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….
Cloud Still Hangs Over Validity of Nevada’s Perpetuities Law
Download Printable Article By Matthew D. Blattmachr, Trust Officer Despite the contention by some that the recent decision of the Nevada Supreme Court in Bullion Monarch Mining, Inc. v. Barrick Goldstrike Mines, Inc., 131 Nev. Advance Opinion 13 (Bullion) eliminates any question concerning the invalidity of the Nevada statute permitting trusts to last for 365 years, a careful review of this well written decision does not, in fact, seem to do so. In fact, the decision does not even appear related to trusts. The court frames the question it was asked to answer as “whether Nevada’s “Rule Against Perpetuities appl[ies]…
Nevada Supreme Court Approves 365-Year Dynasty Trusts and Sends a Message
Download Printable Article By Steven J. Oshins Esq., AEP (Distinguished) In a unanimous opinion issued on March 26, 2015, the Supreme Court of the State of Nevada made a bold statement by ratifying the Nevada 365-year rule against perpetuities in the case of Bullion Monarch Mining, Inc. v. Barrick Goldstrike Mines, Inc., 131 Nev. Advance Opinion 13 (2015). Although the 365-year perpetuities law was already firmly engraved in the Nevada statutes and therefore this court case should have gone largely unnoticed, it was the message sent by the Nevada Supreme Court Justices to a small group of anti-Nevada promoters that…
New Single Member LLC Veil Piercing Case Is a Wakeup Call to Attorneys and Spells Opportunity
Download Printable Article By Mason D. Salisbury, J.D. The case in point is the Wyoming Supreme Court’s Greenhunter Energy, Inc. v. Western, 2014 WY 144, 2014 WL 5794332 (WY S.C., Nov. 7, 2014). First and foremost, Greenhunter reminds us that single member LLCs (“SMLLCs”) really do get pierced! But contrary to some initial reactions, Greenhunter is not the death knell for SMLLCs as asset protectors, far from it! The better take on Greenhunter with its emphasis on the multipart State court analysis of SMLLC piercing “factors” is twofold. One, Greenhunter is most certainly a wakeup call to drafting attorneys that…
Creating Your List – Things to Talk About With Your Clients in 2015
It happens to all of us. We go to a wonderful conference; we see a great webinar; we read an important article – and then we plan to change the conversation with referral sources and clients. So, when the inevitable challenges of our personal and professional reality comes in, we end up singing the same old songs of wealth, estate tax, financial, and asset protection planning – thinking months later, where did the change in conversation go? Successful practitioners explain to us that the way their practice found stability and growth was through finding planning that they could execute on,…