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DCAC $.0002 Payless Truckers, Inc. President Amanda Normand

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tutankhamuns Member Level  Saturday, 01/12/19 09:26:45 PM
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DCAC $.0002 Payless Truckers, Inc. President Amanda Normand

For those of you unfamiliar with this due diligence, the existence of Payless Truckers, Inc. is explained in detail here: https://investorshub.advfn.com/boards/m_read_msg.aspx?message_id=145758895

Graduated with Masters (M.S.) in Biological Sciences at Southeastern Louisiana University. She has over a decade of experience in the trucking industry and her multi-generational company has developed a special niche in the owner-operator market, offering a "Rent to Buy" program. In December 2013, she donated $2,500 to Southeastern Louisiana University Turtle Cove's Environmental Research Station on behalf of her father Louis J. Normand, Jr.

Normand is sued individually and as Trustee of American Success Irrevocable Trust (“ASIT”), a statutory trust established under the laws of the State of Florida for the purpose of holding assets for the benefit of Normand’s four children, Matthew L. Normand, Amanda K. Normand, Thomas C. Normand and Anna Kate
Normand (collectively the “Normand Children”).


That may be where the discrepancy occurred regarding the middle initial.

More importantly, however, is Amanda’s connection to the former company’s assets.
Membership interests in ATG are owned fifty-one percent (51%) by the Success Living Irrevocable Trust (“SLIT”) and forty- nine percent (49%) by Kimberly Normand. NTF is owned ninety percent (90%) by the American Success Irrevocable Trust (“ASIT”) and ten percent (10%) by Louis J. Normand, Jr., who is also the trustee for both Trusts.
As to the Debtors Prepetition Capital Structure, as of the Petition Date, on a book basis, NTF had approximately $20,638,814.00 in total assets. NTF had approximately $24,951,720.00 in total liabilities. As of the Petition date, on a book basis, ATG had approximately $813,961.00 in total assets and approximately $2,859,920.00 in total liabilities. The Debtors’ assets consist mainly of cash, receivables, and heavy duty semi-trucks.


From assetprotectionplanners.com:
Irrevocable trusts are usually created to protect assets from lawsuits, reduce taxes and provide for an estate plan for heirs. The trust is considered separate from the person who creates it, called the “settlor” or “grantor.” So, when the settlor is sued and the trust is properly and timely established in the appropriate jurisdiction, the assets of the trust can be shielded from judgments against the settlor. The other parties include the “trustee,” who manages the trust, and the “beneficiaries” who receive the benefits of the trust set up.

It is not simply a matter of adding the word “irrevocable” to a trust that magically turns it into an asset protection tool. The assets held inside of the irrevocable asset protection trust are shielded from the debts of the beneficiaries of the trust if those beneficiaries have a contingent, and not a defined interest in the trust. That is, they cannot scoop the funds out of the trust arbitrarily. If they could, so could their creditors. Their interest in the trust is subject to a future event or at the discretion of the trustee, as outlined in the terms of the trust. Alternatively, or simultaneously, the trust will often include a “spendthrift” provision that keeps judgment creditors from seizing trust assets and prevents beneficiaries from using trust assets for the payment of judgments against themselves.

Under these conditions, assets would only be made available to creditors if the assets were paid out of the trust to the beneficiaries, so that the assets became the personal property of the beneficiaries. So, when under legal duress, the trustee could simply pay bills for the beneficiary directly. As long as the assets remain inside of the trust, they are protected and the trustee can keep providing support to the beneficiaries and keep trust assets away from creditors.



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