One of the most widely discussed and often misunderstood topics in asset protection planning is this - how does one measure whether an asset protection planning has been successful? Clients often come to me asking for a "bullet proof" structure. Some envision a scenario where they can retain ownership (or at least control) of 100% of their assets regardless of how much they might owe creditors or what judgments Read More
Does the NBA Know Something We Don’t?
Bleacher Report recently published a lengthy article suggesting that many might soon be wagering on NBA prop bets nightly "should sports betting become federally legalized throughout the U.S. and the NBA develops a wagering structure for fans in arenas and at home". What??? Sources involved with the situation stated that the NBA has been in recent negotiations with several global sports betting companies, which Read More
It's All About the Timing
When undertaking asset protection planning, one of the most important considerations is timing. You don't want to be like Artie Fufkin, who admitted that he "f*cked up the timing" on a very important project in Chicago many years ago. The ideal time to implement an asset protection strategy is before there are any creditor threats on the horizon. The reason for this is to avoid any fraudulent transfer issues. If Read More
Open Innovation Efforts Gaining Traction at Indian University
Prime Minister Narendra Modi has launched a prestigious venture to raise quality standards of Indian products to attract capital and technological investment in India. The initiative is called ‘Make in India’. According to The New Indian Express, The Innovation and Entrepreneurship Development Cell at Cochin College of Engineering and Technology is being launched this week. The Cell is aimed at developing Read More
Resorts Gets It
Land-based casino owners (well, at least the ones who aren't dumb jerks) seem to have finally turned away from the "old" way of thinking (circa the mid to late 2000s) that online gaming is a threat to their business. Most of them have gradually been dragged (some kicking and screaming) into the 21st century way of thinking, which is that brick and mortar casinos can leverage online gaming to expand their business. Read More
Crowdsourcing to the Rescue!
Thanks to Laura Keeney of the Denver Post for picking up on DigitalGlobe's efforts to assist the earthquake relief effort in Nepal through the use of CrowdSourcing. DigitalGlobe is enlisting the general public's assistance with relief efforts in Nepal following Saturday's magnitude-7.8 earthquake, and anyone with an Internet connection and some spare time can help. The company on Saturday deployed its FirstLook Read More
Pennsylvania on the Front Lines
Pennsylvania State Representative John Payne (R - District 106) has introduced an online gaming expansion bill in the House of Representatives. Payne’s bill, (HB 649) would only legalize online poker in Pennsylvania - not all forms of online gambling - although the legislation seems to leave the door for a more comprehensive approach. The bill currently has 18 other cosponsors. Not to be outdone, days later a new Read More
Give It Away Now
What does the most fundamental concept in asset protection planning have to do with a Red Hot Chili Peppers song from the early 1990s? http://www.youtube.com/watch?v=Mr_uHJPUlO8 The first and most fundamental step in almost any asset protection plan is to give away your assets. Well, it's not necessarily accurate to say you give them away, but you typically transfer them. You make it so that you don't own them Read More
An Ace That You Can Keep
Most people who are old like me are familiar with the Kenny Rogers song "The Gambler". The premise of the song generally is that life involves a series of decisions that require us to analyze risk and reward, much like gambling. Historically in the United States, opponents of gambling have cited reasons such as increased crime, gambling addition, religious prohibitions, regressive taxation, and the other usual Read More
