Ashlea Ebeling published an article in the August 09, 2010 issue of Forbes Magazine. Ebeling discusses the use of a self-settled asset protection trust as a domestic asset protection option. Specifically, Ebeling analyzes under what circumstances a self-settled asset protection...
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The Fiduciary Advisory Services Group at McguireWoods has published an article titled "Hawaii Enacts Domestic Asset Protection Trust Legislation and Reinstates Separate State Estate Tax, by Charles D. Fox IV, Ronald D. Aucutt, Dennis I. Belcher, and W. Birch Douglass III. The article...
George Harris and Jennie Cherry of Kozusko Harris Vetter Wareh LLP, have written on the recent changes effecting grantors and beneficiaries of off-shore trusts. The Hiring Incentives to Restore Employment Act which passed in March includes a panoply of changes...
The Wealth Strategies Journal has just published a new article titled "Advice for Americans With Undisclosed Accounts at UBS and Other Foreign Banks as IRS Lifts Cloak of Swiss Bank Secrecy" by Terry Segal and Michael Mustokoff, both of Duane...
KYEstate has an interesting discussion on a Florida appellate court's decision in Miller v. Kresser. The Miller decision eliminates the uncertainties that many estate and asset protection planners face and clearly shows the strength of a Florida spendthrift trust.Posted by...
Continue reading "KYEstates: A Hurricane May Hit This House in the Keys, But Creditors Won't"
Moses & Singer, LLP has posted its Spring 2010 newsletter that covers the following topics: New "HIRE" Act Impacts Foreign Reporting Grantor Retained Annuity Trusts: Here Today, Gone Tomorrow? A Cautionary Tale Regarding Will Executions Pushing Back on Child Support...
Continue reading "Wealth Preservation Advisor: An Estate Planning Update"
Michael D. Bosasera at the Ohio Trust & Estate Blog, has posted an article on asset protection techniques, including recommendations covering liability insurance, corporate entities, vehicles, and when to act. Please click here for the full post. Posted by Marc...
On January 27 at the 2010 Heckerling Institute on Estate Planning, Gideon Rothschild presented a session on asset protection planning as part of the Institute's Fundamentals Program. Rothschild highlighted the importance of asset protection for a variety of clients and...
Continue reading "Heckerling Institute Fundamentals Program: Asset Protection Planning"
The IRS has allowed an entity permission to be classified as a liquidating trust for federal income tax purposes and has concluded that the trust will be a grantor trust and the trust's beneficiaries will be treated as the owners...
Continue reading "IRS Letter Ruling: "Liquidating Trust Classification Granted""
In PLR-140012-08, the IRS has reached a decision on the income tax treatment of a taxpayer's real estate interest sale. The Service has found that the section 453(e)(1) with regard to related party provisions do not apply and that section...
Continue reading "PLR-140012-08: "Service Rules on Tax Treatment of Real Estate Interest Sale""
The United States has filed a lawsuit to bar a married couple's alleged nationwide tax fraud scheme involving so-called asset protection, the Justice Department announced today. The civil injunction lawsuit, filed in U.S. District Court in the Southern District of...
According to the New York Times, Lynnley Browning, Pressured by IRS, UBS Is Closing Secret Accounts (Jan. 8. 2009), the Swiss bank UBS is closing the hidden offshore accounts of its US clients due to pressure from the IRS, potentially...
Continue reading "Pressured by IRS, UBS Closes Secret Bank Accounts"
Mark Merric, of the Merric Law Firm, LLC, in Denver, CO, has announced that the following articles, authored by Mr. Merric, were published in Stephan Leimberg's LISI service during this last quarter. Spousal Lifetime Access Trusts - Part II; ...
FinCEN has released its new Bank Secrecy Act/Anti-Money Laundering Manual for Money Services Businesses, which provides guidance to officials examining money services businesses (MSBs) for compliance with the requirements of the Bank Secrecy Act (BSA). Posted by Lewis J. Saret, General...
Continue reading "FinCEN Announces Release of Manual to Aid Examiners of Money Services Businesses "
The Tenth Circuit Bankruptcy Appellate Panel, in Weinman v. Graves (In re Graves), BAP No. CO 08-038, affirmed a lower court decision denying a bankruptcy trustee's' motion for turnover of a debtor couple's prepetition tax refund, which they had applied...
Continue reading "10th Circuit BAP Denies Bankrtupcy Trustee Motion for Turnover of Tax Refund"