Asset Protection Strategies: Advantages and Pitfalls

Why you need to attend
Attorneys needs to understand what constitutes as legitimate asset protection planning versus aiding and abetting the debtor in fraudulently hiding assets.  We will discuss recent cases where the attorneys who structured an asset protection plan were found liable for penalties and court fees which can far exceed the original amount of the creditor’s original claim against the debtor.

Topics to be covered include self-settled trusts, spendthrift trusts, tenancies by the entirety, and LLC's. Trust taxation will be addressed, as well. 

Topics include:

• Limited Liability Companies
  You'll learn the differing asset protection treatment given by bankruptcy courts and other courts to single member vs multiple member LLCs. This seminar will analyze the protection provided by the LLC charging order and how this protection can be lost when LC is not properly administered.
  
  
• Other Asset Planning Techniques
  We will explore the best strategies for holding assets from an asset protection standpoint including IRAs, 529 Plans, tenancies by the entirety, and other forms of joint ownership. We also will discuss what advice should be given to clients who have investment real estate holdings.
  
  

• Reexamining Trusts in Which the Grantor is Not a Beneficiary
  When your client wishes to establish a trust for the benefit of family members and other third parties who may themselves have spending and/or creditor problems, including how to protect government entitlements including Medicaid. What are the effective methods of protecting beneficiaries from themselves and their creditors, and what impact does the recently enacted Uniform Trust Act have on asset protection?

• Fraudulent Conveyances and Ethics
  You'll learn the legal framework governing this important area of the law, what not to do and what to do when a business or individual is purchasing assets or incurring debt.
  
  
• Trust Decanting and Trust Mergers
  Find out the most effective ways to amend existing irrevocable trusts to ensure protection from the claims of creditors.
  
  
• Domestic-Asset Protection Trusts
  Nineteen states have enacted legislation providing for self-settled asset protection trusts. New Jersey has not yet adopted such legislation. This seminar will make you aware of this growing trend and whether you should consider recommending an asset protection trust to your clients. These trusts not only can provide protection from creditors, but can be used to avoid paying state income taxes.