offer a the simplest most powerful structure that keeps you in full control at a very competitive price and the lowest on going expense (one entity to renew per year only).

No delays, no transfers of assets and no ongoing attorney fees. We even give you a Living trust for the LLC at the lowest price ever guaranteed, so it can serve you as probate avoidance as well.