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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2497 Hits

ASSET PROTECTION BENEFITS OF AN OFFSHORE LLC MAY BE INTANGIBLE

The recent case of Wells Fargo v. Barber illustrates that holding assets offshore does not necessarily mean that those assets are any better protected from creditor claims. The protection provided by the offshore nature of the asset can be largely dependent on the domicile of the individual who owns the asset. In Wells Fargo v. Barber , a deficiency judgment in the amount of $62,491,162.98 was entered against Sabrina Barber...
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  2618 Hits
2618 Hits

THINK TWICE BEFORE YOU….

All too often, we find that a client has engaged in a transaction that involves a trust or underlying entity (such as a partnership or LLC), and later realizes that, in hindsight, the client should have asked legal counsel to first review the proposed transaction for any unexpected issues or “traps.” This has prompted us to create a series of blogs that will identify some of the more common events...
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1632 Hits

YET ANOTHER LITTLE-KNOWN JUNE 30 DEADLINE REGARDING FOREIGN ASSET OWNERSHIP THAT CARRIES CONSEQUENCES OF HEFTY PENALTIES AND/OR INCARCERATION.

This year, the Bureau of Economic Analysis (“BEA”), which is an agency located within the United States Department of Commerce, is conducting a survey of U.S. direct investment in foreign business enterprises. The BEA created a survey form, entitled “Benchmark Survey of U.S. Direct Investment Abroad” (known as the “BE-10”) to gather such information. The information reported on the BE-10 includes certain financial data with regard to a U.S. “reporter”...
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1858 Hits

ASSET PROTECTION TRUST SURVIVES ATTACK

Offshore asset protection trust law typically provides for a relatively short period of time within which a claimant can institute a fraudulent transfer action against the settlor or against the trustee. This “statute of limitations” factor is but one factor that in general makes offshore trusts all the more protective when compared to domestic trusts. But this is not to say that domestic asset protection trusts are devoid of similar...
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2195 Hits

WILL A SELF-SETTLED SPENDTHRIFT TRUST PROTECT ONE’S ASSETS IN THE EVENT OF A DIVORCE?

The Utah Supreme Court, on January 30, 2015, issued its opinion on this topic in the case of Dahl v. Dahl. The case involved a husband in Utah who created a Nevada self-settled spendthrift trust. His wife was a beneficiary, but “wife” was defined as the person to whom he was married at the time the reference to “wife” was to be applied. When he later filed for divorce, the...
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2186 Hits

Charging Order Not Sole Remedy in Bankruptcy

In the case of In re Cleveland , 2014 WL 4809924 (D. Nev. Sept. 29, 2014), the issue was whether a bankruptcy trustee succeeds to all of a debtor’s rights in a single-member limited liability company (including the right to control and manage such entity) rather than being limited to obtaining a charging order against a debtor’s membership interest in the limited liability company, which is the sole remedy available...
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2366 Hits

WATCH THIS SPACE…. CYBER-SPACE THAT IS

If you think you cannot be financially liable for the “online activities” of your minor children, think again. In the case of  Boston v. Athearn , decided this past October, the Court of Appeals of Georgia expressed a real concern with parents who fail to adequately monitor their minor child’s web activities. This Georgia case involved a seventh grade student who, with the help of a friend, obtained a yahoo...
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1968 Hits

PROTECT THE UNPROTECTED: INHERITED IRA ASSETS

The U.S. Supreme Court recently unanimously ruled in Clark v. Rameker that an inherited IRA is not an exempt asset in bankruptcy. An “inherited IRA” is an IRA that is left to a beneficiary after the owner's death. An “exempt asset” is an asset that a debtor is allowed to keep irrespective of the bankruptcy proceeding. This case involved a mother’s IRA that named her daughter as the beneficiary. The...
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1834 Hits

NEW UNIFORM LAW RECOGNIZES SUBSTANTIVE DIFFERENCES BETWEEN FRAUD AND A FRAUDULENT TRANSFER

On July 16, 2014, the Uniform Law Commission adopted the Uniform Voidable Transactions Act of 2014 (the “UVTA”), which is designed to replace the Uniform Fraudulent Transfers Act (the “Act”), a uniform body of “fraudulent transfer law” available for revision and enactment on a state-by-state basis. The substantive revisions made by the UTVA to the Act are important but relatively few.  Among the more relevant revisions are: (i) a change...
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1995 Hits

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