In 2014, the National Conference of Commissioners on Uniform State Laws adopted several amendments to the Uniform Fraudulent Transfer Act (UFTA). Over 40 states have enacted some form of the UFTA, and most will likely in due course adopt the recent amendments.
One of the amendments changed the name of the law. It is now
It has been a little more than two years since Ohio became one of the top asset protection jurisdictions in the United States. Many people — including many attorneys–are still not fully aware of this dramatic development. But word is slowly getting out. We are getting more and more inquiries about Ohio’s Legacy Trust Statute
Signing a personal guaranty for your business or a relative can have a variety of financial implications. It can also limit your asset protection alternatives.
Asset protection planning frequently involves the transfer of assets. An asset transfer will be a “fraudulent conveyance” if it renders you insolvent (that is, if it means you may not able to
It is highly advisable to focus on asset protection and estate planning at the same time. Keep in mind, however, that you will likely need separate documents for each type of planning.
Most people who set up an asset protection trust (“APT”) — either domestic or foreign — usually want to (i) retain some sort of control
About 16 states now have laws that allow a Domestic Asset Protection Trust (DAPT). These trusts can be very useful to protect assets in many situations.
But keep in mind that a DAPT (like other asset protection strategies) is designed to protect your assets and keep you out of bankruptcy. It may be less useful
Much of my work is centered on helping clients protect their assets during their lifetimes. But most people also want to make sure that their assets are protected after their deaths.
A recent article in the New York Times describes a very public fight among relatives of actor/comedian Robin Williams. His widow and his
Many people assume it is relatively easy to correct an error in their credit report. That is simply not the case. In one of my recent blog posts I explain that debtors often face an uphill battle when they try to remedy a creditor mistake.
Now a new FTC report says that about one in
An amazing article on the front page of today’s New York Times reports that nursing homes in New York are increasingly seeking guardianship over certain residents simply to gain control of their finances. The author, Nina Bernstein, acknowledges that in some instances, a nursing home might seek guardianship because there is no relative capable of
Articles that seemingly have nothing to do with asset protection might still provide valuable asset protection reminders. A recent article by Teresa Dixon Murray in the Cleveland Plain Dealer is a good example. The article discusses an individual who keeps more than $100,000 hidden at home!
That reminds me of at least two asset protection
Anyone who is deeply in debt knows the terrible stress and fear that often results from being in that situation. So it is no surprise that many debtors are easily victimized by phony collection agencies.
A recent article by Sheryl Harris in the Cleveland Plain Dealer highlights a scam by a Georgia collection agency that
