Can the IRS get my Inheritance?
It has long been an idea that if you have debts, especially IRS debts, and you are about to receive an inheritance, one way to protect it is to disclaim. Well as of 2014 that is no longer the case. Based on a case (Est.of Deinlein, D.C., Ky.) which held…
Does Obama Need Asset Protection?
With the House of Representatives officially passing a bill which would endorse a lawsuit brought against the President of the United States (President Obama), I thought it would be an interesting thought experiment to ask if the President should consider Asset Protection. Asset Level When doing an analysis for a…
What is an Asset Protection Trust and a Bridge Trust?
What is an International Asset Protection Trust (IAPT)? What is a Domestic Asset Protection Trust (DAPT)? Do Special Power of Appointment Trusts (SPA) work for Asset Protection? What is a Section 541 Trust and does it work for Asset Protection? What is a Bridge Trust and how does it encompass…
Estate Planning Attorneys Look to Asset Protection
Having practiced in the field of Asset Protection for over 18 years, I have a very good handle on what's happening in the field. I recently returned from a conference in Denver where over 500 Estate Planning Attorneys were in attendance. I had the opportunity to speak to them as…
The Value of Age in an Asset Protection Trust (The Magic of Section 548(e))
If you have invested in creating an Asset Protection Trust for the protection of your assets then it is critical that you understand an important change that occurred in 2005 regarding the inclusion of the Trust assets in a Bankruptcy Estate. First of all, understand that your Asset Protection Trust…
Piercing the Corporate Veil
Every day I hear the phrase, "I have a corporation, so I am already protected." There may be no more misunderstood concept of law than that of the Corporate Veil. The concept is that the corporation provides a "veil" of protection to the owners. In other words, if the company…
The $10,000 Cook Islands Trust?
Photo by Hugh Stickney In the past several years many, many planners have entered the field of Asset Protection. The challenge as a consumer of this service is that it is getting more and more difficult to understand your options. Do You Need a Fully Triggered Offshore Trust RIGHT NOW?…
What are Trusts using Section 541 or SPA provisions?
A Trust using Section 541 is designed to take advantage of Section 541 of the U.S. Bankruptcy Code. That section of the code defines what property is included and what property may be excluded from the bankruptcy estate. Here it is: 11 U.S. Code § 541 - Property of the Estate …