In April of 2018, the Georgia legislature presented to Governor Nathan Deal HB 441 for signature, which permitted the use of DAPTs in Georgia. The statute contained many of the similar flavors of other DAPT statutes, with a few notable exceptions like allowing tort creditors to reach assets in the DAPT. A few days after being presented with HB 441, Governor Deal vetoed the bill.
Continue Reading 2018 Year-End Review: Part Four: Georgia Vetoes DAPT legislation
2018 Year-End Review: Part Three: Embassy Healthcare v. Bell
Our last case law discussion comes to us from the Ohio Supreme Court in Embassy Healthcare v. Bell. This case provides a great illustration of facts that many may one day encounter: a nursing home sought payment from a surviving spouse of a decedent spouse’s outstanding bill. But where this case is particularly interesting is the method by which the nursing home sought payment.
Continue Reading 2018 Year-End Review: Part Three: Embassy Healthcare v. Bell
2018 Year-End Review: Part Two: Toni 1 v. Wacker
Our second decision comes from the Supreme Court of Alaska. This decision is a core illustration of the potential problems with establishing a domestic asset protection trust (DAPT) for a resident of a state that does not allow DAPTs.
Continue Reading 2018 Year-End Review: Part Two: Toni 1 v. Wacker
2018 Year-End Review: Part One: In re Olson
Part One: In re Olson
Part one of our 2018 asset protection year-end review begins with the case of In re Olson. This case is yet another reminder that it is critically important to engage in asset protection planning before you have a creditor problem.
The decision comes to us from a U.S. District Bankruptcy Court in California. Olson was married to a NASA engineer who formed a startup company that sought to specialize in surveying for oil using an airplane and other specialized technology. The startup received hundreds of millions of dollars in investor capital, but when the price of oil collapsed, so too did the company. As a result of the collapse, Olson was served with a lawsuit from a creditor. After being served, she transferred $4.6 million in assets into a Cook Islands trust.Continue Reading 2018 Year-End Review: Part One: In re Olson
2018 Year-End Review
2018 saw a number of interesting cases and developments in asset protection law. I would like to discuss and summarize many of these key developments in a 2018 asset protection law year-end review. To prevent posting one very lengthy and detailed post, I will break the series into four parts. Parts 1-3 will summarize and
Thorough Estate Planning Can Help Protect Assets – and Provide More Privacy
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
Debtors Are Often Easily Victimized By Bogus Collection Agencies
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
Social Media Explosion Creates Even Greater Urgency for Asset Protection Planning
An interesting article by Cindy Krischer Goodman in the Miami Herald provides some excellent examples of how fortunes today can change in an instant — due to social media. For example, racist comments in a private phone conversation between the Los Angeles Clippers’ then owner, Donald Sterling, and his girlfriend went viral and literally cost
Economic Disaster Can Strike At Any Time
The primary concern for most of my asset protection clients is a sudden catastrophic lawsuit. Physicians, business owners and high net worth individuals (and almost anyone else with assets worth protecting) are fearful of that one mishap that could threaten everything they have earned during their lifetime. A surgeon who has performed thousands of successful
Too Many Lawyers Could Mean More Lawsuits
I have seen statistics forecasting about 28,000 new law graduate jobs opening each year for the next ten years. But law schools currently appear to be on pace to graduate about 44,000 lawyers per year in that same time period. This would create a significant over supply of lawyers. Even worse, it appears that there