Effective March 27, 2013, Ohio joined the growing list of states that have enacted asset protection trust legislation. This article provides a review and critique of the asset protection aspects of the Ohio Legacy Trust Act (Act).
Years ago asset protection planning was an infrequently discussed topic between CPAs and their clients. Today, however, the topic often arises. Therefore, CPAs must have a basic knowledge of the strategies and techniques available to their clients to be able to intelligently respond to client inquiries.
Amendment 8 prohibits a physician who has been “found to have committed three or more incidents of medical malpractice from being licensed to practice medicine in Florida” (emphasis supplied). How do you protect yourself from that Draconian rule? You implement a comprehensive asset protection strategy.
On July 10, 2003, Alaska amended its 1997 Alaska Trust Act (the “2003 Bill”) in an effort to stay in the forefront of the growing list of states seeking to generate trust business by providing settlors with creditor protection and estate freeze legislation. This type of legislation attempts to rival that offered by certain offshore jurisdictions. The 2003 Bill makes Alaska more attractive as an domestic asset protection situs. As a state in the United States, however, Alaska falls short of providing the ultimate protection offered by certain offshore jurisdictions – lack of U.S. court power to upset asset protection planning.
On March 22, 2003, Utah joined the growing list of states which have enacted asset protection trust legislation. This article provides a review and critique of those provisions of the Utah legislation which pertain to asset protection. Trusts which are subject to the new legislation will be referred to herein as “Utah trusts”.
There is now available a superior trust structure in which a single-member Nevis limited liability company (LLC) is used in combination with a Cook Islands trust.
Legal Education Program Sponsored by the Osgoode Hall Law School
April 23 2019 Both Patricia and Howard will participate in a nationwide Canadian continuing legal education program sponsored by the Osgoode Hall Law School (at York University, Toronto, Canada). Howard will discuss drafting strategies for the offshore asset protection trust and Patricia will discuss special techniques for protecting real estate from creditors.
Southpac Offshore Planning Institute at the Four Seasons Hotel in Nevis
May 1 – 3 2019 Both Patricia and Howard will participate in the Southpac Offshore Planning Institute at the Four Seasons Hotel in Nevis. Howard will discuss both drafting strategies and federal tax reporting requirements for the offshore asset protection trust and Patricia will discuss special techniques for protecting real estate from creditors. Both Patricia […]
Continuing legal education program for the Dallas Bar Association
June 7 2019 Both Patricia and Howard will be presenting a continuing legal education program for the Dallas Bar Association. Howard will discuss drafting strategies for the offshore asset protection trust and Patricia will discuss special techniques for protecting real estate from creditors.
Uniform Voidable Transactions Act Adopted by ULC
Our Uniform Law Commission (ULC) unanimously adopted (this week) the Uniform Voidable Transactions Act.
“Domestic Asset Protection Trusts Can Fail” says Estate Planning Expert
A battle is raging between US-based attorneys over the use of Domestic Asset Protection Trusts (DAPTs) or their offshore counterparts (Foreign Asset Protection Trusts or FAPTs). Fifteen states (and counting) have enacted some form of asset protection trust legislation, but the efficacy of these DAPTs has been called into question since inception. At the 48th […]
Discussing asset protection with your clients: a guide for attorneys, CPAs, and financial planners
According to the Wall Street Journal (July 15 – 16, 2006), asset protection planning has become “mainstream” planning. And just as planning professionals are obligated to advise clients on estate planning and financial planning matters, many feel that the same professionals are now ethically obligated to advise clients on asset protection matters. To determine if […]
How Best to Protect Your Good Fortune and Secure Your Financial Future
Congratulations! You’ve won that big promotion, come into an inheritance, or sold your company at a tidy profit. Now what? You, my friend, have a wealth problem. As problems go, that’s a good one to have. You can pay off your mortgage, quit worrying about sending your kids to good colleges, take a well-deserved vacation. […]
HOW TO SELECT AN ASSET PROTECTION ATTORNEY
14 questions to ask your prospective lawyer about asset protection.
OFFSHORE TRUSTS & OFFSHORE ACCOUNTS: WHAT’S THE DIFFERENCE?
Potential clients often call us asking if we can set up an “offshore account” for them. Is this what they really mean, or are they (or should they be) asking about an offshore trust? In this issue we’ll compare the asset protection efficacy of an individual establishing an offshore account versus establishing an offshore trust which itself establishes an offshore account.
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