How a Divorcing Spouse Can be Caught by Surprise by the Impact that Gifts Made Prior to a Divorce Can Have.

July 5, 2017

Think twice before making gifts from one spouse to the other if there is any likelihood a divorce could follow someday. In the case of Nelson v Nelson, decided on December 16, 2016 by the District Court of Appeal of Florida Second District, the husband and wife’s California home was transferred into a marital trust for the wife. The wife also served as the trustee. When a divorce ensued, the assets of both spouses were subject to division between the spouses. (more…)

Estate Planning for Military Families

June 30, 2017

Although Memorial Day has passed, it is important to honor those that have served our country. This time is also a good opportunity for members of the military and their loved ones to consider setting up an – or revising an existing – estate plan. (more…)

The Achilles Heel to Domestic Asset Protection Laws?

June 21, 2017

Jay Adkisson recently highlighted the Nevada case of Transfirst Group, Inc. v. Magliarditi, 2017 WL 2294288 (D. Nev., May 25, 2017), in which fraudulent transfers (i.e., transfers of assets made to frustrate a creditor) were the subject of an injunction to prevent the debtor from moving assets beyond the creditor’s reach. The creditor took the position that certain entities (LLC, corporation, partnership, trust) were merely alter egos of the debtor, and therefore those entities were also subject to the claims that the creditor held against the debtor. (more…)

If You Can’t Defend, then Decant! (To Protect Assets in a Divorce)

 June 14, 2017
I would like to thank Alexander Bove and Melissa Langa for reminding me through Leimberg Information Services, Inc. of the Ferri vs. Powell-Ferri case and the more recent update pertaining to the Massachusetts Supreme Court case (the cite for which is MICHAEL J. FERRI, trustee vs. NANCY POWELL-FERRI, SJC-12070 (Suffolk 3-20-17), which addressed specific aspects of the case. (more…)

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