Offshore Asset Protection Alert* – Lessons Learned from the Case of Michael R. Mastro

The largest individual bankruptcy proceeding in the U.S. Bankruptcy Court for the Western District of Washington has just commenced, and already creditors are taking aim at an offshore asset protection trust established under questionable circumstances. In the case of In re Michael R. Mastro, one of the most well-known real estate developers in the State of Washington lists $249 million of assets against almost $600 million in debts. The bankruptcy trustee has focused on a combination of Delaware LLCs, and […]

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Is Your LLC A Time Bomb? – UPDATED

Dear Valued Readers, When we originally sent this article on October 1st, 2009, we failed to include the change to the Arizona law which made its Charging Order provisions the “exclusive remedy” when enforcing judgments against members of a validly formed Arizona Limited Liability Company. We have updated the article to include this development. We apologize for not including this in the body of our original article; however, in the interests of accuracy, we wanted to make sure that you […]

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Is Your LLC A Time Bomb? – This article will demonstrate how to defuse it.

For the past 15 years or so, the Limited Liability Company (the “LLC”) has been the preferred business entity for tax and business purposes. The LLC has gained widespread use because it is a simpler tax and business structure to hold title to assets such as real property, business equipment and operating businesses. Although the LLC is owned by one or more Members, it can be managed by one or more of its Members or by someone who is not […]

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