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Everyone knows how to draft a partnership or LLC agreement. At least that is the sense one gets from talking to lawyers. Unfortunately, many attorneys are lulled into a false sense of security by the wonderful forms that everyone has access to. When copies of LP and LLC agreements became available on EDGAR online, every attorney received access to the documents drafted by the big law firms.
On May 29 the Governor of Nevada approved Nevada Senate Bill 350 which creates a new type of limited liability companies and limited partnerships. For simplicity, we will focus on the LLCs only.
Last time we discussed the new Voluntary Disclosure program rolled out by the Treasury beginning of April and expiring on September 22, 2009. The goal of this program is to bring into the fold undisclosed foreign bank accounts and with them, a lot of tax revenue. The voluntary disclosure program is confiscatory and will be a tough pill to swallow for many taxpayers with undisclosed accounts.
Several years ago the Justice Department subpoenaed names of Americans who had Visa and MasterCard accounts with offshore banks. The IRS then offered these taxpayers a choice, come forward voluntarily and we will waive criminal prosecution and some monetary penalties, or wait until we get to you and then take the risk of criminal penalties.
We spend so much time dealing with the technicalities and the nitty-gritty of Asset Protection that sometimes we lose sight of the forest for the trees. Every now and then it helps to step back and review some basic principles.
Investors who recently learned that their investments with Bernard Madoff are all but worthless may soon find that this is only the beginning. They may soon learn that they will be asked to return any distributions they received from Madoff in prior months or years. Whether some of these investors will be required to pony up may depend on where they live or what their assets are.
It all started in July of 2007. The banks stopped lending and asked for collateral increases. Mortgage brokers and smaller lenders sought the safe haven of asset protection. From small local operations to national, publicly traded companies, we were representing dozens upon dozens of brokers, lenders and financiers. Back then no one could yet foresee what was to come a year later.
Over the past few years we have managed to build our law firm into the largest asset protection practice on the West Coast. What is the secret of our success? There is no secret. It has been built on three simple tenets…
ESOPs (employee stock ownership plans) have been around for over 30 years, with S corporation ESOPs since 1998. Many of us have heard of them, yawned, and changed the channel. So, in a couple of paragraphs, here is everything you need to know to sound intelligent at parties populated by tax geeks.
Foreign bank accounts have always been an important consideration for wealthy Americans. Whether the objective is privacy, tax planning, asset protection, currency hedging or broader investment choices, a foreign bank account can accomplish some or all of these goals.