Asset Protection Law Journal

Asset Protection Law Journal

Helping individuals and businesses take advantage of asset protection laws

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2018 Year-End Review: Part Four: Georgia Vetoes DAPT legislation

Posted in Asset Protection Strategies/Alternatives, Benefits of Asset Protection Planning

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… Continue Reading

2018 Year-End Review: Part Three: Embassy Healthcare v. Bell

Posted in Asset Protection Strategies/Alternatives, Benefits of Asset Protection Planning

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‚Äôs outstanding bill. But where this case is particularly interesting is… Continue Reading

2018 Year-End Review: Part Two: Toni 1 v. Wacker

Posted in Asset Protection Strategies/Alternatives, Benefits of Asset Protection Planning

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. The case involves a lawsuit between the Wacker family and Tangwall family. After litigation between the… Continue Reading

2018 Year-End Review: Part One: In re Olson

Posted in Asset Protection Strategies/Alternatives, Benefits of Asset Protection Planning

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… Continue Reading

Thorough Estate Planning Can Help Protect Assets – and Provide More Privacy

Posted in Benefits of Asset Protection Planning, Estate Planning

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 children… Continue Reading

Debtors Are Often Easily Victimized By Bogus Collection Agencies

Posted in Benefits of Asset Protection Planning, Creditors' Rights

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… Continue Reading

Social Media Explosion Creates Even Greater Urgency for Asset Protection Planning

Posted in Benefits of 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… Continue Reading

Economic Disaster Can Strike At Any Time

Posted in Benefits of Asset Protection Planning

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… Continue Reading

“Fiscal Cliff” Concerns, Hurricane Sandy Provide Asset Protection Reminders

Posted in Benefits of Asset Protection Planning

Financial disaster can stem from personal setbacks like divorce, business disputes, litigation, and numerous other causes.  But the last few months of 2012 remind us that sudden, unexpected financial catastrophes can also come from other sources – – like natural disasters and general economic conditions. Hurricane Sandy is a grim reminder that certain losses are… Continue Reading

Jurors Using Social Media During Trial is a Growing Problem

Posted in Benefits of Asset Protection Planning

In case you needed yet another reason for asset protection planning… An increasing problem with jurors is the unauthorized use of social media during trial.  A recent front page article in the Cleveland Plain Dealer by Alison Grant on August 29, 2012 has some shocking examples.  One juror tried to “friend” a witness.  Jurors in… Continue Reading

Control of Electronic Assets After Death

Posted in Asset Protection Strategies/Alternatives, Benefits of Asset Protection Planning

As I mentioned in a post last March most of us now have multiple on-line accounts; and very few people consider what happens if they die and no one can access those accounts. One of my associates, David M. Lenz, recently published an excellent article on this topic titled "Afterlife on the Cloud".  As Dave mentions,… Continue Reading

Medical Malpractice Suit can be Emotionally Devastating to a Physician

Posted in Benefits of Asset Protection Planning, Physician Asset Protection

Being named as a defendant in a medical malpractice case can be emotionally devastating to a physician — even if the physician is only peripherally involved in the case. Very few people fully appreciate how troubling it can be for a doctor who is named in such a lawsuit. An excellent article by Pauline W. Chen, M.D. in… Continue Reading

Asset Protection Planning Should Have a Multi-Generational Focus

Posted in Asset Protection Strategies/Alternatives, Benefits of Asset Protection Planning, Estate Planning

It is generally estimated that more than half of all Americans have absolutely no estate planning documents.  This can potentially create a lot of hassles for your loved ones. But even those Americans with very good estate planning documents often fail to focus on asset protection for their children and other beneficiaries.  If you simply… Continue Reading

Small Business Owners and Public Company Executives Both Need Asset Protection Planning

Posted in Asset Protection Strategies/Alternatives, Benefits of Asset Protection Planning

A June 8, 2011 New York Times article by Steven M. Davidoff (a law professor at the University of Connecticut School of Law) notes that personal liability for directors and officers of large publicly held companies is less common than most of us think.  Professor Davidoff argues that the upside of serving as a director or… Continue Reading

Parents Should Always Consider a Trust for Children

Posted in Asset Protection Strategies/Alternatives, Benefits of Asset Protection Planning

Trusts are not only for the rich.  Anyone with minor children (and even children in their 20’s) should consider a trust for their family. If any property passes to a child under your will, from a bank account "payable on death" or otherwise, the child will generally get all of that money at age 18.  The… Continue Reading

More and More Affluent Americans Facing Creditor Problems

Posted in Benefits of Asset Protection Planning

The recent economic downturn has caused creditor problems for many wealthy Americans who never dreamed they would be in this kind of situation. A front page article in the July 9, 2010 New York Times reported that one in seven homeowners with loans in excess of $1 million is seriously delinquent. Foreclosures are occurring at shocking rates… Continue Reading

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