- Friday, October 28, 2011 - 9:00 am to 5:00 pm
- Jacob Stein, Attorney
- Asset Protection Planning
- The America's Cup Room, 4th Floor West Tower Manchester Hyatt Hotel
Online Registration
Hotel Reservatons
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Asset Protection Planning Agenda |
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| II. COLLECTING ON JUDGMENTS |
| A. CALIFORNIA STATUTORY COLLECTION LAWS |
| B. OTHER CREDITOR REMEDIES |
| C. EXEMPT PROPERTY |
| D. EXEMPTION PLANNING |
| III. FRAUDULENT TRANSFERS |
| A. INTRODUCTION |
| B. CURRENT LAW IN CALIFORNIA |
| 1. UFTA |
| 2. Transfers |
| 3. Types of Fraud |
| a. Actual Intent |
| b. Any Creditor |
| c. Constructive Intent |
| 4. The “Good Faith” Defense |
| 5. Practical Implications of a Fraudulent Transfer |
| IV. PLANNING IN THE CONTEXT OF MARRIAGE |
| A. OVERVIEW |
| 1. Introduction |
| 2. Common Law Jurisdictions |
| 3. Community Property Jurisdictions |
| a. Overview of Community Property |
| b. Characterization of Community Property |
| B. AVAILABLE PLANNING TECHNIQUES |
| 1. Premarital Agreements |
| a. Generally |
| b. Use in Asset Protection |
| c. Recording a Premarital Agreement |
| 2. Postnuptial and Transmutation Agreements |
| a. Postnuptial Agreements |
| b. Transmutation Agreements |
| 3. Divorce |
| a. Common Law States |
| b. Community Property States |
| V. USE OF TRUSTS IN ASSET PROTECTION |
| A. STRUCTURING TRUSTS FOR ASSET PROTECTION |
| 1. Revocable v. Irrevocable |
| a. Generally |
| b. The Qualified Personal Residence Trust |
| 2. Spendthrift Trusts |
| a. Generally |
| b. Exceptions to the Spendthrift Protection |
| 3. Discretionary Trusts |
| a. Generally |
| b. Drafting Considerations |
| 4. Drafting Trusts for Maximum Protection and Control |
| a. Distribution Standards |
| b. Stated Intent |
| c. Balancing Control and Protection |
| d. Protecting Mandatory Distributions |
| B. DOMESTIC ASSET PROTECTION TRUSTS |
| 1. The Risks of DAPTs |
| a. Conflict of Law |
| b. The Full Faith and Credit Clause |
| 2. Foreign Trusts – The Superior Alternative |
| VI. FOREIGN TRUSTS |
| A. OVERVIEW |
| B. PROTECTIVE FEATURES OF FOREIGN TRUSTS |
| C. MAXIMIZING PROTECTION OF FOREIGN TRUSTS |
| 1. Location of Assets |
| 2. Drafting Considerations |
| a. Trustee |
| b. Contempt |
| c. Best Available Alternative |
| D. TAX TREATMENT |
| 1. Foreign v. Domestic for Tax Purposes |
| a. Court Test |
| b. Control Test |
| 2. Tax Treatment of Foreign Trusts |
| a. Indirect Transfers |
| b. Constructive Transfers |
| 3. Grantor Trust Rules |
| a. Classification as a Grantor Trust |
| b. Tax Treatment of Grantor Trusts |
| 4. Reporting Requirements |
| a. On Transfer of Assets to the Trust |
| b. Annually |
| c. Agent |
| d. Reporting by Beneficiaries |
| e. Penalties |
| VII. ADVANCED PLANNING WITH FOREIGN TRUSTS |
| A. OFFSHORE DEFECTIVE GRANTOR TRUSTS |
| 1. Defective Grantor Trusts Generally |
| 2. Asset Protection Benefits of Defective Grantor Trusts |
| 3. Offshore Defective Trusts |
| B. OFFSHORE TRUST AND ENTITY COMBOS |
| 1. Generally |
| 2. Foreign LLCs |
| 3. Combining Foreign Trusts and Foreign LLCs |
| VIII. CHOICE OF ENTITY |
| A. GENERALLY |
| 1. Sole Proprietorship |
| 2. General Partnership |
| 3. Limited Liability Partnership |
| 4. Limited Partnership |
| 5. Corporation |
| 6. Limited Liability Company |
| B. CHARGING ORDER PROTECTION |
| 1. Protecting Assets within Entities |
| 2. Charging Order Limitation |
| a. The Importance of History |
| b. The Uniform Acts |
| c. California Statutes on Charging Orders |
| d. Charging Order Cases |
| e. Single-Member LLCs |
| f. Reverse Piercing |
| g. Tax Consequences |
| h. Bankruptcy |
| i. Maximizing the Utility of Charging Orders |
| j. A Practical Take on Charging Orders |
| C. CREATIVE ASSET PROTECTION PLANNING WITH LLCS |
| 1. Series LLCs |
| a. Recognition of the Internal Shield by California |
| b. California Income Taxation |
| c. California Franchise Taxes |
| d. Recognition of the Internal Shield |
| 2. Use of Foreign LLCs |
| 3. Protection of Business Assets |
| IX. BANKRUPTCY PLANNING |
| A. OVERVIEW OF BANKRUPTCY RULES |
| 1. Property of the Bankruptcy Estate |
| 2. Fraudulent Transfers under the Bankruptcy Code |
| 3. Exemption Planning |
| B. DISCHARGE OF DEBTS |
| 1. Taxes |
| a. Income Taxes and Taxes on Gross Receipts |
| b. Nondischargeable Taxes |
| C. PREFERENCE PAYMENTS |
| 1. Generally |
| 2. Exceptions |
| X. RETIREMENT PLANS |
| A. QUALIFIED PLANS |
| B. NONQUALIFIED PLANS |
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