Asset Protection

Discussion of new developments in Asset Protection and related debtor-creditor issues, primarily from the viewpoint of planning for those who are concerned about unforeseen contingent liabilities, but also some news from the creditors' side as well. Hosted by Jay Adkisson and Chris Riser, authors of "Asset Protection: Concepts and Strategies" with supporting website at http://www.assetprotectionbook.com

Previous Posts

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Monday, February 28, 2005

Treasury and IRS Issue Guidance on Life Insurance and Annuity Insurance and Annuity Insurance and Annuity Insurance and Annuity Contracts :

http://www.assetprotectionbook.com/forum/viewtopic.php?t=1801&sid=f38428c2ba758ae8605810078aebb527

posted by Alex @ 2/28/2005 01:47:00 PM 0 comments

New Bankruptcy Bill is Baaaccckkk

Euphamistically known as that "Bankruptcy Abuse Prevention and Consumer Protection Act of 2004" (suggested subtitles: "Asset Protection Planners Full Employment Act" or "Grand Cayman Is Sounding Better All The Time Act"), it probably has a 98% probability of passing this time.

Section 224(c) potentially eliminates many protections for ERISA plans in bankruptcy.

Section 224(e) limits the amounts that can be protected in a retirement, pension or ERISA plan to $1 million regardless of contrary state law.

Section 225 will look back and limit any contributions to an educational savings plan made within two years to $5,000 and disallow them completely within one year.

Section 332 will limit the homestate exemption to $125,000 regardless of contrary state law (Florida and Texas, salute!), though there is a roughly 4-year grandfather provision -- but no exemption allowed at all in the case of fraud, felony, etc.

Amendments to Title VII looks like it will make it much more difficult to discharge tax liability in bankruptcy.

There is a lot of other anti-debtor nastiness in the legislation, but it is probably pointless to go into greater detail until the Senate finishes its consideration.

-- Jay

posted by Jay @ 2/28/2005 07:45:00 AM 0 comments

Wednesday, February 02, 2005

Missouri Attorney General Launches Probe Into Capital Title:

http://www.bizjournals.com/stlouis/stories/2005/01/31/story1.html?GP=OTC-MJ1752087487

posted by Alex @ 2/02/2005 10:32:00 AM 0 comments