Toni 1 Trust v. Wacker: A Rare Domestic Asset Protection Trust Case

By Steven J. Oshins, Esq., AEP (Distinguished) To this date, there still isn’t even one DAPT case where a creditor reached into the trust and grabbed assets in a non-bankruptcy, non-fraudulent conveyance scenario. Let me repeat this:  To this date, there still isn’t even one DAPT case where a creditor reached into the trust and grabbed assets in a non-bankruptcy, non-fraudulent conveyance scenario. Toni 1 Trust v. Wacker A new court decision in the Supreme Court of Alaska was issued on March 2nd.  A handful of asset protection planners who promote foreign asset protection trusts wrote articles and blogs about…

ABA Heckerling Reports from the 2018 Heckerling Institute

For the past 19 years, the American Bar Association Section of Real Property, Trust and Estate Law with the permission of the University of Miami School of Law, releases several extensive reports highlighting the various lectures and proceedings of the Heckerling Institute, one of the nation’s largest estate planning conferences, held every year in January. This past January 2018, marked the 52nd Annual Heckerling Institute.  To view, download and access these extensive reports, please click here to visit the ABA’s website. Further, at the above website, you can also access reports from prior Heckerling Institutes as well. We, at The…

Trump Tax Act Restricts Deductibility of State Income Taxes: So What? Use a NING Trust

By Steven J. Oshins, Esq., AEP (Distinguished) The dust has settled.  The Trump Tax Act has been finalized.  Who stands to lose the most from the new tax rules?  Those who live in a state with a high state income tax.  That’s who. Prior to the Trump Tax Act, state income taxes paid were deductible against federal income tax.  However, the Trump Tax Act limits the amount of the federal income tax deduction for state income taxes paid, real property taxes paid and sales taxes paid to a cumulative (yes, cumulative!) total of $10,000 per year.  The $10,000 is used…

Impact of Potential Tax Reform on Business Owners and Possible Steps to Take in 2017

By Edwin P. Morrow III, J.D., LL.M. (Tax), CFP®, CM&AA® On November 2, 2017, the Speaker of the House, with the backing of the President, finally introduced the long-awaited bill that represents Republican efforts at comprehensive tax reform, to be titled the “Tax Cuts and Jobs Act”. Of course, the Senate will propose significant changes, and there is opposition from both parties about the direction of the bill and the trillions it could add to the national debt. That said, there is a very strong chance of something close to the bill being passed this year or early next year. What are…

Top 5 Dumbest Comments Made by Estate Planners

By Steven J. Oshins, Esq., AEP (Distinguished) Having practiced estate planning for more than two decades, I have seen and heard my share of comments and representations that are true head-scratchers that often make you roll your eyes.  This epidemic seems to have gotten much worse through the years, possibly because of the pressure to perform and thrive in a very competitive environment.  This article will highlight some of my favorites. DUMB COMMENT #1: “Bad facts make bad law!” The “bad facts make bad law” excuse has been around for many years.  Obviously, every case that has a result we…

The Strange Case of Dr. Jekyll and Mr. Oshins – Chapter II (Foreign vs. Domestic APTs)

By Steven J. Oshins, Esq., AEP (Distinguished) Testing his theory that in every man dwells a good and an evil force, the reserved Dr. Jekyll develops a formula that separates the two, turning him into an argumentative estate planning attorney named Mr. Oshins who tells it like it is.  Dr. Jekyll soon realizes he is becoming addicted to his darker self as he unleashes his opinions on the estate planning industry. In Chapter I, Dr. Jekyll tackled the issue of whether Uniform Acts are good or bad.  In Chapter II, Dr. Jekyll tackles the issue of which are better –…

The Strange Case of Dr. Jekyll and Mr. Oshins – Chapter I (Uniform Acts: Good or Bad?)

By Steven J. Oshins, Esq., AEP (Distinguished) Testing his theory that in every man dwells a good and an evil force, the reserved Dr. Jekyll develops a formula that separates the two, turning him into an argumentative estate planning attorney named Mr. Oshins who tells it like it is.  Dr. Jekyll soon realizes he is becoming addicted to his darker self as he unleashes his opinions on the estate planning industry. In Chapter I, Dr. Jekyll tackles the issue of whether Uniform Acts are good or bad.  As expected, Mr. Oshins will provide a different view of the issue than…

The Nevada Asset Protection Trust: Why Nevada is the Leading Jurisdiction…Period!

Download Printable Article By Steven J. Oshins, Esq., AEP (Distinguished) There are now 17 states with statutes allowing Domestic Asset Protection Trusts (“DAPTs”).  Nevada is the best of those states.  Period. That’s not just the conclusion of this author.  Rather, it appears to be the conclusion reached by the high majority of the estate planning industry, including unbiased planners.  This article will not only explain why Nevada is such an asset protection trust powerhouse, but it will also explain how the Nevada Asset Protection Trust works so those planners who are not currently making use of this opportunity can now…

David vs. Goliath: How Nevada Became a Leading Trust Jurisdiction

Download Printable Article By Steven J. Oshins Esq., AEP (Distinguished) “Always remember…Goliath was a 40-point favorite over David.” -Shug Jordan (1910-1980), athlete and football and basketball coach Many years ago, Delaware was considered the go-to trust jurisdiction.  However, other jurisdictions enhanced their trust laws through the years, and the consensus now is that Nevada, South Dakota, Alaska and Delaware are the first-tier jurisdictions, at least in the minds of most trust practitioners. Delaware has always been the Goliath in the trust industry, whereas the other jurisdictions have served the role of David.  But Delaware has made less material enhancements to…

5 Things Every Estate Planning Attorney Needs to Know About Using an Asset Protection Single Member LLC

By Mason D. Salisbury, J.D. Single Member Limited Liability Companies (or “SMLLCs”) are the basic building blocks of asset protection entities. For many clients, SMLLCs may be the only asset protection entity they need. However, not all SMLLCs are created equal as asset protectors and some (too many) are hardly worth the paper they are filed on. An asset protection SMLLC is specifically organized at every point to fight and win against creditor attorneys, that is, to actually provide asset protection if challenged. Below are five things every estate planning attorney should know about using SMLLCs to protect client’s assets….