Many people use joint ownership (the holding of title by two or more people), without really thinking about it. It is often used as a substitute for estate planning because it is cheaper, which is why some call it the "poor man’s will". It may seem like a simple and...
Beware of Purchasing Real Estate with Unpaid Liens on It Can the Internal Revenue Service (“IRS”) collect a prior owner’s delinquent federal income taxes from the subsequent purchaser of real property? Yes. In Shirehampton Drive Trust v. JP Morgan Chase Bank, N.A.,...
“An ounce of prevention is worth a pound of cure” – Benjamin Franklin Benjamin Franklin’s famous words were written to advance fire safety. Shortly thereafter, in December of 1736, the Union Fire Company was formed and Philadelphia became the safest city in the...
Asset protection planning defends your assets from future creditors, divorce, lawsuits or judgments. How can you best plan to protect your personal and business assets? Here are some guidelines to implement strong asset protection. Plan Your Asset Protection Strategy...
Investing In Digital Assets: The New Wyoming Blockchain Mecca Blockchain technology is becoming ever more prevalent in today’s highly technological world, and Wyoming has recognized this. The Wyoming State Legislature has passed 13 bills that will allow it to become...
If you own a rental property, are scammers misusing your assets? If you are trying to rent, are you aware of the latest scams? According to data reported by Forbes in July 2018, U.S. renters lost a staggering $5.2 million to rental scams. And an Apartment List...
Do you live in a high-tax state? Would you be better off having assets in a trust in a state with no taxes? The U.S. Supreme Court just answered the second question with a resounding “Yes” in the Kaestner case. States cannot tax out-of-state trusts. A case summary of...
In March of 2019, former Trump campaign chairman Paul Manafort was sentenced to 7.5 years in prison on 8 counts. One count was conspiracy to defraud the United States due to his ties to Ukrainian officials. But could this count have been avoided? The answer is yes,...
New Texas Case Sends Shock Waves LLCs are set up to make personal assets inaccessible for any obligations of the entity. Protection may be lost, however, if you are not aware of your personal conduct when managing business through your LLC. The case below deals with...
By Gerri Detweiler After surviving several tumultuous business partnerships, Susan Nilon has learned to be more skeptical and cautious. In the past, she admits she was so excited about business possibilities that she “didn’t pay attention to red flags.” She and her...
When it comes to charging orders, the key asset protection feature of LLC’s and LP’s, there are two opposing trends. First, some states do not provide charging order protection for a single member (one owner) LLC. The rationale is that the charging order exists to...
By Theodore Sutton Binding arbitration is becoming a popular method to resolve disputes in real estate transactions. Arbitration provides certain advantages that courts do not. For instance, arbitrations are private, they resolve disputes in a more timely and...
Businesses With E-Commerce, We're Talking To You What You Should Know About Internet Sales and the South Dakota v. Wayfair, Inc. Case Sales tax policy has changed dramatically within the past year, thanks to the Supreme Court ruling of South Dakota v. Wayfair, Inc....
By Ted Sutton Imagine your elderly parents living a peaceful and happy life after having retired from the workforce. Both of them are staying active whether that includes traveling to new places or taking part in community activities with others their age. They may...
Starting your business from scratch is a big deal. There are a million details to take care of, and the list of demands can seem endless. Small business owners have to hire employees, worry about taxes, and find ways to maximize profits while keeping costs as low as...
Are You Buying A Home With All Cash? Prepare to Be Scrutinized Buying a home with all cash has become more difficult. Blame the drug dealers, criminal networks and tax evaders for new rules put forth by the U.S. Treasury Department’s Financial Crimes Enforcement...
Have you heard that land trusts provide asset protection? Do you believe it? Applicable Law Two cases from Illinois concluded that, in a land trust, although the legal and equitable title lies with the trustee, most of the usual attributes of real property ownership...
Your Home is No Longer a Full Service Tax Deducting ATM Have you ever tapped the equity in your home to pay for a new car or a college tuition? With a HELOC, also known as a home equity loan or line of credit, you could do so. Better yet, you could deduct the interest...
An Alaska Supreme Court Rules on Alaska Domestic Asset Protection Trusts Created to Protect Assets from a Montana Lawsuit Court Case: Toni 1 Trust, by Tangwall v. Wacker 2018 WL 1125033 For fraudulent conveyances, Can one state assert exclusive jurisdiction over...
When purchasing real estate, it's critical to protect ourselves and our possessions from lawsuits. We live in the most sue-happy society, in one of the most litigious times, and you need to protect yourself. One way to help prevent people from obtaining all your...
You Can't Vote On UsDo As I Say, Not As I Do Hypocrisy: A pretense of having some desirable or publicly approved attitude. The media and tech elite in America lecture us that our voting system is unfair, easily colluded with and leaves millions of people...