Asset Protection Developments

Should A Foreign Situs Asset Protection Trust Own Real Estate?

Should a foreign situs asset protection trust own real estate? This has been a question of some contention, although less-so over the last number of years. The answer to this question is, “yes, why not?” This answer is supported by two recent litigation matters in the author’s office that settled very favorably, including the fact that the U.S. real estate owned by each planning structure was left undisturbed as a result
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SUPREME COURT OF ISRAEL ISSUES INTERIM ORDER PREVENTING THE DISCLOSURE OF FATCA INFORMATION TO THE IRS

On August 8, 2016, the Republicans Overseas Israel (“ROI”) brought an action in the Supreme Court of Israel against the implementation of the Tax Information Exchange Agreement (“TIEA”) between the United States and Israel that was adopted by the Knesset on July 12, 2016. Pursuant to this TIEA, the Israeli Tax Authority was to transfer all personal and private financial information of United States citizens and residents to the IRS on
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ANOTHER STATE JUMPS IN TO OFFER ASSET PROTECTION TRUST LAW

In October 2014, Engel Law pc principal Edward D. Brown and attorney Chris Winton appeared before the West Virginia Joint Standing Committee on the Judiciary to discuss the benefits of West Virginia potentially joining other states in enacting self-settled spendthrift trust legislation. Please click the following link in order to see an article on our website regarding Mr. Brown’s appearance: www.engelreiman.com/pdf/Focus-On-article_0010.pdf This began the process that, on March 23, 2016, resulted
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WYOMING AMENDS ITS LIMITED LIABILITY COMPANY ACT

In 2014, the Wyoming Supreme Court reached its controversial decision in Greenhunter Energy, Inc. v. Western Ecosystems Technology, Inc1, in which it held the sole member of an insolvent single-member LLC personally liable for the LLC’s unpaid debts. As a direct result of that decision, Wyoming added new subsections (c) and (d) to Section 17-29-304 of the Wyoming Statutes, effective March 15, 2016. These new subsections establish factors that a court
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LIMITED OPPORTUNITY TO SAVE ESTATE TAXES

In the recent case of Estate of Purdue v. Commissioner, the Tax Court held in favor of a widow's estate where the IRS had sought an estate tax deficiency of over $3.1 million. The widow and her deceased husband formed an LLC and then made annual gifts of interests in the LLC to a trust for the benefit of their five adult children. The challenge by the IRS related to value
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THINK TWICE BEFORE YOU…

Think twice before you delay the appointment of either a new domestic trustee or protector to an integrated estate planning trust after the prior-serving trustee or protector either dies or resigns as waiting more than one year will inadvertently cause such trust to automatically become a “foreign trust” for United States federal income tax purposes. When a sole domestic trustee or a domestic protector dies or resigns, a trust will remain
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10TH CIRCUIT COURT OF APPEALS RULES DISTRIBUTION OF QUALIFIED PLAN ASSETS EXPOSES THOSE ASSETS TO PLAN BENEFICIARY'S CREDITORS

The United States Court of Appeals for the 10th Circuit (the “Court”) held in In re Gordon1 that Colorado Revised Statutes Section 13-54-102(1)(s) (which provides an exemption for property held in or payable from any pension or retirement plan or deferred compensation plan) does not protect distributions once paid from a retirement plan. Debtors filed a voluntary petition for bankruptcy. Their assets included a 401(k) account with $16,700 and a savings
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THINK TWICE BEFORE YOU….

THINK TWICE BEFORE YOU…. This is another installment of our “Think Twice Before You…” series of blogs, to which we will be adding on an ongoing basis. Each blog is meant to alert clients to certain issues or transactions they may face, and to caution them that there may be consequences if these situations are not dealt with properly. At times in the past, by the time the matter has been
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IS TIME RUNNING OUT TO MAKE DISCOUNTED GIFTS?

An important gift tax planning tool that families have used for decades may soon be coming to an end. The Treasury Department has announced plans to issue proposed regulations, possibly around Labor Day, that would significantly curtail the use of “valuation discounts” for gifts of interests in family entities such as limited partnerships (“LPs”) and limited liability companies (“LLCs”). If you are considering taking advantage of valuation discounts by making these
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ISLE OF MAN AMENDS ITS TRUSTS ACT

As we initially discussed in our April 27, 2014 blog entry, the Isle of Man recently enacted The Isle of Man Trusts (Amendment) Act 2015. The three main principles enacted by this Act include (i) the abolition of the Isle of Man’s “Two Trustees Rule;” (ii) the abolition of a perpetuity period for Isle of Man trusts; and (iii) certain matters related to the recognition or enforcement of foreign judgments.There was
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Seminars & Events:

April, 2017 - CELESQ
“An Asset Protection Planning Primer for Estate Planning, Tax and Creditors Rights Lawyers”
Live Web Cast
May 31 – June 1, 2017 - 

SOUTHPAC TRUST OFFSHORE PLANNING INSTITUTE CONFERENCE 2017, “Asset Protection in a Changing World” (31 May 2017) and “Questions & Answer Panel on Industry Challenges to Asset Protection Structures” (1 June 2017)
Las Vegas, Nevada

 

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Contact Information

Barry S. Engel, Shareholder
Greenspoon Marder, P.A.
1401 Lawrence Street, #1900
Denver, Colorado 80202 U.S.A.

Telephone: (+1) 303-741-1111
Facsimile: (+1) 303-265-9473
Email: bev.sandoval@gmlaw.com

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