Posts

Protect the Proceeds of your Company’s Future Sale Now

Sell buttonThe business you’ve been growing is now generating income and making distributions. So it’s not inconceivable that someone (or some people) may want to buy it in the future.

 

But how do you protect what you’ve accumulated until it does sell?  

And after the sale, how do you protect what you receive?
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What’s “Limited” in a Limited Liability Company and Other LLC Questions Answered

moneyMaybe it’s the business protection version of “How much does a pound of feathers weigh?” The clients asked, “If a limited liability company is a great way to protect assets, then why is it limited?”

Great question. Read more

Update on the Billionaire Who Adopted His Girlfriend

An update from our original post.

Remember John Goodman, the Florida billionaire who adopted his 42-year-old girlfriend to shield his assets?  He anticipated that the parents of the boy he killed were going to sue him.  Well . . .

The parents settled with him for $33 million.  And his girlfriend is still his adopted child.  Go figure how this one will untangle. Presumably they’re still dating. Read more

The Man Who Adopted His Girlfriend…An Unbelievable Legal “Strategy”

moneyThe law may not permit or forbid something, but consequences can snare you – or is it divine justice?  Consider: if you could legally adopt your girlfriend, would you really want to?

That was what 48-year-old Florida mogul John Goodman did. You remember him? In February, 2010, after a night of serious drinking, Goodman blew through a stop sign at 63mph and smashed his Bentley into a Hyundai driven by a 23-year-old heading home to his parents’ house. Read more

Read This Article Before You Create a Will Online

Fine PrintToday’s questions:

  • What good is a “satisfaction guarantee” from an online will company when the problems with the will don’t become clear until you’re dead?
  • Why buy an online will kit from sellers who warn you that the content of their site is not guaranteed to be correct, complete or up-to-date?

I was recently presented with a will prepared through an online service. The person who downloaded it, filled in the blanks, and signed it would never know the problems created by the online form, as he had passed away.  But now, upon review of the document following his death, the problems with it were becoming clear to his family. Read more

Shielding Personal Assets from Business Risks

blank business card

A proprietorship is the business equivalent of nothing. A vacuum. You’re a proprietorship if you never bothered to incorporate or LLC your business. So proprietorships are the cheesecloth of business entities: everything passes through a proprietorship to its owner — including creditors.

On the asset protection scale of what works, a proprietorship is a zero.

So why would someone want to be in a business as a proprietorship?  Well, it’s seductively easy, a real do-it-yourselfer. Pick a name for your business.  Print up some business cards and stationery showing the name.  Get a website. Voilà. You’re now a proprietorship.  But big deal. Read more

Fox+Mattson Featured in 2011-2012 LLC Handbook

Fox+Mattson, P.C. has again provided the Georgia model LLC documents for the 2011-2012 edition of the “Limited Liability Company Handbook” published by West Thomson Reuters as part of their Securities Law Handbook Series. The Handbook is edited by Mark A. Sargent, Dean of the Villanova University School of Law, and Walter D. Schwidetzky,  Professor at the University of Baltimore School of Law.

After Death, Don’t Rush The Net

Memo to someone who has just lost a loved one: don’t rush the net.

You’re kidding, right? Not at all. There is no legal reason to do anything quickly. And there are lots of legal reasons not to. Go be with family. Talk to clergy and friends. And do as little as possible with tax-significant assets.   Read more

Asset Protection ABC’s

Lawsuits are filed for all sorts of reasons. (For some really bad reasons, check out www.StellaAwards.com, which is named for the woman who sued McDonalds over that hot coffee.) Unexpected things also happen, and sometimes they lead to suits. And people in affluent areas are easy targets to blame . . . and sue. So how do you hedge the bet? I can wait, right? Won’t my liability insurance protect me?

Maybe. It’s great to have coverage, so the insurance company’s lawyers come in to handle when you’re sued and the insurance can cover any damages.

But what if you’re sued for something which isn’t a covered risk? Read more