“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 […]
BAD FACTS Good fences make good neighbors, except in Montana. Donald Tangwall and William Wacker, both residents of Montana, were not good neighbors. Tangwall sued Wacker in 2007. Wacker then counter-sued Tangwall, which started a legal war that would last over ten years. Wacker won the first battle and obtained a significant money judgment against
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
Preserve Wealth for Yourself and Your Heirs Using Asset Protection Strategies Read More »
A new disruptive innovation is on the horizon in the area of estate planning, namely electronic wills. An electronic will is one that is digitally (not physically) signed and stored electronically. Traditionally, all parties to a will (the testator, two witnesses and a notary) must be physically present and in the same room for the
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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
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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
Piercing the Corporate Veil: An Ounce of Prevention Is Worth A Ton Read More »
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,
Two Sides of the Same Coin: Planning For the Wealthy and Non-Wealthy Client Read More »
A BUNDLE OF MAGIC STICKS (Beneficiary Controlled Trusts Now Authorized in Louisiana) (La. R.S. 9:2114.1 (Effective August 1, 2015)) “THE WAND CHOOSES THE WIZARD, MR. POTTER. IT IS NOT ALWAYS CLEAR WHY.” ~J. K. Rowling, Harry Potter and the Sorcerer’s Stone Law School of Wizardry In the first year of law school, students are
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MISSISSIPPI BECOMES DOMESTIC ASSET PROTECTION TRUST JURISDICTION (And Beats Louisiana In The Trust Business Game) “MOST PEOPLE WANT SECURITY IN THIS WORLD, NOT LIBERTY.” H.L. Mencken OLD RIVALS Mississippi and Louisiana are close competitors on many fronts, such as football, education and diabetes. However, Mississippi has surged ahead of Louisiana with the recent enactment of the
(Duckett v. Enomoto, D. Ariz. 2016) “BE SURE WHEN YOU STEP, STEP WITH GREAT CARE AND GREAT TACT. AND REMEMBER THAT LIFE’S A GREAT BALANCING ACT.” ~Dr. Seuss Dr. Dennis Enomoto was a gifted and dedicated physician, but a terrible business person. After failing to meet his tax obligations in 2007 through 2011, the IRS
EVERY WORD COUNTS (IRS Busts Discretionary Support Trust for Child) Read More »