Asset Protection Strategies: Update 2024
Date: Dec 11, 2024 9:00 a.m. – 1:00 p.m.
Location: New Jersey Law Center, New Brunswick, and Online
Member Price: $177.00
Non-Member Price: $209.00
Section Price: $0.00
Areas of Law: Bankruptcy, Business
Earn up to 4.5 credits, including 1.0 in Ethics! (More Information)
Keynote
Moderator
Presenters
- Kenneth R. Cohen, Esq.
- Bressler, Amery & Ross, P.C., Florham Park
- Warren J. Martin, Jr., Esq.
- Porzio, Bromberg & Newman, P.C., Morristown
- David E. Sklar, Esq.
- Pashman Stein Walder Hayden, Hackensack
Attorneys must understand what constitutes legitimate asset protection planning versus aiding and abetting a debtor in fraudulently hiding assets. This seminar will discuss recent cases involving attorneys who structured an asset protection plan and were found liable for penalties and court fees. In some cases, these penalties can far exceed the original amount of the creditor’s initial claim against the debtor.
Topics include:
- Limited liability companies
You'll learn the different asset protection treatments given by bankruptcy courts and other courts to single-member versus multiple-member LLCs. This seminar will analyze the protection provided by the LLC charging order and how this protection can be lost when 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 the best advice for clients with investments in 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 recent 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 to do and what not 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
Across the country, 19 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.
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