The recent scandals involving tax evasion by some Americans (who had assets in secret Swiss bank accounts) are still playing out. The Swiss Cabinet recently announced a new program that would allow about a dozen Swiss banks to provide the United States Department of Justice with information on bank accounts held by Americans. The Justice
Why Is It So Difficult to Correct Your Credit Report?
A recent article by Jeff Sovern and Ira Rheingold in the New York Times explains why consumers have such a hard time fixing faulty credit reports. A mistake on your credit report can be a big problem for you. But such an error can be difficult to correct.
The authors point out that the Federal
Teenage Driver Means Lots of Potential Liability for Parent
I am constantly focused on asset protection – – even on vacation! A week or so ago while on vacation in Hilton Head, SC, I noticed a local newspaper article that reminded me of the huge potential liability you can face from a teenage driver in the family.
An article in The Island Packet described
Consider Separate Entities for Your Business
All of the assets relating to your business operation do not necessarily have to be in the same company. There may be perfectly valid business reasons to have real estate, equipment and/or other assets in separate entities. The following chart provides an example of a possible business structure.
Many assets in the above structure are
Insurance Should Be Key Component of an Asset Protection Plan
"Asset Protection" is not a substitute for insurance. In fact, insurance should be an integral part of protecting your assets.
There are many kinds of insurance. Each risk has to be evaluated on its own and a reasonable decision has to be made about the amount of appropriate insurance. For example, if you have teenage
Further Erosion of Swiss Banking Secrecy
A front page article in today’s Wall Street Journal as well as an article by Lynnley Browning and Julia Werdigier in today’s New York Times report that Swiss officials have agreed to let banks release more information on the holdings of their American clients.
This most recent development is yet another step in a process
Trusts Require Flexibility
Asset protection planning (and estate planning) frequently involves the use of one or more trusts. Possibilities include an offshore trust, Domestic Asset Protection Trust, irrevocable life insurance trust and various other kinds of trusts.
Most of these trusts are designed to last for many years. It is therefore important to give the trustee the flexibility to adjust
Medical Malpractice Claim Can Take Both an Emotional and Financial Toll
In a post on February 8, 2012 I referred to an excellent article by Pauline W. Chen, M.D. She described how involvement in a medical malpractice action can negatively impact a physican’s way of practicing medicine.
Dr. Chen recently published another article in the New York Times that is also noteworthy. She explains how a medical malpractice
You Can Lose A Fortune If You Ignore Your Estate Planning
A fascinating article by Julie Satow in the April 28, Sunday New York Times describes a New Yorker whose entire $40 million estate will likely go to the government because he died without a will. This case is somewhat unique because Roman Blum, age 97, apparently died with absolutely no living relatives. But Mr. Blum could have
Private Practice Physicians Should Make Asset Protection a High Priority
The possibility of a malpractice lawsuit is a constant concern for most physicians. A malpractice lawsuit can have serious personal and financial consequences. And physicians in private practice face another financial worry. They are running a business; and that business (like any other business) can face a sudden, serious downturn or even go bankrupt.
A recent on-line article