Understanding How to Manage Risky Assets If you are a doctor and you own a practice this is probably one of your riskiest assets. What about your office building? How about real estate? If your office building or real estate have equity or are completely paid for, these are considered valuable assets. Not a good idea [...]
Read the rest of this entry »In some states, limited liability companies (“LLCs”) and family limited partnerships are protected by charging order statutes. A charging order is a judicial remedy that can be used by a creditor to collect from a debtor who owns an interest in certain types of business entities. Charging order statutes limit the recovery that a creditor [...]
Read the rest of this entry »Some states make limited liability companies disclose the names of owners and managers. Other states don’t require such disclosure. Charlatans running asset protection scams will do their best to convince you that secrecy is the key to protecting your wealth. The truth is that secrecy (e.g. lying under oath) could be a one way ticket [...]
Read the rest of this entry »Our site contains a lot of information on business entities created for the purposes of asset protection. Among those entities are limited liability companies, family limited partnerships, and offshore asset protection trusts. These are powerful tools, to say the least. When used properly and in conjunction with one another, they can certainly provide you with [...]
Read the rest of this entry »Florida asset protection law was in flux for a while with respect to inherited IRA accounts. A number of Florida courts had decided that an IRA inherited by anyone other than a spouse constituted inheritance rather than retirement savings. The difference between those classifications is crucial. General inheritance is not protected from creditors as an [...]
Read the rest of this entry »Any good asset protection lawyer knows that bullet proof planning requires a number of layers. We use tools ranging from limited liability companies to family limited partnerships and offshore asset protection trusts. One strategy that we’ve discussed a lot is the use of limited liability companies to shield individuals from their risky assets. Risky assets [...]
Read the rest of this entry »We have written pretty extensively on the Olmstead decision handed down by the Florida Supreme Court. It seems that many people, in addition to asset protection attorneys, are considering the potential long-term impact of that opinion, the Florida Legislature included. Bills that directly address the issues presented in Olmstead have been introduced in both the [...]
Read the rest of this entry »“Slip and fall” – those three words are not just every retailer’s nightmare, but they’re also seen by many people looking to make a quick buck as the fastest way to get a retailer, or for that matter any other company, to pay out. Slip and fall accident lawsuits are an epidemic in the United [...]
Read the rest of this entry »Posted in Frivolous Lawsuits, Limited Liability Company
Do Irrevocable Trusts Really Protect You? This is now officially QUESTION #1 coming in from visitors to my website! Apparently the new word on the street is that if you are in trouble and want to protect your assets, just give them all away! And better yet, give them away in this incredible vehicle called [...]
Read the rest of this entry »What is an LLLP? Everything evolves, even legal concepts and tools. And the Limited Liability Limited Partnership (LLLP) is an example of one such evolution. So what is this new animal? Well if you already understand what a Limited Partnership (LP) and a Limited Liability Company (LLC) are, then understanding the LLLP is a piece of cake. [...]
Read the rest of this entry »