Lighthouse
From the Watchtower

Notes on the law,
the cases, the discipline.

Unsigned analysis from the firm, published as the doctrine and the courts move.

March 2024

The Importance of Competent LLC Management

On the difference between forming a limited liability company and administering one — and why charging-order protection rests on the latter, not the former.

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November 2023

Beware Delaware: Trusts and Business Entities Face New Risks

On the political evolution of the Delaware Court of Chancery and what it means for the businesses and trusts that have, until now, relied on Delaware as a neutral forum.

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March 2021

In re Rensin: Foreign Trust Assets Beyond the Reach of US Federal Court

A 2019 Bankruptcy Court decision confirms the structural resilience of properly established Belize trusts, and clarifies what creditors can — and cannot — reach when the trustee remains in Belize.

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March 2017

There is No Such Thing as a Delaware Asset Protection Trust

On the Chancery Court's treatment of the Qualified Dispositions in Trust Act, the Full Faith and Credit Clause, and what the Kloiber case revealed.

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August 2016

New 2704(b) Regulations Open Door to Opportunities

On the Treasury's targeting of family limited partnership and family LLC valuation discounts — and the planning consequences for the structures that remain.

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April 2016

Cayman Islands Underwhelms with New LLC Legislation

A staff analysis of the Cayman LLC bill, and why it falls short of the protections offered by more carefully drafted competing statutes.

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December 2015

Nevis LLCs: The Business Context for Asset Protection

The Nevis LLC framework, as amended in 2015, brings together a charging-order exclusivity, a three-year sunset, a high fraudulent-transfer threshold, and a creditor-bond requirement that few jurisdictions match.

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December 2015

2015 Nevis Trust Law: Even Greater Asset Protection

The 2015 amendments to the Nevis International Exempt Trust Ordinance — five core changes that, together, produce one of the most secure asset-protection-trust regimes in the world.

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July 2015

The OneTrust: Estate Planning and Asset Protection in One Vehicle

The OneTrust framework — a discretionary estate-tax-excluded trust paired with a family limited partnership or LLC — produces estate-tax efficiency, valuation discounting, and creditor protection in a single integrated structure.

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June 2015

Official Text: The Nevis International Exempt Trust (Amendment) Ordinance, 2015

The Nevis Island Assembly approved the Amendment for enactment on 27 May 2015. The firm publishes the official text for the legal community.

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April 2015

2015 Amendments to the Nevis International Exempt Trust Ordinance

A working summary of the committee's recommended amendments to the Nevis International Exempt Trust Ordinance, prepared in advance of the Nevis Island Assembly's consideration.

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September 2014

Asset Protection for Real Estate and Commercial Interests

On the technique of converting illiquid equity in real estate or operating businesses into transferable proceeds — and the discipline required to do so without disturbing the underlying enterprise.

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May 2014

Domestic Asset Protection Trusts Continue to Falter

Mississippi joins the ranks of states selling domestic asset-protection trusts. The case law continues to confirm what the firm has long maintained: domestic asset-protection trusts do not work.

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March 2014

FATCA Compliance Review for Offshore Trusts and LLCs

On the firm's FATCA compliance posture for the structures it administers — registered, reviewed, and continuously maintained.

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June 2013

The Early Demise of the Domestic Asset Protection Trust

The federal bankruptcy decision in In re: Huber confirms what the firm has long argued: a domestic asset-protection trust cannot survive a determined creditor in the federal court system.

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February 2013

The Belize LLC: Better Than an Asset Protection Trust

The Belize LLC framework — capital contributions excluded from fraudulent-transfer law, charging-order exclusivity, a meaningful bond requirement, and non-recognition of foreign judgments — measured against the Cook Islands trust.

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February 2013

Ohio: Latest State to Offer Bogus Asset Protection

Ohio's new legacy-trust statute is a waste of time and money. Caveat emptor governs, and counsel who recommend it as an asset-protection vehicle ought to expect malpractice exposure.

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January 2013

The Protean Business Enterprise

On the protean corporate model — outsourcing tasks to corporations rather than to individuals — and the planning implications for businesses built on intellectual capital.

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June 2012

The Belize Asset Protection LLC

On the implementation of the Belize LLC Act and what its formation-date statute of limitations means for the planning that follows.

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