Holding property as joint tenants has numerous advantages. It can be convenient, and it can generally avoid probate of the jointly held assets. It is a big misconception, however, that joint tenancy provides very much asset protection.
A recent Ohio Court of Appeals Decision, White v. Parks is a perfect illustration of the drawbacks of
A lawyer accused of hiding assets was released from prison last week — after serving 14 years in jail. H. Beatty Chadwick was sent to prison in 1995 for allegedly hiding $2.5 milion in assets in connection with his divorce. By the time he was released last week from a county prison in suburban Philadelphia
Asset protection planning generally involves transferring and/or re-titling some or all of your assets in order to better protect those assets from claims of creditors. Not surprisingly, however, there are statutory prohibitions against transferring your assets with the intent of avoiding your legal obligations. Whenever any assets are transferred or re-titled for protection purposes, it is critical
A number of offshore jurisdictions have enacted trust laws that provide significant protection for debtors. One example is St. Vincent in the West Indies. Its trust laws have a number of separate provisions that make assets held in a St. Vincent trust very difficult for a U.S. creditor to reach. One such provision
There are a number of relatively simple strategies an organization can use to provide significant protection for its assets.
1. Separate Entities. Consider creating a separate entity (possibly a limited liability company) to hold real estate, machinery, or assets relating to a new line of business. If there were a future judgment against the corporation
