The LLC is a fantastic legal tool for integrating assets and businesses into a full estate and asset protection plan. It is a relative newcomer to the legal scene and for a full discussion of the history and benefits of the LLC, I encourage you to see the post: Understanding the Asset Protection Benefits of…
What is an LLC? LLC is the abbreviation for "Limited Liability Company". The LLC is basically an upgrade to the C-corporation, and its baby brother the S-Corp. Prior to the LLC small businesses basically had to subject themselves to the double taxation of the C-corporation, or make an S-Corp election which had severe restrictions on…
The First Challenge Protecting qualified retirement plans has always been a challenge for Asset Protection Planners. First of all, in many cases, these assets are already well protected. For example, assets placed in plans authorized by the Employee Retirement and Security Act of 1974 ("ERISA") have clear Supreme Court protection. In Patterson v. Shumate, 504…
Presented by Lodmell & Lodmell, PC and Asset Protection Council TM Protecting Wealth Douglass Lodmell the Managing Partner had a live webinar for all of Lodmell & Lodmell clients to go over the 2016 Client Update on October 29, 2015. This live webinar was about Asset Protection planning, starting at the beginning when someone first decides…
Florida Courts Extend Statute of Limitations for Fraudulent Transfers up to 20 Years! In a recent Florida appeals case (Biel Reo v. Barefoot Cottages Development, 2014) two debtors defaulted on a loan and shortly thereafter transferred millions to irrevocable trusts naming their wives as trustees. The creditor obtained a judgment and pursued collection efforts through the…