Going to a woman’s undergraduate college taught me that it’s okay for women to be smart. When I went to Columbia Law School, I found myself explaining that to a very brainy, beautiful classmate who told me she got more dates if she acted dumb. That was in 1978. Women have come an enormous distance since then. Currently they…
Continue reading…Estate Planning Smarts For New Moms
Having a child is often the first time people think about their estate plans. New moms have much on their mind. I highly recommend the second edition of Deborah L. Jacobs’ book Estate Planning Smarts: A Practical, User-Friendly Action-Oriented Guide to help them plan for their family’s future. Caring for yourself. Contrary to what many think, estate planning…
Continue reading…Utah’s Surprising New Domestic Asset Protection Statute: Requirements, Peculiarities, and Opportunities
by Geoff N. Germane of Kirton McConkie ggermane@kmclaw.com Utah is technically not new to the asset protection game—it has had a law allowing for self-settled trusts with some creditor protection on the books since 2003. The protection provided by that statute, however, was subject to so many restrictions and exceptions that practitioners rarely (if ever)…
Continue reading…Bankruptcy Judge refuses to dissolve LLC
A recent case further bolsters Limited Liability Protection, in this case, under Federal Bankruptcy Law. In In re Warner, 480 B.R. 641 (Bankr, N.D. W. Va. Sept 27, 2012,) the trustee in the bankruptcy of an LLC member asked the Bankruptcy Court for a declaration that the LLC was dissolved pursuant to the LLC’s own…
Continue reading…Are Nevada LLC’s the Best Around?!
SB 405 went into effect on October 1, 2011. It strengthens the asset protections available to Nevada-based entities. The updated charging order language affects Nevada Limited Liability Companies (LLCs), Corporations and Limited Partnerships (LPs). The law changed as follows: the new language in the statute makes the charging order the exclusive remedy of a judgment…
Continue reading…How do I leave my estate to my adult children?
When considering how to leave assets to your adult children, first decide how much you want each one to receive. Most parents want to treat their children fairly, but this doesn’t necessarily mean they should receive “equal” shares of your estate. For example, you may want to give more to a child who received a…
Continue reading…How do I leave my assets to my minor children?
Every parent wants to make sure their children are provided for in the event something happens to them while the children are still minors. Grandparents, aunts, uncles and other relatives often want to leave some of their assets to young children, too. But good intentions and poor planning often have unintended results. For example, many…
Continue reading…Asset Protection Techniques
Every day, potential clients come to find out how to protect their assets from potential creditors and lawsuits. Nevada law offers many “free” exemptions under NRS 21.090. However, many assets are still vulnerable such as non-homesteaded real property, bank accounts and investments. Fortunately, Nevada also offers other options for helping to safeguard these exposed assets. Once…
Continue reading…Nevada’s Homestead Protection
The Nevada’s Homestead Exemption Protection law provides homeowners with an excellent asset protection device. Nevada defines a “homestead property” as: Land with a dwelling on it; a mobile home whether or not the underlying land is owned by the mobile home owner; and/or a unit (such as a condo). This protection is only available for one’s primary residence,…
Continue reading…Why Nevada LLC’s might just be the “best”!
SB 405 went into effect on October 1, 2011. It strengthens the asset protections available to Nevada-based entities. The updated charging order language affects Nevada Limited Liability Companies (LLCs), Corporations and Limited Partnerships (LPs). The law changed as follows: the new language in the statute makes the charging order the exclusive remedy of a judgment…
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