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Once again, an Arizona District Court has pierced the corporate veil of a corporation because the shareholders failed to follow appropriate formalities as they operated the corporation. Activator Methods Int’l, Ltd. v. Future Health, Inc., 2012 WL 715629 (D. Ariz. March 6, 2012). In this case, the court found that it had [...] There are better ways to get rich than using the lottery. The recent mega millions frenzy produced a crop of new-rich hopefuls. However, the old-fashioned way holds the upper hand when compared with the odds – one in seventy-five million – of winning the lottery. A few careful planning tips are likely your “luckiest” path [...] Yahoo! Finance: Consider this statistic: A third of all couples retire within a year of each of other. Though there are a number of explanations regarding age and money, the answer that researchers keep coming back to is that couples really do enjoy spending time together, says Courtney Coile, an economics professor at Wellesley College [...] U.S. News & World Report: Many of us worry about what could happen to our retirement investments if our plan were to be terminated or mismanaged. Creditors can also come looking for your retirement money. Here are some protections designed to help you keep your nest egg intact. [...] Wall St. Journal: “the greatest lesson from the salacious split between Jamie and Frank McCourt {owner of the LA Dodgers] has gone mostly unnoticed. That is the lesson of how the wealthy shield their assets from creditors.” Asset Protection 101 is an overview of this important topic. Forbes on domestic asset protection trusts: “If you’re aiming to stiff creditors, litigants or an ex-spouse, should you hide your money in Nevis or Nevada? . . . These aren’t the garden-variety trusts set up for the benefit of your heirs. These are “self-settled” trusts, meaning you put the money in and you [...] Asset Protection Law Journal has a blog post that discusses which offshore jurisdiction is the best place to form an offshore asset protection trust. The Trust Advisor Blog: “Alaska practitioner claims asset protection trusts are good advice in marital disputes. But others disagree. If Tiger Woods is lucky, coming clean about all those affairs will help him salvage his marriage. But if he and Elin split up anyway, apologizing might at least have earned him some time [...] New York Times: “The Cook Islands have a smaller population — about 20,000 — than one apartment complex in Manhattan, and an economy with little to offer except tourism and pearl exports. The country contracts out its national defense to New Zealand, which is four hours away by plane. But sand and [...] Asset Protection Law Journal: “There are a number of relatively simple strategies an organization can use to provide significant protection for its assets.” Asset Protection Law Journal: “One of the best known international tax havens — the Cayman Islands — is being forced to consider something that would have been unthinkable only a couple years ago: raising taxes. This may be yet another blow to Americans who hold assets in offshore accounts. As reported in a [...] There are fraudulent conveyance laws that prohibit a debtor from transferring the debtor’s assets for less than adequate consideration if: (i) the transfer makes the debtor insolvent, or (ii) the transfer occurs when the debtor is insolvent. One of the remedies available to a creditor who proves that a transfer of property was [...] Asset Protection Law Journal: “Here are a few of the things a judgment creditor may be able to do: Garnish your wages Attach your bank accounts File a lien against your home and/or other real estate that you own Force a sale of your home and/or other real estate that you own Attach [...] USA Today: American tax-evaders who have used offshore bank accounts have more time to voluntarily disclose assets under an extension of an IRS amnesty program. The leniency program, originally due to expire Wednesday, will continue until Oct. 15, said government officials with direct knowledge of the decision. The officials were granted [...] Attorney Robert Moshman wrote an article that gives an overview of a relatively new type of trust called a “Domestic Asset Protection Trust” or DAPT. The article is about Nevada’s new law that authorizes the creation of a Nevada based-trust called the “Nevada Asset Protection Trust (NAPT).” Several states including, Alaska, Delaware and [...] |
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