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...
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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...
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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"
FinCEN has released Issue 14 (Oct. 2008) of the SAR Activity Review for download. The SAR Activity Review is designed to provide meaningful information about the preparation, use, and value of Suspicious Activity Reports (SARs) and other BSA reports filed...
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The Financial Crimes Enforcement Network (FinCEN), as part of its efforts to make the administration of the Bank Secrecy Act (BSA) more efficient and effective, announced the publication of a proposal to simplify its rules and regulations by centralizing them...
Continue reading "FinCEN Proposes Regulatory Simplification"
The US District Court for Eastern District of Pennsylvania held, in Sullivan v. United States, 2007 U.S. Dist. LEXIS 71849 (E.D. Pa. Sept. 26, 2007), that the IRC Section 6672 Trust Fund Penalty is not discharged by bankruptcy. Posted by...