As I have mentioned in many other posts, there is nothing wrong with using Swiss bank accounts or offshore entities. A recent front page article in the New York Times noted that Mitt Romney and his wife hold millions of dollars in a Swiss bank account and millions more in partnerships in the Cayman Islands.
Asset Protection Planning Should Have a Multi-Generational Focus
It is generally estimated that more than half of all Americans have absolutely no estate planning documents. This can potentially create a lot of hassles for your loved ones.
But even those Americans with very good estate planning documents often fail to focus on asset protection for their children and other beneficiaries. If you simply
IRS Form 8938 — Another Reporting Requirement for Offshore Assets
The IRS is continuing its efforts to identify sources of offshore taxable income of U.S. taxpayers. This has lead to a new reporting requirement. Many U.S. taxpayers with foreign assets must now file IRS Form 8938 – Statement of Specified Foreign Financial Assets. This new requirement is applicable to the 2011 tax year, and must be
Even Libraries Are Using Debt Collection Agencies
According to a recent article in The Cleveland Plain Dealer, the Cleveland Public Library has hired a national collection firm to recover fines and overdue items. Director Felton Thomas reported that the agency had collected $550,000 in fines and $2.6 million worth of outstanding material; and fees were less than $90,000. So it would seem that
Debt Collectors Sometimes Go Too Far
The Ohio Attorney General’s office recently settled a lawsuit filed against Allied Interstate, one of the country’s largest debt collectors. According to the Columbus Dispatch, Allied Interstate agreed to pay $150,000 and make changes in its practices. Allied faced two dozen allegations of misconduct after a state investigation — for instance, calling before 8:00
Ohio Court of Appeals Provides Guidance About “Piercing the Corporate Veil”
The Ohio Court of Appeals (10th District, Franklin County) recently provided some very specific guidance about "piercing the corproate veil" in Ohio. The case is Lind Stoneworks, Ltd. v. Top Surface, Inc., 194 Ohio App.3d 98 (10th District 2011).
The trial court held a corporation and its sole owner liable for a corporate debt.
Mortensen Case Highlights Fraudulent Conveyance Issues
A recent decision by the United States Bankruptcy Court for the District of Alaska (In Re: Thomas Mortensen, Case No. A09-00565-DMD) is clearly worth reading — for a discussion of fraudulent conveyances, Alaska asset protection trusts, applicable statutes of limitations, and a variety of other asset protection topics. I will likely comment on this recent
Federal Judge Orders Convicted Defendant to Forfeit Pension Funds
A federal judge in Cleveland, Ohio recently ordered a convicted public official to pay $57,000 in damages by taking those funds from his retirement account. An Ohio law passed several years ago specifically authorizes such an action if a public official has been convicted of certain crimes, including bribery. The decision by U.S. District Judge
Asset Protection Planning is Often Possible After You Have Creditor Issues
It is clearly better to engage in asset protection planning before you have any creditor issues. But planning after a lawsuit has been filed — or even after a judgment has been entered against you — is frequently possible.
State fraudulent transfer statutes vary in a number of respects. But as a general rule, a conveyance
Review Your Current Insurance Coverage
Asset protection attorneys assist clients with domestic and offshore trusts, limited liability companies, and a variety of other asset protection alternatives.
I have recently reminded a number of clients, however, that they should not overlook one of the simplest and most effective asset protection strategies — insurance.
When was the last time you reviewed all