Socialism: If there was one idea that you could say dominates today's Democratic Party, it could be summed up in one word: Socialism. 5. Gas tax. Your first line of defense in litigation should be insurance. 7. You may opt-out by. Dedicated to retirees, business owners, and sudden wealth recipients. Call your insurance broker and increase your liability limits. City and county planners determine what gets built and where with the intention of minimizing overcrowding. While shielding all your assets from paying for nursing home costs probably won't be possible, you can protect at least some of your property through smart estate planning now. Combination of agriculture with manufacturing industries; gradual abolition of all the distinction between town and country by a more equable distribution of the populace over the country. Combination of education with industrial production, etc. Centralization of credit in the banks of the state, by means of a national bank with state capital and an exclusive monopoly. More than half of American adults don’t have one. What is Socialism? In socialist economies, the government owns and manages the economic resources such as money and other forms of capital Capital Capital is anything that increases one’s ability to generate value. Written by: John Financial, Top Headline 6 Comments Print This Article. Now is the time to explore your options. © 2020 Forbes Media LLC. In this article, you'll learn what threats you are up against… as well as the simple, logical steps you can take to build a solid foundation. As the president of a fee-only financial advisory firm, we focus on retirees and others going through significant financial transitions. You might think you’re just parodying a well-known song, or you could think it’s no big deal to paint Disney characters on the wall at the daycare center you own and operate. Don’t let your sudden wealth suddenly get stripped from you. I have a PhD in financial and retirement planning and. I wrote about von NotHaus in the March 24th newsletter (send me an email requesting this if you didn’t get it) where he was charged with domestic terrorism for creating his own bartering system. 2. a system of social organization in which all economic and social activity is controlled by a totalitarian state dominated by a single and self-perpetuating political party. Events of this magnitude often take longer than you expect. You cannot receive principal from the irrevocable trust, but the periodic interest and dividends you receive from the trust are safe from seizure. However, I would argue that we started to path towards socialism and/or communism decades ago. Now let’s address these one at a time in order to explain what they mean in terms that are relevant to today. The feds are now trying to seize his private property. 4. Review all jointly held accounts. Enter your email address to receive our Asset Protection e-newsletter with tips and ideas you can use to keep you, your family and your assets safe. There have also been recent cases where private property was seized of people considered to be enemies of the state. Sell the schools to investors who will run the school as a business. I would love to see this discussion. We now live in a society where if 51% of the population agrees that it’s ok to steal from you, then it’s ok. Tip: Avoid partnerships. You don’t need to read my newsletter or my blog for too long to realize I am not very happy with the current state of affairs in the US. Establishment of industrial armies, especially for agriculture. Many people talk about the destruction of privacy from Bush’s Patriot Act, while others discuss the nationalization of the healthcare system from Obamacare. You could also argue that the massive farm subsidies for corn and other crops could be in accordance with the government’s common plan. You should also consider that nearly 80% of the land west of the Mississippi river is government owned. The answer may be as simple as more lawyers and more wealthy people coupled with a general apathy towards wealth creation and a propensity to take it from others. Consider an annuity. Socialism is an economic system where everyone equally owns production. Opinions expressed by Forbes Contributors are their own. If the joint owner files for divorce, incurs a tax deduction how to protect your assets from socialism when! The balance as low as possible do benefit from capitalism will lie and you... Lie – with their campaign supporters when a trust is properly designed to provide asset information. 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