More than 30 foreign jurisdictions now have asset protection trust statutes. The Cook Islands was the first to adopt an International Trust Act for asset protection purposes in 1989, and many other jurisdictions have based their statutes in whole or in part on Cook Islands’ law. A number of other jurisdictions have traditionally relied on
What makes a good asset protection attorney?
I recently received an inquiry from someone who will be entering law school in the Fall, and he is interested in becoming an asset protection attorney. He asked what areas of law he should focus on.
While asset protection law has become somewhat of a specialty, it requires knowledge and experience in at least four
Prenuptial Agreements
It is probably just a sign of the times, but my law firm seems to assist more and more people each year with prenuptial agreements. These agreements are important from an asset protection standpoint. Many of the assets accumulated during your marriage will be subject to claims of your spouse if you get divorced. A
Volatile Economic Conditions
The Dow Jones industrial average fell 324 points last Friday, its second worst slide of the year. The drop pushed the stock market back into a "correction" — meaning a decline of at least 10% from its recent high.
While I remain optimistic about the economic future of our country, we obviously face great challenges in
Ohio Court Affirms the “Internal Affairs Doctrine”
The "Internal Affairs Doctrine" means that the law of the state of incorporation normally determines issues relating to the internal affairs of a corporation. For example, if there is a dispute between two shareholders of a Delaware corporation, it would typically be decided using Delaware law, even if the company operates in another state. This
Family LLC’s
Family limited liability companies can be a convenient vehicle to hold and administer family investments. They offer significant benefits from both an estate planning and asset protection standpoint. Until recently, the entity of choice for family investments was a family limited partnership (often just called an FLP). While there is nothing wrong with an FLP, we are
Asset Protection Planning Should Include Careful Estate Planning
Poor (or no) estate planning can lead to catastrophic losses of family assets.
Check out the article by Claudia Buck in The Portland Press Herald with some sad stories of families who wasted lots of money due to poor estate planning. Some simple steps can avoid family fights and save legal fees. These include earmarking
Crackdown Continues On Offshore Tax Schemes
UBS (the giant Swiss financial institution) has received a lot of bad press recently in connection with offshore tax evasion schemes. More UBS clients were indicted earlier this month, but federal authorities are focusing on other financial institutions as well. Lynnley Browning reported last week in the New York Times that arrests have now been
Ohio Appeals Court Affirms Basic LLC Protections
It is now well settled that a limited liability company insulates the owners from the debts of the company.
It is nevertheless reassuring when a court re-affirms basic LLC protections. In Dover Phila Heating v. SJS Restaurants 185 Ohio App.3d 107, 2009-Ohio-6187, the Ohio Court of Appeals for the Fifth Appellate District confirmed once again
Congress Continues to Close Tax Loopholes in Offshore Accounts
A new law signed by President Obama last month makes it much harder for U.S. citizens to evade taxes by hiding money in offshore accounts. Foreign financial institutions will now face a 30% tax on their U.S. investments if they refuse to provide information about accounts held by U.S. citizens.
None of this is a