Archive | March, 2013

Asset Protection: Creditor Remedy – Constructive Trust

March 29, 2013  |   Posted by :   |   Asset Protection   |   0 Comments

A constructive trust is a remedy that arises against one who holds legal rights to property but, which in “equity and good conscience should belong to another.”  There does not need to be a showing that the property was acquired by fraud. The creditor does not need to prove an intent to defraud. The creditor […]

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Asset Protection – Creditor Remedy: Alter Ego/Sole Purpose

March 28, 2013  |   Posted by :   |   Asset Protection   |   0 Comments

Under the alter ego/sole purpose remedy, an entity is established to hold title to a debtor’s personal assets, which were transferred to the entity without a business purpose, as a means to shield the assets from creditors (In Re Turner, 335 B.R. 140 (N.D. Cal., 2005), modified 345 B.R. 674 (N.D. Cal. 2006). The entity […]

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Asset Protection – Creditor Remedy: Resulting Trust

March 28, 2013  |   Posted by :   |   Asset Protection   |   0 Comments

A resulting trust is an equitable remedy. The creditor’s position is that an entity (e.g. a corporation) is owned by a “nominee” owner (who has legal title), but is presumed to be holding it for the benefit of a person holding equitable title, since the beneficial interest is not “enjoyed” by the legal title holder. […]

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Asset Protection- Creditor Remedy “Reverse Veil Piercing”

March 27, 2013  |   Posted by :   |   Asset Protection   |   0 Comments

In a “veil piercing case”, a court is requested to disregard a corporate entity so as to make available the personal assets of its owner to satisfy a liability of the entity. When the corporate entity acts as a shell for asset protection purposes, has no actual business purpose, and there is a showing of […]

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Asset Protection – U.S. Case Law

March 27, 2013  |   Posted by :   |   Asset Protection   |   0 Comments

1.Blosam Contractors, Inc. v. Lucyx (535 So. 352 (Fla. 1st Dist.App 1988) In Blosam, the lienholder is granted priority before charging order holder.  In this case, Blosam obtained a final judgment against debtor and executed a financing statement that covered her interest in a limited partnership (or LLC). Then Lucyx obtained a final judgment against […]

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Expatriation and the Ten Year Rule

March 20, 2013  |   Posted by :   |   Expatriation   |   0 Comments

Expatriates who left the U.S. prior to June 17, 2008 are covered under prior tax rules, contained in three separate Tax Acts, which each subject U.S. expatriates to a ten-year “alternative tax regime” on U.S. source income; i.e. for ten years after expatriation, the expatriate is required to file a U.S. income tax return, to […]

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Expatriation – U.S. Income Tax Rules

March 14, 2013  |   Posted by :   |   Expatriation   |   0 Comments

Under IRC Sec. 877(a), a U.S. citizen (or long-term resident) who elects to become a non-resident alien (by losing their U.S. citizenship or relinquishing their green card) is taxable (under U.S. income tax rules) for 10 years after renunciation of their citizenship, unless the loss of citizenship (or residency status) did not have as one […]

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