A June 8, 2011 New York Times article by Steven M. Davidoff (a law professor at the University of Connecticut School of Law) notes that personal liability for directors and officers of large publicly held companies is less common than most of us think. Professor Davidoff argues that the upside of serving as a director
New Nevada Law Increases Protection of Single Owners of Corporations and LLCs
On June 16, 2011, Nevada’s governor signed a new law specifically making a charging order the exclusive remedy of a judgment creditor against owners of both LLCs and corporations in Nevada. The legislation specifically includes a sole member of an LLC and a sole shareholder of a corporation.
Nevada is clearly working to provide better asset protection for
Delaware is a Good Choice for an LLC
As I mentioned in a post last month, limited liability company laws vary significantly from state to state. Depending on your particular circumstances, one state could have significant advantages over another.
Here are a few reasons why Delaware is one of the best states to form a limited liability company from an asset protection
Reporting Rules for Offshore Trusts
Offshore trusts have very stringent reporting requirements. Some of the major filing requirements are the following:
- IRS Form 1040 NR — while a domestic trust files an IRS Form 1041, a foreign trust must file a Form 1040 NR.
- IRS Forms 3520 and 3520-A.
- TD F 90-22.1 (FBAR) if their are foreign accounts. This is required for any foreign
An Asset Protection Plan is Different Than an Estate Plan
While estate planning and asset protection planning are related, they are not the same. An asset protection plan is designed principally to protect your assets from creditors during your lifetime. It can also be designed to protect assets you leave to your spouse, children and other family members.
An estate plan is focused more on
Picking the Right State for Your LLC
Limited liability company laws vary significantly from state to state. Depending on your particular circumstances, one state could have significant advantages or disadvantages over another.
First of all, states have specific requirements when you form a limited liability company. For example, New York requires a newspaper publication notice. It also allows a manager-managed limited liability
More Changes to Swiss Banking Rules
According to Matthew Saltmarsh writing in the Thursday, April 21, 2011 New York Times — Switzerland will probably sign new treaties by the summer with Germany and Britain under which their citizens will pay taxes on most of their undeclared assets in Swiss banks. It appears that France and Italy will sign similar treaties with
Now is the Time for Asset Protection Planning
Many things in my law practice run in spurts — just like things in our daily lives. I may go a whole year without having a client buy or sell a business, and then several clients are engaged in business sales all at once.
This past month I have a had a disproportionate number of inquiries
Crisis in Japan — Another Grim Reminder of the Need for Asset Protection Planning
Asset protection planning is usually triggered by fear of a catastrophic lawsuit. Most of the clients I work for — especially physicians, closely held business owners and high net worth individuals — are concerned that a single lawsuit could wipe out everything they have. And this concern is entirely justified. It is silly not to protect your
Don’t Forget to File a Gift Tax Return for 2010 Gifts
For anyone who did any asset protection planning in 2010 — If you made a gift of more than $13,000 to anyone other than your spouse, you are required to file a federal gift tax return to report the gift(s). The filing is made on IRS Form 709. A gift tax return for gifts