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.”
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Asset Protection 101 is an overview of this important topic. Asset Protection Law Journal has a blog post that discusses which offshore jurisdiction is the best place to form an offshore asset protection trust. 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: “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 [...] 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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