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,…
Dahl v. Dahl: Utah Supreme Court Rules Trust Not a Domestic Asset Protection Trust!
Reproduced with Permission by and Courtesy of Leimberg Information Services, Inc. (LISI). For information about how to subscribe to LISI, click here. “The Court specifically uses the terms ‘strong public policy’ and ‘repugnant’ in their analysis. Query how they might have ruled had this been a defendant in a negligence action, for example, rather than it being a divorce matter. Would the Court still have applied Utah law under its ‘strong public policy’ and ‘repugnant’ requirements? It appears that the answer would be ‘no’ given this requirement that it be a ‘strong public policy’ and ‘repugnant,’ but this is far…
2nd Annual Trust Decanting State Rankings Chart Released!
By Steven J. Oshins, J.D., AEP (Distinguished) The 2nd Annual Trust Decanting State Rankings Chart was released earlier this week. This year’s chart includes more variables than were included in last year’s chart. The additional attributes were added in order to provide the end user with as many details as possible so the best jurisdiction can be selected based on the desired decanting or, with respect to a newly-formed irrevocable trust, the best jurisdiction to maximize future decanting flexibility. What is Decanting? Trust decanting is the act of distributing assets from one trust to a new trust with different terms….
Download the 2nd Annual Trust Decanting State Rankings Chart
Decanting has become a very popular technique in the estate planning world. We are pleased to announce that nationally renowned estate planning and asset protection attorney, Steven J. Oshins, J.D., AEP (Distinguished), has just released his second annual Trust Decanting State Rankings Chart. To request a complimentary copy of his chart, complete the form below. REQUEST FREE CHART All 22 states with decanting statutes are ranked in this chart. In particular, this year’s chart has additional variables which were not included in last year’s chart. The Top 7 decanting jurisdictions are… South Dakota: Total Score = 99.5 Nevada: Total…
Beware of Standard Provisions in LP & LLC Documents
They can inadvertently divest your client’s family from controlling the business or cost millions in additional estate, gift or income taxes! By Edwin Morrow, J.D., LL.M., MBA, CFP®, RFC® Investors increasingly use limited liability companies, limited liability partnerships or limited partnerships (“LLCs”, “LLPs” and “LPs”) to operate a trade or business, to hold real estate or hold other investment assets, as opposed to state law corporations. When only immediate family are owners, these are often referred to as family limited partnerships or limited liability companies (“FLPs” and “FLLCs”). There are numerous business, asset protection and estate planning reasons for using…
Our Best Articles on Asset Protection & Advanced Estate Planning
As part of our December 2014 Newsletter, we are featuring a special “Best Of” issue. Below, you will find a list of our Best Articles . These articles are written by a variety of financial and estate planning professionals, as noted below. Top Ten Asset Protection Mistakes Attorneys Make by Steven J. Oshins, J.D., AEP (Distinguished) Another Private Letter Ruling Approves NING Trust by William D. Lipkind, J.D., LL.M. (Taxation) & Steven J. Oshins, J.D., AEP (Distinguished) Top Five Reasons to Situs Your Irrevocable Trust in a Different Jurisdiction by Steven J. Oshins, J.D., AEL (Distinguished) New Tax Haven: Puerto…