FCUSA BRONZE ASSET PROTECTION ANSWERS

1. What is Asset Protection? a. Owning nothing but controlling everything b. protecting assets from personal liens and lawsuits c. Limited asset exposure d. Privacy e. All of the above

2. Who needs Asset Protection? a. Those people worth over $1MM b. Anyone with anything of value c. Those people with a $50k plus net-worth

3. What are some useful entities for asset protection? a. LLC b. Corporation Sole c. Trust d. Private Interest Foundation (PIF) e. IBC (International Business Company) f. All of the above

4. What is an International Business Company? a. An offshore entity that can be owned by a Foundation b. An offshore entity that can do business in the country it is domiciled in c. An offshore entity that can loan funds to an onshore entity d. All of the above

5. What is a Private Interest Foundation? a. A safe place to store assets. b. An entity to run a business through c. An offshore entity you can control while still remaining anonymous d. a and c

6. What is a Trust? a. An entity for holding assets that can also be used to run a business b. An entity you have a trustee for c. An offshore entity d. All of the above

7. Why utilize offshore entities? a. So you get to travel b. Better investments c. To get legal help d. Privacy and profitability

8. Who else uses offshore entities? a. Corporations b. Governments c. Investment advisors d. All of the above

9. When funded, what is a useful money flow? a. Onshore LLC to an IBC, then loan b. LLC > Trust c. LLC > Creditors d. Corp Sole > Creditors

10. What is an optimal way to pay off your home? a. PIF/wire transfer to mortgage company b. Loan funds from funded LLC 1 to the LLC that will hold the property c. Refinance an LLC from an IBC d. a and c

11. What is an optimal way to purchase expensive items?

a. Loan funds from LLC 1 to the LLC purchasing the items b. LLC > Trust c. LLC to your personal checking

12. Why not just wire funds from your LLC or PIF to your bank account? a. It creates direct exposure to your nest egg b. The IRS will be made aware of the funds transfer c. A collection attorney will be able to track the funds d. All of the above

13. When may FCUSA funds be Federal Income taxable? a. Not if the funds come as a loan b. When I wire it offshore c. When it's considered income or profit

14. Any issues with large transfers to personal US accounts? a. Unusual activity may raise a red flag b. You may be treated with suspicion c. Funds may be frozen unless you can show proof of funds d. All of the above

15. Who should have access to your PIF? a. Only the Protector b. You and your heirs c. Your financial advisor

16. How are you going to pass the wealth on to your heirs? a. By having them be the successor/Proctector of your Foundation b. Education by example and benevolence of cash c. Education then by loan d. Corporation Sole/Scribe e. a and c

17. What is the best way to get funding to your larger benevolent projects? a. By cash or check b. Through an attorney anonymously by check c. From your corporate sole checking account d. Through a charitable foundation or Corp Sole via wire transfer

18. How will you pay the federal income tax on your payout if required? a. Through offshore entities b. Through onshore entities c. Through my corporate sole d. Through the funded LLC

19. What is unique about a corporate sole? a. It is not taxable b. It can own things d. It can own/control another entity e. All the above

20. What entities should be in your name? a. None b. IBC or LLC c. Foundation only d. All

21. The IRS or CRA may take a. What is legally taxable b. Onshore money c. Anything without "proof of funds" or Promissory Note d. All of the above

22. The IRS or CRA will be alerted by:

a. Any unusual banking activity b. All FCUSA wire transfers c. Use of an offshore Debit Card d. Some offshore bank activity e. a and d

23. The safest way to move large amounts of money is: a. Cash b. Personal or business check c. Cashier's check d. Wire transfer

24. The largest amount of money that is safe in a single bank account is: a. $10,000 b. $100,000 c. $1,000,000 d. $10,000,000 e. Unable to determine, diversify

25. The best asset protection is: a. Legal and Lawful b. Diversity c. Keep your affairs private d. If you owe the tax pay the tax e. Know and live by the rules f. All of the above Award Computation 26. How do I compute my judgment? a. $100,000 for each credit card, student loan & auto loan b. $250,000 for mortgages and IRS/CRA lifetime payments c. All of the above

27. Can I claim each year for my IRS/CRA award? a. No - all are included in one claim b. Depends on amount paid c. Yes

28. Can I tell my friends how much I am paid? a. Yes b. No your non-disclosure prohibits this