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Article Written for:  American Bar Association’s Business Law TodayThe decision to use voice-controlled digital assistants, like Amazon’s Alexa, Apple’s Siri, Microsoft’s Cortana, and the Google Assistant, may present a Faustian bargain. While these technologies offer great potential for improving quality of life, they also expose users to privacy risks by perpetually listening for voice data and transmitting it to third parties.

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Article Written for: Forbes.com
Despite some misconceptions, using bitcoin or other cryptocurrencies for asset protection in connection with offshore planning may be an effective strategy. A crucial facet to using foreign trusts to protect wealth is ensuring that the trustee and trust assets remain outside of any jurisdiction where the grantor might be sued. Some U.S. states may find the concept of self-settled trusts anathema to public policy and thus choose to ignore the trust and treat the grantor/beneficiary as the de facto owner of trust assets.

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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).

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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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Forster Boughman & Lefkowitz

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