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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).
To the general public, a trust may seem like an advanced tool only for the wealthiest among us. But, the reality is that trusts are a foundational estate planning tool with a solid history for being highly effective in ensuring a person’s wishes are carried out. The process begins with the maker of a […]
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 […]
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.
April 27, 2017 As I again read through the Delaware Court’s view in the recent Kloiber case about a Delaware trust that a divorcing spouse wanted to tap into as part of a divorce settlement, I could not help sense that the Delaware Court took every opportunity to suggest that Delaware law may not be […]
April 13, 2017 We know it’s hard. Thinking about someone else raising your children stops us all in our tracks. It feels crushing and too horrific to consider. But you must. If you don’t, a stranger will determine who raises your children if something happens to you – your child’s guardian could be a relative […]
March 22, 2017 Belize law compared to other offshore trust asset protection laws has some interesting aspects. Most offshore laws allow a creditor a certain period (typically 2 or more years) to bring a case in court to show that the assets that were transferred into the trust were fraudulent transfers.
February 24, 2017: Trusts have been viewed in the past mostly as vehicles that avoid or minimize estate taxes. However, now with married couples having close to an $11 million exemption from such taxes, let alone the new Washington DC administration’s likelihood of repealing the federal estate tax, trusts that offer other advantages take the […]
The sixteen states that have passed asset protection trust law often compete with one another for business, each trying to woo individuals to use a trust company in that state to protect assets. An often-touted advantage of using one state over the others is that the “superior” state has the shorter statute of limitations
In a previous blog, we discussed the “Bellinger” case and how the court concluded that the debtor’s actions were defensible. To briefly recap the facts, this was the matter in which Mr. Bellinger had made transfers of about $1.7 million to a Cook Islands trust after he knew the primary obligors (on a promissory note […]