Eric C. Boughman
“Alexa, Do You Have Rights?”: Legal Issues Posed by Voice-Controlled Devices and the Data They Create
Cryptocurrencies As Legitimate Asset Protection Tools
The Myth Of Using Cryptocurrencies For Asset Protection
Article written for: Forbes.com
The Great Recession of the mid-2000s forced us to view economics, banking, wealth and security in new ways. The concept of asset protection, already a growing area, saw an explosion in popularity, which has given rise to an ever-evolving cat and mouse game between creditors and debtors and their respective advisors. Meanwhile, distrust in banks and governments fueled the creation and rise of Bitcoin, which spurred interest in new digital currencies relying upon similar technologies.
Practical Considerations For Using Self-Settled Trusts
Article Written for : Forbes.com
Is it any surprise that our new president, Donald Trump, may have strategically manipulated the tax code to avoid paying federal income tax? Mr. Trump calls this “smart,” and many in the same boat would agree. Similarly, sophisticated clients and advisors implement legal tactics to prudently preserve and protect wealth.
One strategy growing in popularity is the “self-settled” trust for asset protection. Under traditional trust law, a grantor conveys assets to a trustee, for the benefit of someone else, such as his children. The gift “divides” ownership between so-called legal title and equitable title. The trustee may legally oversee the assets (pursuant to a trust agreement) benefitting beneficiaries (who have no control over trust assets). Once the assets are in trust, they are generally protected from future creditors of the grantor, trustee (with legal title), and beneficiaries (with equitable title).
Asset protection: Where you form an LLC can make a big difference
Article written for: Orlando Business Journal
Limited liability companies have become the entity of choice for small business owners and are commonly used by professionals in asset protection planning. Choosing to form an LLC instead of a corporation may be prudent, but it raises the question of where to form the LLC. There are several factors to consider in deciding where to establish the entity. Picking the right LLC jurisdiction may be as important as the decision to use an LLC.
In 2010, the Florida Supreme Court issued a ruling that eviscerated the effectiveness of the Florida single member LLC for asset protection purposes.
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