Change Financial Firms To Cure Defective Tenants by Entireties Registration

Jon Alper Fraudulent Transfers

One this week’s clients made a mistake when he opened a financial account. On the account application he checked the ownership title box labeled “jtwros” ( joint tenants with rights of survivorship) when two below there was another box labeled “tenants by the entireties”. Florida law presumes a jtwros account is a T by E account and that the property …

Proposed IRS Regulations Will Affect Asset Protection Planning With Family Limited Partnership

Jon Alper Limited Partnerships and LLC

The IRS has issued regulations concerning the estate planning benefits of family partnership. These regulations can affect asset protection planning because they reduce the effectiveness of estate planning rationale for transfers of non-exempt assets in to family partnerships. The IRS proposed regulations were discussed in an article in the Wall Street Journal. Limited partnerships can be used for asset protection …

Employee Stock Purchase Plans Are Not Exempt Assets

Jon Alper Audio, Florida Exemptions, Gallery, Image, Link, Quote, Standard

A client asked me during a consultation whether his employee stock purchase plan was an exempt (“ESSP”)  asset.  The client’s ESSP was provided by his employer. The employer is a publically traded company. The ESSP plans provides employees the opportunity to purchase employer stock at a ten percent discount to current market value.  The employee pays tax on the benefit …

Unreasonably Liberal Loan To Owner May Be A Fraudulent Transfer

Jon Alper Uncategorized

A business owner wants to protect the business’s assets, mostly cash, from a creditor that is suing the business. He wants to transfer the business’s cash to himself, the owner, but is concerned that the transfer may look like a fraudulent conveyance from the business to himself. So, he has the business loan him the cash and he executes a …

Exemptions From Criminal Restitution Orders: An Update

Jon Alper Uncategorized

I want to update a 2015  post on the subject of  federal criminal restitution collection.  I wrote that state law exemptions such as Florida homestead would not stand up against federal collection, but that state property law would apply so that tenants by entireties assets would be exempt from restitution orders against one spouse. I had recently to address the …

Delaware Law Prohibits Bank Account Garnishments

Jon Alper Writ Of Garnishment

Delaware banking laws can provide  protection from bank garnishment and judgment collection. Section 3502 (b) of Delaware Statues provides that banks and trust companies in Delaware shall not be subject to the attachment laws. The statute is over a century old having been enacted in 1871. In most respects a Delaware bank account is no different than accounts at popular …

Does The Fraudulent Loan Statute Pertain To Money Lending?

Jon Alper Creditor Rights

Suppose a judgment debtor pays a significant amount of cash to a relative or business insider and says that the money transfer is to repay a loan. The relative or insider did previously give money to the debtor, but suppose the debtor never paid back any of the loan, never paid interest, and the debtor cannot produce a promissory note. …

United States May Garnish Wages of Head of Household To Collect Criminal Restitution

Jon Alper Florida Exemptions

A client entered into a criminal plea agreement three years ago stemming from his violation of federal securities laws. The plea agreement included restitution to the victims of his wrongdoing. There is a money judgment against the client for restitution. The client wants to know if the restitution judgment may be enforced against exempt assets, specifically, his wages as head …

Federal Agency Freezes Defendant’s Assets Before Adjudication

Jon Alper Creditor Rights

A new client contacted me because his bank accounts were attached and frozen by a U.S. federal agency that had recently filed a lawsuit against him seeking civil damages for his violation of certain federal regulatory laws. He wanted to know how the government could effectively freeze his assets without him first having the chance to defend himself against their …