I had an interesting discussion with an estate planning attorney about offshore annuities. Swiss annuities are a sophisticated offshore asset planning tool because the Swiss law protects these annuities from foreign creditors, including U.S. judgment creditors. The attorney informed me that the small country of Liechtenstein has annuity laws modeled after Swiss law, and in many ways, offers better asset protection annuities
Continue Reading...A divorced man has two children. One child is a financially independent adult. The other child, a minor, lives with his ex-wife. The man lives alone. The man pay child support to the ex-wife. The child support covers most of the minor child's living and education expenses. The ex-wife works and supports herself. The man asked whether a judgment creditor can garnish his wages.
Debtor inquired whether they can shelter money from a creditor by transferring the money to their private charitable foundation. The first question is whether the foundation qualifies and operates as a charitable entity for tax purposes, and if it does, the next question is whether a donation to a charity may be undone as a fraudulent transfer.
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