Insights
Death Hollow Test
As a sequel to my previous blog entry, I wanted to provide a report of our recent trip to Death Hollow. The first day entails
Asset Protection Trusts in Utah: What’s Best for Me?
You may have heard about families or individuals in Utah who lost their wealth or their home due to a lawsuit or creditors. The effects
Tips Series: Asset Protection Tips for Your Home
Your primary residence is likely one of your most essential assets. The safety, sense of family togetherness, security, and community provided by your home makes
Planning for a Crisis
Planning for a Crisis The world around us is constantly changing and evolving. During times like these, we want you to have peace of mind
Who Needs an Estate Plan
Who Needs An Estate Plan? If you own a home, have kids, want your kids to be taken care of, or just want a bit
Utah Domestic Asset Protection Trust – The Good, the Bad, and The Better
What is a Utah Domestic Asset Protection Trust (UDAPT)? A UDAPT is an irrevocable trust that provides (1) asset protection, (2) control, (3) and
U.S. Supreme Court Ruling Enhances Support for saving state income tax with ING Trusts (NINGs, DINGs, WINGs etc.)(North Carolina Department Of Revenue V. Kimberley Rice Kaestner 1992 Family Trust)
On July 21, 2019 the U.S. Supreme Court ruled unanimously that North Carolina could not tax the income of a New York trust where the
U.S. v. Kimball, Jr., 117 AFTR 2d 2016-811, (DC ME), 06/24/2016
U.S. v. Kimball, Jr., 117 AFTR 2d 2016-811, (DC ME), 06/24/2016
U.S. v. Kimball Case Supports the Use of a 541 Trust – Even Against IRS Lien
One of the simplest planning techniques to protect against claims from creditors, even the IRS, is to use a properly drafted irrevocable non self-settled trust.
How a Trusteed IRA Can Improve Your Retirement Plan
How a Trusteed IRA Can Improve Your Retirement Plan – Utah Bar Journal Volume 29 No. 1
What is a Trust?
What is a Trust? A trust is one of the most common estate planning techniques available. While there are many different variations of trusts, they
What is a NING Trust?
A NING Trust has HUGE potential for state income tax savings. Watch this video see how it works and to learn how you could save
Asset Protection Trusts – Weakness Exposed
Asset Protection Trusts have weaknesses. The most commonly used asset protection trusts are self-settled offshore trusts and domestic asset protection trusts. Randy Sparks explains their
Best Asset Protection Trust NOT an Asset Protection Trust
Did you know that the best asset protection trust is NOT an asset protection trust at all. Watch this 2 minute video to learn more.
Best Asset Protection Trust isnt an Asset Protection Trust
Could it be true that the best trust for asset protection isn’t even an asset protection trust? It may sound strange, but the legal precedent
Common Questions About Estate Planning Answered
The topic of estate planning and creating a Will can sometimes be a difficult subject to bring up, but it’s a very important topic to
The 4 Most Important Assets to Protect in Your Estate
If you are thinking about how to protect your legacy, you have probably heard about and perhaps learned a little about estate planning in Utah.
SEC v Greenberg – Offshore Trust Contempt
SECURITIES AND EXCHANGE COMMISSION, Plaintiff, v. KEITH GREENBERG, Defendant. (SEC v Greenberg) Case No. 00-09109-CV-HURLEY/HOPKINS.United States District Court, S.D. Florida.May 21, 2015. ORDER ADOPTING
2012 Tax Law Means You May Need to Amend Your Revocable Trust
In 2012 Congress passed The American Taxpayer Relief Act, a new tax law that included 2 major changes. Estate/Gift Tax Exemption increased to $5 million
Corporate Minute Book: What should be included?
Maintaining corporate records and observing corporate formalities is critical for a corporate entity in Utah and other jurisdiction. Among other benefits and protections, maintaining proper
Piercing the Corporate Veil: Corporate Formalities and Business Records
Corporations are generally treated to be a separate entity from its owners.[1] However, the owners of a corporation (i.e. shareholders) might be held personally responsible
Who Needs Asset Protection?
We are often asked when asset protection is necessary or helpful. Some believe asset protection might only be helpful once you accumulate millions of dollars
IRS Private Letter Ruling 201310002 – NING Trust
The IRS Private Letter Ruling below approved the intended income tax treatment of a Nevada Incomplete Non-grantor Trust (NING Trust). It confirmed the intent of
Transferable Offshore Trust Fails
Some asset protection promoters tout a transferable offshore trust strategy which begins onshore in the U.S. and shifts offshore at the first sign of duress. Such strategies
TrustCo case shows importance of timing in asset protection.
The most important factor in almost every asset protection case is the timing between the time the assets were transferred and the time of the
The Early Bird Keeps the High Value Assets
The ability to safeguard what you have is something indispensable in business, especially when a company runs into adversity. Asset protection is much more complex
What is a 541 Trust®?
We use the 541 Trust® name to refer to an irrevocable asset protection trust built upon a foundation of generations of proven legal precedent. A
IRS Approved NING Trust provides Substantial Tax Savings
For many years, we have helped clients reduce income taxes by using a Nevada trust often referred to as a “NING Trust” (Nevada Incomplete Gift
Why Self-Settled Asset Protection Trusts Don’t Protect Assets
Don’t Self-Settle for Inadequate Asset Protection Why Self-Settled Asset Protection Trusts Don’t Protect Assets By: Randall Sparks, JD LL.M. and Lee S. McCullough, III, JD
California Court Throws Out Case Against Our Trust – Client Very Satisfied
On June 19, 2012, the Superior Court for the State of California for the County of Los Angeles sustained our motion to dismiss a lawsuit
Bankruptcy Court – Our Trust Protects Client’s Home and Trust Assets
In 2009, our client, Todd H., transferred his home and some cash to one of our carefully drafted irrevocable trusts at a time when they
When do courts allow a trust to be pierced as an alter ego?
One way to attack an irrevocable trust is to prove that the trust is the alter ego of the grantor because the trust is operated
Wilshire Credit v. Karlin – Irrevocable Trust Protects Home Despite Partial Rent Payments
988 F.Supp. 570 (1997) WILSHIRE CREDIT CORPORATION, Plaintiff, v. Stanley KARLIN, et al., Defendants. No. Civ.A. AW 96-943. United States District Court, D. Maryland, Southern
Shurley v. Texas Commerce Bank, 115 F.3d 333 (5th Cir. 1997)
Shurley Shurley v. Texas Commerce Bank, 115 F. 3d 333 (5th Cir 1997) Bankr. L. Rep. P 77,423, 11 Tex.Bankr.Ct.Rep. 259 In The Matter of
In re Jane McLean Brown – 11th Circuit Discusses Asset Protection of Non-Self-Settled Trusts
IN RE: Jane McLean BROWN IN RE: Jane McLean BROWN, Debtor. Deborah Menotte, Plaintiff-Appellant, v. Jane McLean Brown, Defendant-Appellee. No. 01-16211. — August 28, 2002 Before
Fairstar: Utah Court Ignores State of Filing for Charging Order Purposes
American Institutional Partners, LLC v. Fairstar Resources, Ltd., 2011 WL 1230074 (D.Del., Mar. 31, 2011) United States District Court, D. Delaware. AMERICAN INSTITUTIONAL PARTNERS, LLC,
In re Mortensen: Self-Settled Trusts Don’t Work in Bankruptcy
Battley v. Mortensen, Adv. D.Alaska, No. A09-90036-DMD, May 26, 2011.UNITED STATES BANKRUPTCY COURT FOR THE DISTRICT OF ALASKAIn re: Case No. A09-00565-DMD THOMAS WILLIAM MORTENSEN,Debtor.Chapter
SEC v. Jamie Solow, 2010 WL 303959 (S.D. FL., Jan 22, 2010)
Debtor Found in Contempt of Court for Refusing to Repatriate Funds from Offshore Trust UNITED STATES DISTRICT COURT SOUTHERN DISTRICT OF FLORIDA CASE No.06-81041-CIV-MIDDLEBROOKS/JOHNSON SECURITIES
Herring v. Keasler
Using LLCs for Asset Protection Herring v. Keasler, 150 NC App 598 (01-1000) 06/04/2002 NO. COA01-1000 NORTH CAROLINA COURT OF APPEALS Filed: 4 June 2002
Olmstead v. Federal Trade Commission, No. SC08-1009, FL Sup. Ct. (24 june 2010)
Charging Order Provision does Not Protect Interest in a Single-Member LLC Supreme Court of Florida _____________ No. SC08-1009 ____________ SHAUN OLMSTEAD, et al., Appellants, vs.
In re Hicks
In re: James Tillman HICKS, Jr., a/k/a J. T. Hicks, Jr., a/k/a Sonny Hicks, Debtor; Benjamin C. ABNEY, Trustee, Plaintiff v. James Tillman HICKS, Jr.,
In re Knight
In re: JAMES EDWARDS KNIGHT, Debtor. CASE NO. 91-30264-BKC-RAM CHAPTER 7 UNITED STATES BANKRUPTCY COURT FOR THE SOUTHERN DISTRICT OF FLORIDA 164 B.R. 372; 1994 Bankr.
Cooley v. Cooley
Mary Paula Cooley v. Timothy Cooley No. 10445 Appellate Court of Connecticut 32 Conn. App. 152; 628 A.2d 608; 1993 Conn. App. LEXIS 338 March
Dean v. United States – Irrevocable Trust Protects Against Federal Tax Lien
987 F.Supp. 1160 Joanne R. DEAN, et al., Plaintiffs, v. UNITED STATES of America, Defendant. No. 96-0652-CV-W-5. United States District Court, W.D. Missouri, Western Division.
Evseroff – alter-ego applied to a trust
U.S. v. Evseroff, No. 00-CV-06029 (E.D.N.Y., April 30, 2012). UNITED STATES OF AMERICA, Plaintiff, v. JACOB EVSEROFF, ET AL., Defendants. No. 00-CV-06029 (KAM). United States
Law and Precedent Supporting the 541 Trust®
STATEMENT OF THE LAW Our 541 Trust® is built on two irrefutable legal principles: 1. With respect to an irrevocable trust, a creditor of the
Building a Better Asset Protection Trust/ as published in Estate Planning Magazine
Estate Planning Journal (WG&L) Volume 38, Number 01, January 2011 Use ‘Powers’ to Build a Better Asset Protection Trust, Estate Planning Journal, Jan 2011
Testimonial
“For the best asset protection, I use McCullough.” – Jeff Kearl, Chairman of the Board, Skullcandy “My asset protection strategy has proven itself exceptionally well.”
Resources
Asset Protection Strategies Estate Planning Strategies Important Cases & Rulings Frequently Asked Questions Asset Protection Blog Why Choose Us? Click here for 10 Reasons We
What We Do
We will give you a free initial consultation with complete confidentiality We will give you the latest, most innovative and effective strategies We will quote
Olmstead v. Federal Trade Commission, No. SC08-1009, FL Sup. Ct. (24 june 2010)
Charging Order Provision does Not Protect Interest in a Single-Member LLC Supreme Court of Florida _____________ No. SC08-1009 ____________ SHAUN OLMSTEAD, et al., Appellants, vs.
Colish v. United States
In re Jerrie S. COLISH, Debtor. Jerrie S. Colish, Plaintiff, v. United States of America, Department of Treasury Internal Revenue Service, Defendant. United States of
Why Our Trusts are Better than an Offshore Trust
This page has moved. Click HERE to see why Our Trust Better Than an Offshore Trust.
Why the Our Trust is Better than an FLP or LLC
Our Trust is better than a family limited partnership (“FLP”) or LLC for the following reasons: Criteria FLP or LLC Our Trust Confidentiality An ownership interest in an
How to Attack an Asset Protection Trust and How to Defend Against Such an Attack
If you read all the asset protection cases out there, you will find that there are really only three ways to attack a well crafted
Asset Protection – Stories from the Trenches
We talk a lot of theory about asset protection, and everyone seems to have their own opinion about what works and what doesn’t. These are
Squeeze, Freeze and Burn
RUNNING THE NUMBERS ON A SALE TO A DEFECTIVE GRANTOR TRUST by Lee S. McCullough, III A sale to a defective grantor trust
IRREVOCABLE TRUSTS
What is an irrevocable trust? As you may guess, it is a trust that cannot be “revoked” or drastically changed. When you give property and
Advantages of a Life Cycle Buy Sell Agreement
The Life Cycle Buy Sell Agreement The Life Cycle Buy Sell is a relatively new method for structuring a Buy Sell Agreement. Under traditional methods,
Not all Trusts are Created Equal
NOT ALL TRUSTS ARE CREATED EQUAL by Lee S. McCullough, III Why pay for a specialized estate plan when you could get one for less
Ethical and Effective Asset Protection Planning
By Lee S. McCullough, III When is it Ethically Appropriate to do Asset Protection Planning? The law allows business owners to create corporations and other
Lakeside Lumber Products v. Evans
Using Marital Property Agreements for Asset Protection Lakeside Lumber Products, Inc v. Renee Evans, Dan R. Evans, et al., 2005 UT App 87 (Utah App.
A Basic Guide to Buy Sell Agreements
Click here to download A Basic Guide to Buy Sell Agreements pdf.
Why You Can’t Rely on a Wyoming LLC for Asset Protection Purposes
For many years, asset protection planners have believed and promoted the idea that an out-of-state resident could take advantage of the strong charging order laws
Mortensen Case Holds that Self-Settled Trusts Don’t Work in Bankruptcy (but Our Trust Will)
A self-settled trust is a trust in which the grantor is also included as a beneficiary. Historically, all fifty states did not allow asset protection
Asset Protection Test Case
I had a client named Bill who was a wealthy physician. In 2003, he created a 541 Trust® for his wife Jenny and their four children.
Asset Protection for Doctors
Doctors have several unique characteristics that require specialized asset protection planning. First, doctors cannot take advantage of the corporate shield that protects other business owners
Update of Recent Asset Protection Cases
This is a summary of important findings from recent asset protection cases: 1. In re Baldwin, 593 F.3d 1155 (10th Cir Ct. App. 2010). Bankruptcy
Historic Opportunity
In Revenue Ruling 2010-18, the IRS published the applicable federal interest rates for July, 2010. These are some of the lowest rates in the past
Miller v. Kresser
In the recent case, Miller v. Kresser, 2010 Fla. App Lexis 6152 (Fla. 4th DCA 2010), a Florida Appeals court overturned the ruling of a
Death Hollow Done Right
As a sequel to my previous blog entry, I wanted to provide a report of our recent trip to Death Hollow. The first day entails
Selecting A Trustee
If you are choosing a trustee for a dynasty trust, an asset protection trust, or a trust used to establish residency in a certain jurisdiction,
The Case for Specialization (and deep powder)
Last Saturday I went snowcat skiing with my dad and my brother. We had a marvelous time. But the most impressive part of the day
Living on the Edge
Gooseberry Mesa is the greatest mountain bike trail on earth The trail involves sweet single track, endless slick rock playground, and breathtaking views. If you
Death Hollow and Doing Difficult Things
My dad has been a scoutmaster all his adult life. He has done 7 or 8 camping trips every year for over thirty years. I
How to Avoid a Piercing of Your Corporate Veil
If you have one or more corporations or LLCs, this subject should be of importance to you. The general rule in every state is that
How to Protect Your Home
For most of us, protecting our home is paramount. We do this through the acquisition of homeowners insurance, fire insurance, flood insurance, personal liability insurance,
Tax Planning for Business Opportunities
I am an amateur outdoor photographer. To me, photography is all about capturing the opportunities when they come and before they leave To get the
Advance Planning for the Sale of a Business
The best way to prepare for the sale of your business is to sell your stock to a grantor trust (often called a Dynasty Trust)
Tax Planning for Loans to Children
Many of my clients make occasional loans to their children. A few of these loans have actually been repaid, or at least partially repaid. The
Self Settled Trust not Included in Taxable Estate
PLR 200944002 PLR 200944002 Completed Gift Not in Estate Dear * * *: This responds to your authorized representative’s letter of January 15, 2009, requesting
Rev. Rul. 2004-64
Payment of Taxes by Grantor Trust Not a Taxable Gift Table of Contents .. ISSUES .. FACTS .. LAW AND ANALYSIS .. HOLDINGS .. PROSPECTIVE