All articles tagged with #asset protection
Joyce Gifford's experience highlights the complexities and potential pitfalls of placing a home into a trust, as she discovered her ownership was transferred without clear understanding, leading to stress and legal battles after the firm McClure went bust. The case raises concerns about the effectiveness and regulation of asset protection trusts, with others sharing similar stories of financial loss and confusion.
Abu Dhabi's international financial center is attracting billionaires like Changpeng "CZ" Zhao, the Adani family, Ray Dalio, and Vladimir Lisin, who have set up special purpose vehicles to safeguard their assets. This new wealth hub is gaining popularity among the world's richest individuals, offering a secure environment for asset protection and financial activities.
Former CFTC chairman Timothy Massad has called for the creation of a self-regulatory organization, jointly overseen by the SEC and the CFTC, to establish basic standards for asset protection, fraud prevention, conflicts of interest, and reporting requirements in the cryptocurrency industry. Massad argues that waiting for litigation to conclude is not feasible due to the lengthy process and the potential for regulatory changes in the future. He emphasizes the need for immediate standards while the industry continues to evolve and the classification of cryptocurrencies as securities remains uncertain. This approach would avoid the need to rewrite securities laws and mitigate unintended consequences.
California-based estate planning and asset protection lawyer, Brittany Cohen, advises against leaving anything to your children when you die, as it can lead to serious financial and legal issues. Instead, she recommends creating a living trust and making your children beneficiaries. Cohen also advises against adding your children's names to the deed of your primary residence and going through probate court. She suggests seeking advice from an estate lawyer or financial planner to protect your assets and set your loved ones up for success.