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Delaware Bank Accounts for Asset Protection Not a Silver Bullet

16 Apr 2015 Written by Gary & Eric

Article Written for: BizJournals.com

As the story goes, John D. Rockefeller was getting his shoes shined when the shoeshine boy, not knowing whose shoes he was shining, started offering stock tips.That was Rockefeller’s cue to turn bearish on the stock market. "Secret" tips lose their efficacy when no longer secret. While speaking at a recent seminar, we received several questions from CPAs and financial professionals about the use of Delaware bank accounts to protect cash. The questions reflect a national trend to use Delaware accounts for "asset protection."

Asset protection: Where you form an LLC can make a big difference

02 Jul 2015 Written by Eric C. Boughman

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.

The Uniform Voidable Transactions Act

30 Jul 2015 Written by Gary & Eric

Article written for: ABA Property and Probate

The Uniform Voidable Transactions Act (UVTA) was recently adopted by the Uniform Law Commission (Commission) as the successor to the Uniform Fraudulent Transfer Act (UFTA). UFTA was itself an update of its predecessor, the Uniform Fraudulent Conveyance Act (UFCA). UFCA was revised to conform the Act to the Bankruptcy Reform Act of 1978. UVTA resolves several “narrowly-defined issues.” UVTA Prefatory Note 5 (2014).

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