Bankruptcy Act BlunderBankruptcy Act Blunder
Gideon Rothschild, partner in the New York-based Moses & Singer LLP and specialist in asset protection, reports: If a wealthy client could possibly go bankrupt in the next 10 years, now is the time for him to move his assets into an offshore trust. This is the advice planners should consider giving clients in the wake of the President's signing The Bankruptcy Abuse Prevention and Consumer Protection
May 1, 2005
Rorie M. Sherman Editor in Chief
Gideon Rothschild, partner in the New York-based Moses & Singer LLP and specialist in asset protection, reports: If a wealthy client could possibly go bankrupt in the next 10 years, now is the time for him to move his assets into an offshore trust.
This is the advice planners should consider giving clients in the wake of the President's signing The Bankruptcy Abuse Prevention and Consumer Protection Act on April 20.
Despite media reports that the bankruptcy act left a huge “millionaires' loophole,” the act actually has provisions that target the rich. The federal lawmakers had a misimpression that high-level financial fraudsters, the Bernie Ebbers types, were setting up self-settled trusts to avoid creditors...
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