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September 27, 2017
The trial court in Ohio, and the appellate court, both agreed after some well-thought out analysis, that a beneficiary’s interest in a third-party trust set up by his father was not marital property, and therefore not subject to division in that beneficiary’s divorce. Continue reading
September 20, 2017
The use of a limited liability company can provide what is known as charging order protection against creditors of individual members who have assets inside the LLC. Continue reading
September 13, 2017
The IRS has successfully pierced the asset protection aspects of a trust that was set up in New Jersey. In the past, I have published some accounts of other situations in which the federal government was able to treat assets in a trust as being property of its beneficiary because the trust agreement described a specific purpose for the trust. Continue reading
August 24, 2017
There have been a couple of recent cases that have concluded that there is no asset protection strategy to stop a formidable creditor, who has secured a federal judgment, from attaching a beneficiary’s interest in a trust created by, for example, Mom or Dad for their son or daughter as the beneficiary. Continue reading
August 21, 2017
Once again, the confidence one may have in relying on an LLC created in the United States as being the untouchable storehouse where assets can be safely tucked away, is misplaced. In the new ruling in the case of Peach REO, LLC v. Rice, Peach REO, LLC sought to attach the LLC interests that Malcolm Rice owned in various LLCs (in Tennessee, Mississippi and Delaware). This attachment of the LLCs was through a charging order. Continue reading
August 9, 2017
Buying the ultra-expensive home in Florida has become known to protect unlimited amounts from creditors, even when the residence is purchased after the debtor is aware that a creditor claim exists or is looming. Continue reading
August 2, 2017
The IRS recently issued Private Letter Ruling 201729009 where the IRS again blessed certain tax aspects of a trust (known as an “ING” trust, which stands for an “incomplete non-grantor” trust) that protects against both creditors and state income taxes. Continue reading
July 26, 2017
Irrevocable trusts that were set up a few years ago (as well as many trusts that are still being set up today) which have provisions that are “etched in stone,” may later, due to changing laws or family circumstances, operate in a way that was completely unexpected. Continue reading
July 20, 2017
The Delaware Chancery Court has now ruled on the continuing asset protection aspect of a charging order against assets in a 49% owned LLC. In that court case, a charging order had been obtained by a creditor who wanted to seize the assets inside of the LLC. Continue reading
July 12, 2017
In the recent Colorado Supreme Court decision (JPMorgan Chase Bank v. McClure, 2017 CO 22, 2017 WL 1321334 (Colo., April 10, 2017), the Court ruled that in order to enforce a charging order against an LLC, the creditor must bring the action to the jurisdiction where the targeted LLC was formed. Continue reading