Probably. Even if you will be the sole owner of your company, there are still a variety of reasons to operate under a legal entity structure. Among the most important…
Not necessarily. While insurance can help limit your personal exposure, it does not provide absolute protection. Plaintiffs’ lawyers routinely claim damages above and beyond defendant’s insurance limits, and there are…
At Romano & Sumner, we use a variety of asset protection tools, and we tailor each client’s strategy to his or her personal circumstances. No two asset protection strategies are…
The list of reasons why business owners, professionals, and investors can (and do) get sued is almost endless. That said, some of the most common lawsuits and liabilities for high-net-worth…
Generally speaking, yes. While some asset protection tools (such as certain types of irrevocable trusts) can limit the grantor’s access to his or her assets, other tools provide much greater…
Maybe, maybe not. You cannot seek compensation from a third party who is an innocent purchaser of the assets. You can, however, sue the trustee for their value (the trustee…
That depends on the terms of the trust. If the trust gives the trustee absolute discretion, there is probably nothing you can do unless you find grounds to remove the…
No, not by itself. If the trust instrument includes an investment standard, however, the trustee must comply with it. Otherwise, the trustee is held to the “prudent investor” standard. A…
Some of the grounds for trustee removal include: incompetent management of trust assets, self-dealing, failure to make required distributions to beneficiaries, and violation of the terms of the trust.
If you request information more often than once a year, the trustee is still obligated to provide this information to you as long as your request is reasonable. If he…
