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May 14, 2012
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Minnesota Asset Protection News

 

Critical Asset Identification Is Still Not Complete

In October 1998, a month before agencies’ initial CIP plans were due, CIAO issued its Vulnerability Assessment Framework. The framework was intended to provide detailed guidance to federal agencies on how to identify their critical infrastructures, identify interdependencies and vulnerabilities of those infrastructures, and provide the basis for developing remediation plans. However, CIAO officials concluded, on the basis of a review of agency CIP plans and subsequent discussions with agency officials, that agencies did not find the framework particularly helpful in carrying out agency planning efforts. Further, several agencies were unclear whether “critical” organizations, personnel, systems, and facilities to be identified using the framework referred only to those specific missions performed by the individual departments and agencies or more broadly to the performance of functions and missions by federal agencies on behalf of the nation.

On the basis of this review of the agencies’ initial plans, CIAO decided that the management of CIP programs required a new functional approach to defining and identifying critical assets and their dependencies, and it shifted the focus to identifying assets and dependencies that, under PDD 63, are deemed critical to the federal government’s carrying out its responsibilities for national security, maintaining the orderly functioning of the national economy, and ensuring the health and safety of Americans. To accomplish this goal and provide the agencies with additional guidance, in March 2000, CIAO began offering its Project Matrix methodology.

Project Matrix consisted of a three-step process in which each civilian federal agency identifies (1) its critical assets; (2) other federal government assets, systems, and networks upon which its critical assets depend to operate; and (3) all associated dependencies on private-sector owned and operated critical infrastructures.

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Did You Know?    
 
 
A Living Trust is an entity created for the purpose of holding and managing assets
A Living Trust is an entity created for the purpose of holding and managing assets for the benefit of the creators of the Trust (the “Trustors”) during their lifetimes and then for the purpose of management and distribution of the assets to the beneficiaries designated by the Trustors. There are various reasons for creating Living Trusts: (a) To avoid probate administration on death of either Trustor. (b) To avoid a court supervised conservatorship in the event of lifetime disability of either Trustor. (c) To provide for the management and distribution of assets during continued administration of the Trust or upon its termination.

 


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News about Asset Protection cases in Minnesota and nationwide:

SuperCom Announces New Technology for Active Tracking Solutions and Extends Homeland Security Offerings With
 February 14, 2006

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Increasingly Integrated Financial Management Systems Are Expected To Support Program Managers Financial Managers,
OMB Circular A-127, Financial Management Systems, initially issued in 1984, was revised in 1993.  This Circular sets forth general policies fo...
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Agencies Issue Rulemakings to Amend Risk-Based Capital Treatment of Exposures to Asset-Backed Commercial Paper Programs and Securitizations with Early Amortization Provisions
The federal bank and thrift regulatory agencies today requested public comment on an interim final rule and a notice of proposed rulemaking (NPR) t...
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Asset Protection.com Terms

 


Today's Terms

Beneficiary

Definition:
The person who receives the benefits or gifts from an estate, insurance policy, IRA, pension plan, or trust.

Revocable Trust

Definition:
In a living, or revocable trust, you name yourself as the grantor, the trustee, and the current beneficiary. You then transfer some or all of your assets to the trust. The terms of the trust require that the trust is to be used for your benefit during your life. After your death, the living trust continues for the benefit of your intended beneficiaries.

Trusts for Children

Definition:
You can set up a trust for your children, too. The terms of the trust can specify which of the children's expenses to pay and under what circumstances.

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Asset Protection Resources

 


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Asset Protection Hot Topics

 
Topics Related to Asset Protection:

  • Trusts
  • Wills
  • Uniform Probate Code
  • Gift Tax
  • Dynasty Trust
  • Annuities

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Minnesota Asset-Protection Attorney

 
If you live in the following cities and need an Asset-Protection attorney you should contact our Asset-Protection Attorney as soon as possible:

  • Andover
  • Anoka
  • Austin
  • Bemidji
  • Brainerd
  • Burnsville
  • Circle Pines
  • Cottage Grove
  • Eden Prairie
  • Elk River
  • Faribault
  • Hastings
  • Lakeville
  • Mankato
  • Minneapolis
  • Moorhead
  • Osseo
  • Owatonna
  • Rochester
  • Saint Cloud
  • Saint Paul
  • Stillwater
  • Winona


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