Legal Question in Wills and Trusts in Georgia

This is FAR FAR beyond the simple Q&A website like this. You need top notch business lawyers who have experience in this, and a good CPA.

So you were ripped off by the Iraq dinar scam. Iraqi dinars are worthless and you were ripped off.

From Forbes magazine: "In the words of popular comedian Ron White, �You can�t fix stupid.� That phrase, as elegant in its simplicity as it is frankly true, applies with special fervor to those who continue to believe that they are about to make millions, billions, or even trillions by investing in Iraqi dinars. Yes, I know this has been written about before. Fellow Forbes� contributor John Wasik wrote about this scam last January at http://www.forbes.com/sites/johnwasik/2012/01/19/the-curse-of-saddam-iraqi-dinar-deals/ And even various law enforcement agencies are publicly warning about this scam, such as that of the Washington State Department of Financial Institutions at http://www.dfi.wa.gov/consumers/alerts/iraqi-dinar-scams.htm Yet this scam continues to persist, and hardly a week goes by that some sucker or another doesn�t call my office to inquire about asset protection planning for the untold riches that he or she is about to receive when the Dinar finally re-valuates by 100 times or more..." this is why the Dinar scam has been largely successful � with the Dinar scam you can actually get the cold hard Dinars if you want them. Yep, suckers around America have their closets and garages full of bales of Dinars, just waiting for that glorious day when they will re-valuate. Which is never.

To help sell the scam, the scam artists have set up all sorts of websites and bulletin boards and newsletter and social media and you-name-it to try to create the impression that the Dinars are valuable and are about to re-valuate

http://www.forbes.com/sites/jayadkisson/2012/07/30/you-cant-fix-stupid-the-iraqi-dinar-scam-lives/

You don't need a trust. You have fallen for a scam. You have lost whatever momney you spent. Sorry.

As noted the Iraqi Dinars are worthless. By your own admission, you have no assets. So why do you need all this complicated stuff? What are you trying to accomplish?

You cannot have a Nevada Corporation and do business in GA. You will still have to register with the GA secretary of state. So why do this double reporting and filing?

If your business, whatever it is, is a success and you own real property in more than one state, then you can think about a trust. In that case, you would see a good estate planning lawyer.

Since you want to start a business, assuming you have taken any exams required to get insurance licensure, then you need to see a good business law attorney. You will incorporate the insurance business and you will talk with the business attorney as to whether you need an S-corporation, C-corporation or an LLC. You will buy lots of errors & omissions insurance to cover your business so that you will not have personal assets at risk.

As you start to be a success (and it will be a long time getting there is you keep falling for scams) then you need to make sure you have adequate insurance - life insurance, auto insurance, disability insurance and health insurance. If you really have lots of assets, then you get an umbrella policy.

Estates are not subject to estate tax until you have over $5 million in assets. Since you have nothing, are you anywhere near this level? If not, then tax avoidance should be not be your goal. And there is no inheritance tax in GA.

And who exactly told you that you "need" an irrevocable life insurance trust? Did you also fall for one of the trust mill/hotel ballroom scams where the slick and oily sales person tries to sell you on these complicated trust and corporate vehicles? It sure sounds like it.

The only that makes out in these scams is the scammers, not you. If you have no significant assets, a plain old will is going to work just fine for you at this time and a simple corporation/LLC will work just fine when you start your business.

If and when you start making millions and have a life to rival "Lifestyles of the Rich and Famous" then you will certainly be able to afford advice from a decent estate planning lawyer who can then prepare a trust or whatever you need for tax avoidance. Until then, don't fall for the scams.