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All Posts Tagged Tag: ‘asset protection’

From a Caterpillar to a Butterfly: Converting Corporations to LLCs

Limited Liability Companies (LLCs) are almost always a better choice of entity than Corporations, yet not all businesses had the good fortune of being born as LLCs. There is hope for these corporate dinosaurs, however, as relatively recent changes in the law have made it easier to convert a corporation into an LLC.

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Legal Maneuvers to Consider in a Down Economy

Every rain cloud has a silver lining and even amid the gloom of “The Great Recession” opportunities abound. Put simply depressed valuations present opportunities for those with cash or access to it. Moreover, from an estate tax perspective, historically low interest rates and a looming increase in tax rates makes 2010 the best year in a long time to implement […]

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Life Insurance Beneficiaries

The person(s) you designated as beneficiaries of your life insurance policies get paid when you die, typically your spouse and children. However, by making the policy payable directly to a carefully drafted trust you can ensure the money is protected from their creditors, poor spending decisions, and the influence of others who may express a sudden interest in “helping” them… […]

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Adding Trusted Persons to Bank Accounts

Adding trusted persons to bank accounts and property titles with rights of survivorship often does not result in an easy ownership transfer upon death, due to the risks of increased taxation, disinheritance, litigation and other problems relating to the joint owner’s illness, untimely death, divorce, debt or poor judgment. A good trust will achieve the same objectives while avoiding virtually […]

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Florida Assets Held Jointly by a Husband & Wife…

Florida assets held jointly by a husband and wife as tenants by the entireties are normally protected from a judgment against only one spouse, at least for as long as the marriage. Keeping the asset in FL is important, because not all states have this protection… Recommend on Facebook Share on Linkedin Tweet about it Subscribe to the comments on […]

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Wall Street Journal Reports Florida Deficiency Judgments on the Rise

As the pipeline of defaulted mortgages work their way through the short sale or foreclosure processes, there has been increased speculation as to whether lenders will eventually enforce their legal right to collect the full amount of the debt. This is because even after a short sale or a foreclosure, the borrower can still be on the hook for the […]

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Asset Protection for Business Owners

Ed Arista presented Asset Protection for Business Owners at the Financial Planners Association Annual Meeting. Recommend on Facebook Share on Linkedin Tweet about it Subscribe to the comments on this post

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Proposed Legislation Just Passed Committee

Proposed legislation to “patch” the hole punched into LLC law by a recent, controversial Florida Supreme Court case just passed committee with little opposition. Let’s see what happens when it gets to the floor… Recommend on Facebook Share on Linkedin Tweet about it Subscribe to the comments on this post

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Some LLCs No Longer Safe Haven for Assets

Quoted in the recent DBR article, Some LLCs No Longer Safe Haven for Assets: …Ed Arista said he will continue to alert his clients to change the structure of their holding entities, by [for example] adding another person to the LLC… “But that has to be done very carefully. Once you bring in a second member you need a solid […]

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Supreme Court Decides Single Member LLCs Are Not Asset Protected

In today’s 5-2 decision, the Florida Supreme Court stripped single owner LLCs of their asset protection[1]. This is something that I have been warning clients about since a bankruptcy court in Colorado started a trend toward disregarding single member LLCs for asset protection purposes back in 2003. In order to understand what this means, one must understand more about what […]

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