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Article Check - Fraudulent Conveyance, Civil Conspiracy, Uniform Fraudulent Transfer Act
A recent issue of Entrepreneur magazine included a marketing story with five important questions all business owners should be able to answer about themselves and their competition.Understanding these five critical areas will help you better develop and implement your marketing plan, and sell more to your customers and prospects.1) What does my customer buy?My clients know I am a big believer in the principle that customers don’t necessarily buy what we think we’re selling. (Al Lautenslager, owner of The Ink Well in Wheaton, Illinois, and co-author with Jay Conrad Levinson of Guerrilla Market
· General Partnership · Limited Partnership · Limited Liability Company · Corporation under Chapter "C" · Corporation under Sub Chapter "S" · Revocable Trust (There are many Revocable Trust variations, since a Trust is nothing more than a Contract) · Irrevocable Trust (There are many Irrevocable Trust variations, since a Trust is nothing more than a Contract)
To learn more about avoiding fraudulent conveyance rules and how to avoid civil conspiracy theories when repositioning assets and implementation of precise asset protection systems speak with an experienced and knowledgeable financial planner and advisor in these matters such as Estate Street Partners offering free initial consultations.
I always caution against simply speaking with only an attorney and only an accountant in complex
Starting a business is easy. Staying in business is where the real hard work is done. Every entrepreneur faces a time when the business becomes stagnant. New customers become hard to acquire and finding the energy and resources to stay in business becomes more of a challenge. Here you will find some ideas to help turn the course of your business and make it profitable again.During the course of building your business you will need to evaluate where you are at, how you are doing and what more can be done. These are the questions that will help you keep your business growing. You may look at adding on more p
WHAT IS FRAUDULENT CONVEYANCE?
Fraudulent conveyance has to do with transferring assets at less than the "fair cash value" thereby defrauding a potential creditor or the intentional divesting of assets which become unavailable for satisfaction of the creditor's claims. Fair cash value means cash or near cash value at the time of transfer, not the price you paid for the asset.
For example, you transfer your portion of your equity in your home to your wife for $200.00 and the fair cash value of your portion of the equity was $250,000 (total value of the home was $500,000) or you transfer title to your Mercedes to your brother for $100.00. Additionally the IRS would claim that such a transfer is a gift subject to a gift tax return and assess a penalty for the non-filing of Form 709 (PDF) United States Gift (and Generation-Skipping Transfer) Tax Return.
WHAT IS CIVIL CONSPIRACY?
The "civil conspiracy theory" has been defined by the courts as (1) an agreement (2) by two or more persons (3) to perform overt act(s) (4) in furtherance of the agreement or conspiracy (5) to accomplish an unlawful purpose or a lawful purpose by unlawful means (6) causing injury to another.
To be convincing, the creditor must allege not only the conspirators committed the act but also the act was tortious in nature. The conspiracy alone is not enough to trigger a claim for civil conspiracy without the underlying tort. Lately, however, advisors have been dragged into the creditor claims as co-conspirators for suggesting and implementing everyday common asset protection strategies. This has made me more cautious, making sure that I don't get dragged in to my own legal nightmare.
EXAMPLE OF SINGLE MEMBER LLC MEMBERSHIP UNITS AND SHARES IN A PUBLIC STOCK
SINGLE MEMBER LLCs should be avoided. The example I can use is this: If you own 1,000 shares of General Motors it's considered a personal asset subject to a creditor claim. If the claim is perfected by litigation in favor of the creditor the owner of the 1,000 shares of General Motors will have to transfer those shares to the creditor in satisfaction of his claim. Owning single member units of an LLC is not any different. The Owner of the LLC membership units is equivalent to owning the 1,000 shares of General Motors and therefore subject to a perfected creditor claim.
ASSET PROTECTION: PLACING TITLE OF ASSETS IN ANOTHER LEGAL ENTITY
THE CONCEPT OF ASSET PROTECTION includes the possibility of placing title in certain assets in the name of a less vulnerable spouse or other family members, or a legal entity. One should be very attentive in transferring title without an open invitation to a "fraudulent transfer" claim against the asset transferred or the possibility of death by the spouse or family member, or possible dissolution of the marriage, or a court judgment.
The most common methods of holding assets by INDIVIDUALS:
· Joint Tenancy · Joint Tenancy with right of survivorship · Tenants in Common · Tenancy by the Entirety · Community Property
LEGAL ENTITIES (Artificial person created by application of law):
· General Partnership · Limited Partnership · Limited Liability Company · Corporation under Chapter "C" · Corporation under Sub Chapter "S" · Revocable Trust (There are many Revocable Trust variations, since a Trust is nothing more than a Contract) · Irrevocable Trust (There are many Irrevocable Trust variations, since a Trust is nothing more than a Contract)
To learn more about avoiding fraudulent conveyance rules and how to avoid civil conspiracy theories when repositioning assets and implementation of precise asset protection systems speak with an experienced and knowledgeable financial planner and advisor in these matters such as Estate Street Partners offering free initial consultations.
I always caution against simply speaking with only an attorney and only an accountant in complex f
Internet Marketing can be done without email marketing, for sure, but can it be done effectively?The most popular argument for the inclusion of email marketing into your internet marketing campaign is that people don’t buy the first time they visit your web site and therefore need repeated exposures.Is that true?Let’s look at some imaginary numbers, although they should resemble most marginal internet marketing campaigns.Let’s assume you have an average-converting web site, of about 1%. So for every 100 visitors you sell 1 of them.Let’s now assume that you convert your main pa
WHAT IS CIVIL CONSPIRACY?
The "civil conspiracy theory" has been defined by the courts as (1) an agreement (2) by two or more persons (3) to perform overt act(s) (4) in furtherance of the agreement or conspiracy (5) to accomplish an unlawful purpose or a lawful purpose by unlawful means (6) causing injury to another.
To be convincing, the creditor must allege not only the conspirators committed the act but also the act was tortious in nature. The conspiracy alone is not enough to trigger a claim for civil conspiracy without the underlying tort. Lately, however, advisors have been dragged into the creditor claims as co-conspirators for suggesting and implementing everyday common asset protection strategies. This has made me more cautious, making sure that I don't get dragged in to my own legal nightmare.
EXAMPLE OF SINGLE MEMBER LLC MEMBERSHIP UNITS AND SHARES IN A PUBLIC STOCK
SINGLE MEMBER LLCs should be avoided. The example I can use is this: If you own 1,000 shares of General Motors it's considered a personal asset subject to a creditor claim. If the claim is perfected by litigation in favor of the creditor the owner of the 1,000 shares of General Motors will have to transfer those shares to the creditor in satisfaction of his claim. Owning single member units of an LLC is not any different. The Owner of the LLC membership units is equivalent to owning the 1,000 shares of General Motors and therefore subject to a perfected creditor claim.
ASSET PROTECTION: PLACING TITLE OF ASSETS IN ANOTHER LEGAL ENTITY
THE CONCEPT OF ASSET PROTECTION includes the possibility of placing title in certain assets in the name of a less vulnerable spouse or other family members, or a legal entity. One should be very attentive in transferring title without an open invitation to a "fraudulent transfer" claim against the asset transferred or the possibility of death by the spouse or family member, or possible dissolution of the marriage, or a court judgment.
The most common methods of holding assets by INDIVIDUALS:
· Joint Tenancy · Joint Tenancy with right of survivorship · Tenants in Common · Tenancy by the Entirety · Community Property
LEGAL ENTITIES (Artificial person created by application of law):
· General Partnership · Limited Partnership · Limited Liability Company · Corporation under Chapter "C" · Corporation under Sub Chapter "S" · Revocable Trust (There are many Revocable Trust variations, since a Trust is nothing more than a Contract) · Irrevocable Trust (There are many Irrevocable Trust variations, since a Trust is nothing more than a Contract)
To learn more about avoiding fraudulent conveyance rules and how to avoid civil conspiracy theories when repositioning assets and implementation of precise asset protection systems speak with an experienced and knowledgeable financial planner and advisor in these matters such as Estate Street Partners offering free initial consultations.
I always caution against simply speaking with only an attorney and only an accountant in complex
If you are like many people in the world today, you may be interested in getting on the Internet business bandwagon. Many people are making a good deal of money today online. In fact, you may be looking for a quick Internet and online business opportunity so that you can take advantage of the ecommerce wave sooner rather than later. The are 4 steps that you should keep in mind when it comes to a quick Internet and online business plan.You first will want to come up with a product or service idea that you understand and have a familiarity with. You will not be able to set up a quick Internet and online
EXAMPLE OF SINGLE MEMBER LLC MEMBERSHIP UNITS AND SHARES IN A PUBLIC STOCK
SINGLE MEMBER LLCs should be avoided. The example I can use is this: If you own 1,000 shares of General Motors it's considered a personal asset subject to a creditor claim. If the claim is perfected by litigation in favor of the creditor the owner of the 1,000 shares of General Motors will have to transfer those shares to the creditor in satisfaction of his claim. Owning single member units of an LLC is not any different. The Owner of the LLC membership units is equivalent to owning the 1,000 shares of General Motors and therefore subject to a perfected creditor claim.
ASSET PROTECTION: PLACING TITLE OF ASSETS IN ANOTHER LEGAL ENTITY
THE CONCEPT OF ASSET PROTECTION includes the possibility of placing title in certain assets in the name of a less vulnerable spouse or other family members, or a legal entity. One should be very attentive in transferring title without an open invitation to a "fraudulent transfer" claim against the asset transferred or the possibility of death by the spouse or family member, or possible dissolution of the marriage, or a court judgment.
The most common methods of holding assets by INDIVIDUALS:
· Joint Tenancy · Joint Tenancy with right of survivorship · Tenants in Common · Tenancy by the Entirety · Community Property
LEGAL ENTITIES (Artificial person created by application of law):
· General Partnership · Limited Partnership · Limited Liability Company · Corporation under Chapter "C" · Corporation under Sub Chapter "S" · Revocable Trust (There are many Revocable Trust variations, since a Trust is nothing more than a Contract) · Irrevocable Trust (There are many Irrevocable Trust variations, since a Trust is nothing more than a Contract)
To learn more about avoiding fraudulent conveyance rules and how to avoid civil conspiracy theories when repositioning assets and implementation of precise asset protection systems speak with an experienced and knowledgeable financial planner and advisor in these matters such as Estate Street Partners offering free initial consultations.
I always caution against simply speaking with only an attorney and only an accountant in complex
Many people are choosing telecommuting as an option to bring in an income while being at home. Whatever the reasons that we choose to work at home, the one thing we all have in common is the problem of locating legitimate jobs online. We often come online with the idea that finding a job online will be easy.Unfortunately it’s not usually that easy. What you will often run into are the scams for working at home. Why is that though? We often find the job search websites and plug in two common keywords. These two keywords are often the reason many of us give up on finding a legitimate job because all that pul
ASSET PROTECTION: PLACING TITLE OF ASSETS IN ANOTHER LEGAL ENTITY
THE CONCEPT OF ASSET PROTECTION includes the possibility of placing title in certain assets in the name of a less vulnerable spouse or other family members, or a legal entity. One should be very attentive in transferring title without an open invitation to a "fraudulent transfer" claim against the asset transferred or the possibility of death by the spouse or family member, or possible dissolution of the marriage, or a court judgment.
The most common methods of holding assets by INDIVIDUALS:
· Joint Tenancy · Joint Tenancy with right of survivorship · Tenants in Common · Tenancy by the Entirety · Community Property
LEGAL ENTITIES (Artificial person created by application of law):
· General Partnership · Limited Partnership · Limited Liability Company · Corporation under Chapter "C" · Corporation under Sub Chapter "S" · Revocable Trust (There are many Revocable Trust variations, since a Trust is nothing more than a Contract) · Irrevocable Trust (There are many Irrevocable Trust variations, since a Trust is nothing more than a Contract)
To learn more about avoiding fraudulent conveyance rules and how to avoid civil conspiracy theories when repositioning assets and implementation of precise asset protection systems speak with an experienced and knowledgeable financial planner and advisor in these matters such as Estate Street Partners offering free initial consultations.
I always caution against simply speaking with only an attorney and only an accountant in complex
Acknowledging higher demand for digitally delivered products, Mara Holian, from eBay’s Product Marketing team said that eBay is tightening the rules for egoods in an effort to "improve the way these items are bought and sold on eBay".Sellers will now be required to identify digital items during the listing process and provide additional information about each product.Listings for digital products will now include:*System Requirements. *File Size. *File Format. *Details about any additional software that may be required to use the digital product, such as Adobe Acrobat Reader for .pdf files
· General Partnership · Limited Partnership · Limited Liability Company · Corporation under Chapter "C" · Corporation under Sub Chapter "S" · Revocable Trust (There are many Revocable Trust variations, since a Trust is nothing more than a Contract) · Irrevocable Trust (There are many Irrevocable Trust variations, since a Trust is nothing more than a Contract)
To learn more about avoiding fraudulent conveyance rules and how to avoid civil conspiracy theories when repositioning assets and implementation of precise asset protection systems speak with an experienced and knowledgeable financial planner and advisor in these matters such as Estate Street Partners offering free initial consultations.
I always caution against simply speaking with only an attorney and only an accountant in complex financial planning with regards to single member LLC scenarios, partnerships in Limited Liability Company formations, regulations surrounding fraudulent conveyance and civil conspiracy and asset protection. It's best to develop or consult with a group or team consisting of an attorney, accountant and financial planner or advisor to offer you the best, well-rounded protection. You will gain a more thorough understanding of the nature of asset protection from LLC formations to avoid fraudulent conveyance and civil conspiracy judgments.
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