Supreme Court Petition Filed: BF Hawk v. Commissioner (18-1534) – Fraudulent Conveyance Law and Transferee Tax Liability Decedents Estate

In B.F. Hawk v. Commissioner, the Sixth Circuit held that a decedent’s estate, his widow and two marital trusts were liable as transferees for income taxes owed by the decedent’s business. The Sixth Circuit held that under the Tennessee Uniform Fraudulent Transfer Act, an asset sale followed by the stock sale was a sham transaction … Continue reading Supreme Court Petition Filed: BF Hawk v. Commissioner (18-1534) – Fraudulent Conveyance Law and Transferee Tax Liability Decedents Estate

Bove & Langa, Challenging the Judge: The Massachusetts Appeals Court Continues to Make Its Own Rules of Trust Law

Alexander A. Bove, Jr. and Melissa Langa have made available their article for download their article, "Challenging the Judge: The Massachusetts Appeals Court Continues to Make Its Own Rules of Trust Law," published in the Steve Leimberg Asset Protection Newsletter. The Introduction is as follows: When we as advisors set out to develop an estate … Continue reading Bove & Langa, Challenging the Judge: The Massachusetts Appeals Court Continues to Make Its Own Rules of Trust Law

Adkisson, Annuity Payments Protected From Creditors In Rensin

Adkisson describes the case of Maryland resident Joseph K. Rensin and his established "Joren Trust," which "illustrates the advantages of planning in a state such as Florida that exempts annuity payments either wholly or in substantial part from enforcement of a judgment, which can then provide the debtor with some means to live on while … Continue reading Adkisson, Annuity Payments Protected From Creditors In Rensin

John S. Eory, Appellate Court Permits Invasion of Retirement Accounts to Enforce Child Support Orders

On May 7th, the Appellate Division of the New Jersey Superior Court issued a decision regarding the case of Orlowsky v. Orlowsky. The Court ruled that federally-protected retirement plans can be invaded in order to pay child support, college tuition, and attorney and expert fees. For the full case opinion, click here. Download the full … Continue reading John S. Eory, Appellate Court Permits Invasion of Retirement Accounts to Enforce Child Support Orders

Fogg (Procedurally Taxing), Count Days BEFORE Filing for Bankruptcy

The case of Anthony Hugger v. Lawrence J. Warfield et al. reveals the danger of not carefully tracking days before filing for bankruptcy if you seek to discharge taxes. Mr. Hugger received his discharge in May 2017 after filing a chapter 7 bankruptcy case, only to realize in September 2017 that he had filed too … Continue reading Fogg (Procedurally Taxing), Count Days BEFORE Filing for Bankruptcy

Peter J. Reily, Florida Man Blows IRA Bankruptcy Protection

The recent Eleventh Circuit decision on Yerian v. Webber confirmed a judgement that Keith Yerian's self-directed IRA could go to his creditors. According to Peter J. Reily, the judgement is a "big deal" considering the Individual Retirement Account's role both as a tax vehicle allowing an immediate detection and tax-deferred growth or tax-free growth and … Continue reading Peter J. Reily, Florida Man Blows IRA Bankruptcy Protection

Jennifer Smithson et al. (Macfarlanes), Economic substance – application to trust structures – Bermuda, British Virgin Islands, Cayman Islands, Guernsey, Isle of Man, Jersey

In December 2018, various offshore jurisdictions such as Bermuda, the British Virgin Islands (BVI), the Cayman Islands and the Crown Dependencies (Guernsey, Jersey and the Isle of Man) introduced economic substance legislation in response to requests from the European Union. If the jurisdictions did not introduce the new rules, they faced the possibility of being … Continue reading Jennifer Smithson et al. (Macfarlanes), Economic substance – application to trust structures – Bermuda, British Virgin Islands, Cayman Islands, Guernsey, Isle of Man, Jersey