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The Mind of a Personal Injury Attorney

Someone near and dear to me was involved in an accident.  Nothing life threatening, thank goodness, but severe enough for her neighbor to recommend an "excellent attorney."  As an aside, I do wonder which statement came first: that, or hopefully, "how are you feeling?" Anyway, welcome to America's litigious society.  I was asked to attend the initial consultation, you know, because I am an attorney and my nearest and dearest insisted I go -- no problem.  It is this conversation from which I'll now relate. First, hands down to the personal injury attorney; he definitely knew his stuff.  After going through [...]

By |August 6th, 2016|Tags: , , , |

Common Types of Creditors

The United States is an extremely litigious society with result-oriented judges and juries frequently ruling in favor of the creditor plaintiff.  The judgments have the potential to bankrupt both businesses and individuals, the litigation is costly and winning may only amount to a pyrrhic victory.  Therefore, limiting your liability through asset protection planning greatly reduces your personal and business exposure to the many risks associated with living in the United States.  The following is a sample of the different types of creditors likely to be on the other side of the lawsuit: Tort creditors A tort is defined as an act that injures [...]

By |June 3rd, 2016|Tags: , , |

Arizona Charging Order Subject to Garnishment Limit

The plaintiff successfully sued the defendant in Arizona.  The judgment required the defendant to pay restitution to the plaintiff by way of $300 minimum monthly payments.  This amount later increased to $750 and lo the defendant could no longer afford it.  The plaintiff then sought a charging order against the defendant's limited liability company (LLC) which the court granted. Arizona Law: Charging Order and Garnishment Under Arizona law, "[A] court of competent jurisdiction may charge the member's interest in the limited liability company with payment of the unsatisfied amount of the judgment plus interest."  A.R.S § 29-655(A).  (internal quotations omitted.)  In [...]

By |May 25th, 2016|Tags: , , , |

Will The Court Uphold Your Homestead Exemption?

Florida's constitutionally mandated homestead exemption is the holy grail of exemption planning.  Its purpose is to protect the sanctity of the home by providing a shelter for the owner and his family immune from the money judgments of creditors.  In other words, the homestead is exempt from forced sale in all but three limited exceptions: (1) taxes; (2) contracts to repair, improve or purchase the property; and (3) obligations owed to those who perform labor on the realty. Naturally, then, the homestead has been the bane of creditors and a source of frustration for the judicial system.  Cunning debtors, in [...]

The Panama Papers: What You Don’t Know

  The Panama Papers: A trove of documents leaked from a Panamanian law firm brought the offshore world right to your doorstep.  The published files -- 11.5 million of them -- exposed the secret financial dealings of some prominent figures and revealed webs of corruption, money laundering and fraud. According to The Economist, the documents show "the offshore holdings of 140 politicians and officials, including 12 current and former presidents, monarchs and prime ministers."  In addition, it is alleged that the ill-gotten wealth acquired from transacting with "rogue states, terrorists or drug barons" was hidden behind anonymous corporations with fake directors or shareholders ("nominees").  Close associates to [...]

By |April 20th, 2016|Tags: , , , |

Split Your LLC Interest Into Two Parts

LLC ownership is evidenced by an LLC interest.  The nature of this interest is determined by contract -- the LLC operating agreement -- or by statute.  Uncommon to most, your ownership in the LLC is actually split up into two parts: (1) transferable interest and (2) nontransferable interest. Transferable Interest and Nontransferable Interest The transferable interest is your economic right to receive distributions and share in the profits of the LLC.  The nontransferable interest includes your right to vote, obtain information (i.e. books and records) and that other than your transferable interest.  Together, both of these interests make up your LLC [...]

By |April 3rd, 2016|Tags: , , |

The World’s Favorite New Tax Haven Is the United States

This is the title of a recent article by Jesse Drucker of Bloomberg. The article starts off: You can help your clients move their fortunes to the United States, free of taxes and hidden from their governments. Some are calling the new Switzerland. This is nothing new.  The United States has been helping foreigners shield their money for a very long time.  In fact, during the seventies and eighties, Delaware capitalized on the heyday of globalization by advertising its services to the world as a pioneer in offshore secrecy incorporations.  See page eight (8) of this report from the Tax Justice [...]

By |January 31st, 2016|Tags: , , |

The Good, Bad and Ugly: Choosing Your Trust Protector

The linchpin of the offshore trust hinges on control -- or lack thereof.  In essence, the offshore trust requires that you trust a foreign trustee who will be given exclusive control over your assets.  This separation of ownership must be absolute and anything to the contrary will run against its efficacy as an asset protection and estate planning structure. This can be an uneasy feeling for some.  Naturally, relinquishing ownership over your assets and placing control in the hands of a stranger is an intimidating proposition; undoubtedly, this is a legitimate cause for concern.  The following questions thus linger in the minds of those considering [...]

By |January 27th, 2016|Tags: , , , |

Writing A Beautiful Business Purpose

German philosopher Gotthold Ephraim Lessing once said that "for me the greatest beauty always lies in the greatest clarity." It follows, then, that drafting a beautiful and adequate business purpose for your company requires a certain degree of clarity.  Regrettably, Lessing would be much disappointed with the way most business purposes are written today. In fact, the oft-neglected business purpose, much to the dismay of Lessing, has many-a-times been reduced to the following five word sentence:  "Any and all lawful business." Neither clear nor beautiful. Rhetoric aside, though, defining your business purpose with sufficient clarity actually serves a purpose beyond the actual [...]

By |January 7th, 2016|Tags: , , |

Consider An LLC With A Board of Directors

It certainly isn't commonplace to think of the limited liability company (hereinafter "LLC") as having a board of directors.  In fact, it may be that most individuals, upon hearing the words "board of directors," immediately assume the topic of conversation revolves around the action of some corporation.  In other words, it might be thought that having a board of directors is exclusively reserved to corporations, and not LLCs. I'll take the liberty and cut through your anticipation: they are not.  By way of introduction, all business entities are persons under the law by means of the contracts that create them. For example, the LLC [...]

By |November 10th, 2015|Tags: , , , , |

Author

Ronald C. Iacone Jr., Esq.

Ronald Iacone is the managing and founding partner of Iacone Law. He focuses his practice on asset protection representation, business and international law, and appeals to the interrelatedness of the three to best discuss your issue and solution.

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