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The New Estate-Planning Environment
The simplest 2012 transfers were mere outright gifts of assets or business interests from parents or other benefactors to their children or other heirs. These may have been accomplished by writing checks, transferring securities or assigning interests in entities. The problem with these types of transfers is that they would be exposed to taxes, creditors and divorce in the hands of the heirs. While this may not constitute prudent planning, some wealthy clients did it simply to avoid the costs and/or complexity of transfers into irrevocable trusts.
More significant transfers that were better planned were made to irrevocable trusts. While there are undoubtedly more than 50 shades of variation in all the trusts that were used, most might be classified into one of the common broad categories below. The following explains in general terms some of the common 2012 trust variations and some of the impact each might have to a future matrimonial action. Bear in mind that different estate planners might use different names for these trusts. The goal is to illustrate the general concepts and how they might affect future divorce actions.
Why So Many Great Lawyers Stink at Business Development and What Law Firms Are Doing About It
Why is it that those who are best skilled at advocating for others are ill-equipped at advocating for their own skills and what to do about it?
Bankruptcy Sales: Finding a Diamond In the Rough
There is no efficient market for the sale of bankruptcy assets. Inefficient markets yield a transactional drag, potentially dampening the ability of debtors and trustees to maximize value for creditors. This article identifies ways in which investors may more easily discover bankruptcy asset sales.
The DOJ's Corporate Enforcement Policy: One Year Later
The DOJ's Criminal Division issued three declinations since the issuance of the revised CEP a year ago. Review of these cases gives insight into DOJ's implementation of the new policy in practice.
A Lawyer's System for Active Reading
Active reading comprises many daily tasks lawyers engage in, including highlighting, annotating, note taking, comparing and searching texts. It demands more than flipping or turning pages.
Blockchain Domains: New Developments for Brand Owners
Blockchain domain names offer decentralized alternatives to traditional DNS-based domain names, promising enhanced security, privacy and censorship resistance. However, these benefits come with significant challenges, particularly for brand owners seeking to protect their trademarks in these new digital spaces.