Asset Protection

July 14, 2009

When Do It Yourself Asset Protection Goes Wrong

Attorney Kevin W Davidson of the Green Bay Wills, Trusts & Estate Planning Blog wrote an article on the pitfalls of Do it yourself asset protection where he talks about some of the problems with trying to protect your own assets.

Over the last 6 months the number of inquiries for asset protection have significantly increased. Unfortunately most of these people did not take action when they had significant assets without potential liabilities, but are only now beginning to consider it as the liabilities become a certainty. While there are things that can be done at this stage to protect, reduce the risk of loss, or increase the ability to negotiate one’s debts, it is always best to address these issues prior to problems arising.

If you would like to discuss Florida Asset Protection you should Contact a Florida Asset Protection Lawyer.

July 13, 2009

IRA and Amnesty Program about to Expire

by David M. Goldman

A few months ago the IRS announced a voluntary disclosure program for undeclared foreign accounts. This six months program closes on September 23, 2009. For qualifying taxpayers who come forward and report their undisclosed foreign bank accounts and pay back taxes for six years plus interest and some penalty, the IRS agrees not to bring criminal charges or assess the 75% fraud penalty. What most are not resporting is that the IRS will require disclosure of all who had knowledge of the program and are likily to require you to be a witness in cases against those professionals who had knowledge or helped in the tax avoidance schemas.

On June 30, 2008 a federal court authorized the IRS to serve a “John Doe” civil summons on UBS, demanding the names of approximately U.S. clients who hold off-shore bank accounts. On February 18, 2009, UBS entered into a Deferred Prosecution Agreement with the Department of Justice and agreed to pay $780 million to the U.S. and to disclose the names of between 250-300 of its U.S. clients who had maintained secret accounts at UBS. Now the IRS has sued to enforce the earlier John Doe summons seeking the disclosures of the owners of about 52,000 UBS Swiss accounts. It is estimated that these accounts hold some $17.9 billion in assets. The 52,000 accounts are just at one bank in one country. No one knows how many other accounts in other jurisdictions and financial institutions are unreported.

In addition, UBS has notified many of its U.S. clients that their secret bank accounts will be terminated. Closing the accounts is going to put the account holders in a tight spot. They have two choices: 1) transfer the money to banks in other “bank secrecy” jurisdictions which would create a paper trail discoverable by the IRS, or 2) repatriate the funds to the U.S and come clean with the IRS.

June 16, 2009

Asset Protection Lawyers can help structure assets

by David M. Goldman

Florida Asset Protection Attorneys can help structure the ownership of assets to protect from liabilities and creditors. Often individuals own a bulk of their assets individually or in a Florida Revocable Trust, or in a corporation. The assets and businesses held in these entities can be subject to the claims of creditors if a judgment is obtained against the individual. In touch economic times like these it is more important than ever to protect your assets from the claims of creditors. You should discuss your assets and potential liabilities with a Florida Asset Protection Lawyer who also knows about Florida Estate Planning to make sure they are protected to the extent possible from claims that could cause you to lose the assets or income you have worked hard to create.

May 21, 2009

FDIC Deposit Insurance extended to December 31, 2013

by David M. Goldman

Today it was announced that deposits at FDIC-insured institutions are now insured up to at least $250,000 per depositor through December 31, 2013. On January 1, 2014, the standard insurance amount will return to $100,000 per depositor for all account categories except for IRAs and certain other retirement accounts which will remain at $250,000 per depositor. (This supersedes the October 3, 2008 changes.)

February 13, 2009

Eight Ways to Lose a Noncompete Case

by David M. Goldman

Jay Shepherd who writes the Gruntled Employees Blog has a good article on the “Eight Ways to Lose a Noncompete Case.” Here is his list of the 8 most common ways companies to lose a noncompete case:

1. Putting too much faith in the belief that the court will enforce the language of the noncompete agreement as written.

2. Trying to enforce a noncompete against employees who really don’t possess any confidential information or customer relationships.

3. Drafting the noncompete too broadly.

February 12, 2009

Florida Parents May be liable for Children’s Car & Motorcycle Accidents

by David M. Goldman

Do you remember when your child turned 15 and you or your spouse brought them to get their first Florida drivers license. Did you read the fine print? You may not have realized that you agreed to financial liability if the damage is due to negligence or willful misconduct of the minor. Florida Statute 322.09. If you have a minor child under the age of 18 you might think about protecting your assets because of the financial liability you have agreed to. Once the child turns 18, be sure and revoke your financial commitment. To learn about Florida Asset Protection, Contact a Florida Asset Protection Lawyer.

February 11, 2009

Automobile Trust and Florida Asset Protection

by David M. Goldman

Most residents of Jacksonville and Florida could benefit from a Florida Vehicle Trust if they have children who drive their vehicles or in the case that a judgment is in excess of their insurance limits.

A Florida Vehicle Trust protects your assets by holding title in a specifically designed trust. In Florida the owner and the driver of a Car, Motorcycle, or other vehicle is liable for any damage done by the driver of the vehicle.

Many parents are concerned about damage that their child, or a friend of their child’s may do when loaned the vehicle. Using a Vehicle Trust can protect your assets from excess liability that is created when the damage done by the driver and/or vehicle is in excess of the insurance on the automobile.

January 7, 2009

Non-Compete Agreements

by David M. Goldman

As a Jacksonville Florida non-compete Lawyer, I often am asked about some of the provisions that are contained in a Florida employment agreement. I found an article on the Texas Non-Compete Law Blog, entitled Texas Executive Employment Agreements: Checklist for Employees and thought that the information would be relevant to my Jacksonville Clients. I have based this information on what was contained in that article, but modified removed some information and added some that is specific to Jacksonville and throughout Florida .

1. Term of Employment. Employment agreements are either for a fixed term or at-will. Most at-will employment agreement can be terminated by either party at any time for any reason. Some Jacksonville employment agreements are for a fixed term (e.g., a six-months or one-year term) also contain provisions pursuant to which the employer may terminate the employee “for any reason” on shorter notice (e.g., “thirty days’ notice”). Such an agreement is in reality a 30-day employment contract.

2. Position, job duties, location. Florida Employment agreements routinely contain provisions outlining what the employee’s title will be, what their duties will be, who the supervisor will be, and where the work will be performed.

June 20, 2008

LLC’s and Asset Protection and Legal Zoom

by David M. Goldman

Florida LLC’s are one of the best choices for a new business entity. When thinking of forming a company, may people only look for low taxes and protection from liability.

Unfortunately, many are misinformed as to the protection that a corporation can offer. While it is true that a corporation and a Limited liability company can both protect a persons personal assets from corporate liability (in most cases), only the properly created Florida LLC can protect your business assets from personal liability.

If someone sues you and wins, they can take your stock in your corporation just like they could take your stock in GM. Once they own your stock, they can sell the company, fire you, and liquidate the company. If this happened to you it could cost you your livelihood.

June 19, 2008

Revocable Living Trusts, Dog Bite Statutes & Strict Liability in Florida

by David M. Goldman

Seven weeks ago, I got a new puppy. I was thinking of a way to protect myself from Florida’s Strict Liability for Dog Bites. Most states have a one free bite rule, but Florida does not and makes the owner of the Dog liable for all damage by the dog from the first bite.

In walks the Florida Revocable Trust. I began thinking that if you set up a separate revocable trust that owned the dog, you could transfer the liability of the dog’s future actions to the revocable trust.

I began reading the Florida Statutes and sure enough the statute states that the “owner” is the party liable. Figuring that this must be too easy, I kept reading. It seems that when the state creates statutes, the often hide the real details in some other part of the statute. Sure enough after a few minutes I found that “Owner” as defined in the statute means any person, firm, corporation, or organization possessing, harboring, keeping, or having control or custody of an animal or, if the animal is owned by a person under the age of 18, that person’s parent or guardian.