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, Inc 1 , 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...
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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...
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NEVIS AMENDS ITS LIMITED LIABILITY COMPANY ORDINANCE

The Nevis Limited Liability Company (Amendment) Ordinance, 2015 (the “Ordinance”) became effective on July 1, 2015. From an asset protection perspective, the two main provisions in the Ordinance include: (i) the restatement of the section regarding charging orders; and (ii) the addition of a new section regarding fraudulent transfers. The charging order section now states that a charging order is the sole remedy available to any judgment creditor (including a...
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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
Email: info@engelreiman.com