“The whole world is a court case…and we’re all…defendants” ~ Emma Chase Heidi Clark inherited an IRA from her mother. She then ran into financial difficulties and filed for bankruptcy protection claiming that the IRA was protected under applicable bankruptcy laws as “retirement account.” The bankruptcy trustee challenged this characterization – and won, which was […]Continue reading
There are many techniques you can use to protect your assets, from giving them to loved ones to placing them in offshore trusts. It’s important to understand that asset protection isn’t about evading legitimate debts, hiding assets or defrauding creditors. Rather, it’s about preserving your hard-earned wealth in the face of unreasonable creditors’ claims, frivolous […]Continue reading
Most people – even lawyers – choose to do business in some corporate form, rather than individually, in order to protect personal assets from business liabilities. The most common forms of business entities are corporations and limited liability companies. The choice of entity often depends on which entity offers the best tax attributes for the […]Continue reading
Every person has skin and bones that protect their body from bumps and bruises from the outside world. A corporation or other business entity is no different. In short, a corporation (or limited liability company or partnership) is a legal “person.” The corporate body is supposed to protect the owners from bumps, bruises and liabilities […]Continue reading
Not everyone is lucky enough to have an estate tax problem, which is a good problem. As a practical matter, the vast majority of individuals in this geographic region are well below the net worth that Congress has deemed to be “rich” (currently $5.49 million per person). For individuals fortunate enough to have wealth issues, […]Continue reading
