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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 [...] Ward on Iowa Limited Liability Company Law: “PIP, Inc. v. Kaswa Corporation, 77 Cal Rptr. 3d 96 (Dist. 4, 2008) highlights the problem with the theory of reverse piercing. As you know, piercing the corporate veil is an equitable theory applied to pierce the liability protections of a corporation to get at [...] When a Canadian citizen wants to acquire investment real estate in the United States, one of the first questions the investor must answer is “should the real estate be held in a U.S. corporation, limited liability company, limited partnership or limited liability partnership?” For the reasons discussed below, I recommend that Canadians acquire [...] Phoenix Business Journal: “The state has reached a $150,000 settlement with apartment landlords over their treatment of a disabled tenant . . . . [Arizona Attorney General] Goddard also said the state had reached the $150,000 settlement with National City Neighborhood LLC and its principals over treatment of handicapped tenant. The settlement resolves [...] I am an Arizona attorney who has formed over 2,100 Arizona limited liability companies. One of the reasons I created my website and this blog is to inform people about the importance of operating businesses and holding investment real estate in a LLC. The primary reason to form an LLC is asset [...] Asset Protection Law Journal: “There are a number of relatively simple strategies an organization can use to provide significant protection for its assets.” Improperly Worded Company Contracts can Cause Signer to be Liable One of the primary reasons people form limited liability companies and corporations is to protect the owners from the debts and liabilities of the company. The general rule of Arizona law is that the members of an Arizona LLC and the shareholders [...] Wealth Strategies Journal: “Attention all state havens for income and transfer taxation (this means you Alaska, South Dakota, and Wyoming), prepare to be jealous of the latest state advantage in the effort to be the most taxpayer friendly haven for estate planning. We return once more to the state of Nevada, where residents [...] 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 [...] University of Tennessee law professor Joan MacLeod Heminway discusses the legal concept of “piercing the corporate veil.” It occurs when a judge or jury rules that the shareholders of a corporation or the members of a limited liability company should be personally liable for the debts or obligations of the entity contrary to [...] 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 Some basic asset protection steps for physicians and nonphysicians too. 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 anonymity [...] 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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