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
Tag: creditor
Having a Trust that is Both “Dated” and Irrevocable can be Hazardous to your Wealth.
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
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. Continue reading
Aloha to Asset Protection Using Hawaii Trusts—May Need to Go Further “Offshore”
April 5, 2017
In a Hawaii Supreme Court case, a debtor engaged in a fraudulent transfer to a Hawaii asset protection trust. The debtor was hoping to rely on Hawaii’s one year statute of limitations period that bars any fraudulent transfer claims after a transfer to such a trust is discovered by the creditor (plaintiff). Continue reading