We are all truly facing unprecedented times. The COVID-19 pandemic has impartially and almost instantly impacted our lives globally, socially and economically in ways never before seen in this great Country’s history. Financial experts opine that the U.S. economy may shrink by fifteen percent (15%) in the three months to June and the national unemployment rate may jump from 3.9% to 6%. According to recession forecasters, a significant jump in the unemployment rate signals an imminent recession.
Doug recently did a podcast hosted by Buck Joffrey of Wealth Formula! “If you can’t explain it, you don’t understand it. Remember that the next time you look across the table at a financial advisor type and feel confused. Ask yourself if you could explain what you were just told to someone else with some…
Fifteen years ago “asset protection” was a brand new area of law only a few experts were familiar with. Today it is well understood that asset protection means setting up specific legal tools which protect your assets from a creditor, while allowing you and your family to use and benefit from those assets as you…
Disclaimer The client information summarized here represents an actual client. Names and all identifying information has been removed or changed to protect the attorney client privilege. This information is designed to be used as an instructional tool only. Determining the appropriateness of any planning for any particular client must be done with respect to the…
The term “global marketplace” has never been more descriptive-particularly when it comes to real estate. There are numerous reasons why many of our clients invest in property overseas, including asset protection, portfolio diversification, retirement planning, privacy, and tax savings. Real estate is not only a very stable investment in many foreign countries, it is also…
The Internal Revenue Service and Department of the Treasury recently finalized regulations that create additional reporting requirements for foreign-owned entities in the United States. Specifically, the new rules require domestic disregarded entities wholly owned by a foreign individual (single-member LLCs) to annually identify its beneficial owner to the IRS in a Form 5472 filing. The…
Recently created rules outlining IRS reporting requirements for entities with foreign asset holdings or transactions are in effect this tax season – and failing to follow the new rules can result in significant penalties. The rules will require covered domestic corporations, partnerships and trusts – which are considered formed or availed of for the purpose…
Welcome to the Key Concepts of Asset Protection. My name is Douglass Lodmell, Asset Protection attorney and founder of the Asset Protection Council. In this podcast series, you will learn about the 15 Key Concepts that I consider critical if you want to understand what Asset Protection Really is, and how it actually works.
I often get questions that point to a very important distinction within asset protection. They basically go like this:
“Doug I heard you describe why you consider real estate assets as different from cash or liquid assets because a local judge could order those properties sold no matter who they are titled too. What use is an LLC or an LP if the judge can disregard it?”
In litigation, flexibility is the key to winning. No litigator wants to go into the courtroom with only one argument. Prosecutors go for multiple ‘lesser included charges’ just to make sure they leave with a conviction. Defense attorneys prepare as many defenses as possible, even though just one winning argument is enough.
APC Member Attorney Ike Devji is featured in the April 2016 edition of the Independent Business Magazine. In the article, “A Passion For Protection: It’s Not Just What You Make, But What You Keep,” Mr. Devji shares his personal experiences on the need for asset protection and his motivation for becoming an expert in this…
Read APC Member Attorney Ike Devji’s new article in Independent Business Magazine on the layers of liability insurance required to create an insurance “program” that is always the first line of defense in any competent asset protection plan. We cannot strongly enough stress the importance of this coverage including a personal liability umbrella on home…