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Internal Revenue Service Targets Abusive Trust Arrangements

Internal Revenue Service Targets Abusive Trust Arrangements

Attorneys, accountants, and other professional advisors need to be aware of the significant “abusive trust arrangements” that may be solicited to clients and that may be subject to significant penalties announced in a recent IRS notice.

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Poorhouse Prevention

Poorhouse Prevention

Litigation in our society is a popular tool for the accumulation of wealth – by plaintiffs and their attorneys, who often take cases on a contingency basis. Attorneys handle lawsuits if there is any basis for a claim, and, most importantly, if there is a source of funds from which they will be paid. Asset protection planning makes the source of such funds minimal at best. If you think you do not need to secure your wealth, ask yourself: Am I absolutely certain that I will never be sued? And, if by some chance I am sued, that I will be fairly treated by our justice system? Most will answer “No!”, and wonder what they can do. Asset protection planning is the answer.

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Married Couples Face Major Setback in Shielding Assets from Creditors

Married Couples Face Major Setback in Shielding Assets from Creditors

Juan E. Planas, a recent Florida bankruptcy case, changed the rules of the game for married individuals hoping to save their assets if one spouse declared bankruptcy. Before that case was decided, if you owned properties with your mate in what is termed “tenants by the entirety”, you could be reasonably comfortable that those properties would be safe from your spouse’s creditors if he or she ever declared bankruptcy.

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Offshore Trusts Can Create Legal Obstacle Course for Claimants

Offshore Trusts Can Create Legal Obstacle Course for Claimants

Consider the thought processes of your claimant’s attorney contemplating an action to recover assets from a trust in a foreign country. He knows nothing of the country’s geography, laws, procedures, costs, or even its currency. These factors become immediate hurdles in a legal obstacle course upon which he is about to embark.

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The How’s and Why’s of Offshore Trusts in Asset Protection Planning

The How’s and Why’s of Offshore Trusts in Asset Protection Planning

This article will focus on just what the title indicates: how and why offshore trusts are used in asset protection planning. The article will review certain aspects of domestic law which limit the ability of a domestic trust to provide meaningful asset protection, and will compare those laws with the laws of certain offshore jurisdictions which address the same issues in a different way, with vastly different results. In addition, the article will highlight selected trust clauses which can enhance the protection afforded by careful selection of a situs jurisdiction.

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Asset Protection Planning: Physician – Don’t Heal Thyself!

Asset Protection Planning: Physician – Don’t Heal Thyself!

As busy as physicians are, some attempt to save the time it might take to seek qualified advice concerning asset protection planning, and utilize the following “do-it-yourself” “methods”.

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