As highlighted yesterday on the front pages of the Wall Street Journal, the New York Times and other newspapers across the country- – Credit Suisse has pled guilty to conspiracy to aid tax evasion (by helping U.S. citizens unlawfully evade taxes through Swiss bank accounts). The large bank agreed to pay about $2.6 billion in
Second Annual Ohio Asset Protection and Legacy Trust Institute
Yesterday I attended the Second Annual Ohio Asset Protection and Legacy Trust Institute. The Institute was a full day continuing legal education program of the Ohio State Bar Association. It was sponsored by a trust company and several major banks, as well as a large accounting firm. It was presented via live simulcast at seven
Asset Protection Strategies Can Have Significant Tax Consequences
Asset protection requires expertise in many different areas of law. One key area is litigation, since the ultimate test of any asset protection plan is how well it will hold up in court. Asset protection attorneys must also have expertise in business entities (particularly limited liability companies); trusts; and estate planning (since asset protection planning
Consider Converting an S Corporation to an LLC
Both corporations and LLCs provide asset protection in that the owner will generally not be responsible for debts of the entity. But when it comes to protecting an owner’s personal assets from his or her personal creditors, an LLC generally offers better protection than a corporation. A creditor who controls the stock of a corporation
Trust Protector Can Provide Added Flexibility For An Irrevocable Trust
A recent article in the New York Times by John F. Wasik provides an excellent discussion of trust protectors. Many states now allow for trust protectors – – someone other than the trustee who essentially provides some checks and balances in a trust arrangement.
A trust protector is a bit like a watchdog. He or
Extent of Protection for Inherited IRAs Remains Uncertain
Clients frequently ask whether a so-called inherited IRA is exempt from their creditors. An inherited IRA is one you receive from say the death of a parent, rather than one to which you contribute your own funds. Unlike a traditional IRA, the inherited IRA must begin distributions to the current owner within a year of
Considering an Offshore Trust? Then Consider the Cook Islands
Many foreign jurisdictions provide opportunities for offshore trusts. But if you are seriously considering such a trust, the Cook Islands deserve your attention.
Asset protection lawyers frequently debate the pros and cons, risks and possible rewards of offshore versus domestic asset protection trusts. And there are lots of potential asset protection strategies that do not
Are We Already Forgetting the Impact of the Recent Recession?
How much did the recent recession actually cost? A fascinating article by Eduardo Porter in yesterday’s New York Times provides some startling information about the cost of the recession. Three economists at the Federal Reserve Bank of Dallas have estimated that at a bare minimum, the crisis cost nearly $20,000 for each American. Adding in
Basic Exemption Planning Should Come First
There are many asset protection alternatives. These include offshore trusts, domestic asset protection trusts (called Ohio Legacy Trusts in Ohio), irrevocable life insurance trusts and limited liability companies. But relatively simple exemption planning should always be the initial focus. Exempt assets (those which applicable laws already make it difficult or impossible for creditors to reach)
FBAR and FATCA Provide Separate Reporting Requirements for Offshore Accounts
FBAR and FATCA (which require reports by U.S. persons of interests in foreign accounts) overlap to a large extent. But they impose separate reporting requirements. Failure to comply (especially with regard to FBAR) can have very severe consequences.
FBAR (a foreign bank account report) stems from a banking regulation under the Bank Secrecy 
Act. It