News & Analysis as of

Asset Protection

Asset Protection Statute Cannot Limit Jurisdiction of Another State

The Supreme Court of Alaska issued a ruling on March 2, 2018, denying Alaska courts the exclusive jurisdiction purportedly granted by the Alaska asset protection statute. This holding is consistent with a ruling by the...more

Are your assets protected from creditors?

One of the primary objectives of estate planning is protecting assets from unreasonable creditors’ claims, frivolous lawsuits or financial predators ? the reason being to pass as much wealth to family members as possible....more

State Asset Protection Trusts Take Another Hit

by Charles (Chuck) Rubin on

Numerous states have statutes that allow for the creation of self-settled discretionary trusts that are protected from claims of the settlor while allowing the settlor to be a discretionary beneficiary. Such trusts are likely...more

U.S. Court Favors Aircraft Financier in Non-Citizen Trust Case

District court case shines a light on the extent and limits of a lender’s duties in both structuring loan transactions and exercising remedies. Borrowers need to be mindful in structuring the tax and cross-border aspects...more

Risky Business: Protecting the Assets of Directors

by Pepper Hamilton LLP on

Directors and officers are exposed to potential liability from suits by the company, shareholders, and debt holders, among others. There are, however, a number of protections available to protect the assets of directors and...more

Operating Lessor Financings - A Structural Overview

by Vedder Price on

With competition among aircraft lessors remaining fierce, airlines continue to take an increasing proportion of aircraft on operating lease. An important recent trend in the aircraft financing market, the “wholesaling” of...more

SFC Highlights Deficiencies in Asset Management Industry

• The SFC has identified nine common areas of non-compliance in managing funds and discretionary accounts. • The SFC urged licensed corporations to review their existing internal control procedures and operational...more

After the Storm: Forensic Accounting = Record Reconstruction

by Foodman CPAs & Advisors on

IRS is authorized to grant certain relief that may help Taxpayers and Businesses recover financially from the impact of a disaster when the federal government declares their location to be a major disaster area. IRS could...more

Indications of Misappropriation Schemes

by Foodman CPAs & Advisors on

Misappropriation is the use of property or funds of another person for an unauthorized purpose and is classified as a felony. In misappropriation, the perpetrator steals or misuses an organization’s belongings and resources;...more

Funds Talk: April 2017

SEC Offers Guidance on ‘Fast-Growing Trend’ of Robo-Advisers - As technology and robo-advisers become increasingly common options for asset managers and investors alike, the SEC is taking a closer look at some of the...more

The Value of Forensic Accounting Goes Beyond the Courtroom

by Foodman CPAs & Advisors on

Forensic Accountants play an integral role in the changing landscape of today’s business management and oversight. Successful business owners prepare for the possibility of malware attacks, internal fraud, lawsuits,...more

2017 Creditor Protection Update: Protecting Your Assets with a "DAPT"

by Clark Hill PLC on

On December 5, 2016, Michigan joined Alaska, Delaware, Nevada, Utah and South Dakota as one of the 17 states that permit the use of irrevocable self-settled asset protection trusts for purposes of creditor protection...more

Asset misappropriation – investigating people and money?

by Foodman CPAs & Advisors on

Forensic accounting has been described as an “art and science” that investigates people and money. Forensic accountants are known for tracing funds (following the money), uncovering hidden assets and educating involved...more

Financial Preventive Care – 6 Steps to Maximize Asset Protection

by Sands Anderson PC on

Like people who are in good health and believe they do not need to see a doctor or engage in preventive medicine, many who are healthy financially, often are not too concerned about protecting their assets from the claims of...more

Asset Finance & Leasing Newsletter

by Locke Lord LLP on

New GAP Insurance Rules - The FCA published new rules in June governing the sale of addon Guaranteed Asset Protection (GAP) insurance. The rules came into force on 1 September 2015 and apply to commercial customers as well...more

Uniform Voidable Transactions Act (UVTA) Threatens Asset Protection Planning

by Charles (Chuck) Rubin on

The UVTA has been enacted in several states. The Act is a reworking of fraudulent conveyance law, which allows a creditor to avoid transfers made that attempt to put property beyond the reach of a creditor. A number of...more

Asset protection: Back to basics

Asset protection trusts can be highly effective vehicles for protecting wealth in today’s litigious society. But these trusts can be complex and expensive, so they’re not right for everyone. For those seeking simpler asset...more

The End of the Line – Part I: Year End Tax Planning Strategies

by Gerald Nowotny on

This article is designed to provide an overview of a technique that might allow taxpayers to accomplish significant income tax savings at the end of the 2015 tax year. This planning can be accomplished regardless of whether...more

The Benefit of Establishing an Offshore Asset Protection Trust While the Coast is Clear

by Charles (Chuck) Rubin on

Offshore asset protection trusts avoid or diminish a number of creditor exposures that apply to such trusts organized in the U.S. High net worth individuals and persons involved in high liability exposure businesses and...more

Adults with Special Needs May Soon Be Able to Streamline the Process to Establish First Party Special Needs Trusts on Their Own: A...

by Cole Schotz on

In 1993, Congress enacted Section 1917(d)(4)(A) of the Social Security Act, authorizing the establishment of special needs trusts (also called first-party trusts and self-settled trusts). First-party special needs trusts...more

Closing a Facility? Don’t Create Human Capital Problems

by Foley & Lardner LLP on

In recent years, manufacturers have closed facilities, corporate offices, warehouses, and production plants, for a variety of reasons. All too often, manufacturers overlook important legal requirements or planning steps,...more

Asset Protection Strategies

During the estate planning process a question we are frequently asked relates to the best way to protect assets from creditors. The easy answer, although not the most satisfactory, is to give the assets in question away,...more

Dodd-Frank News: April 2015: Dodd-Frank Wall Street Reform and Consumer Protection Act Update

by Burr & Forman on

The Dodd-Frank Wall Street Reform and Consumer Protection Act was enacted as a measure to promote financial stability and protection for consumers through increased regulation of nearly every aspect of the consumer finance...more

Enforcement Challenges For Biotech Patents

by Robins Kaplan LLP on

Enforcing intellectual property rights can be a challenging affair, and this is particularly true in the biotech industry. Attorneys Seth Northrop and Matt McFarlane discuss the issues facing biotech patent holders today,...more

International Fraud & Asset Tracing (3rd Edition), France

by Latham & Watkins LLP on

In this Guide: - Introduction - Managing the Internal Investigation - Disclosure from Third Parties - Steps to Preserve Assets/Documents - Civil Proceedings - Anti-Bribery/Anti-Corruption Legislation -...more

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