Author Archive: Howard Rosen, Esq.

In Asset Protection Legislation, Alaska Takes a Leap Ahead of Other States, But It’s Still a State

Howard Rosen, Esq. • March 17, 2004

On July 10, 2003, Alaska amended its 1997 Alaska Trust Act (the “2003 Bill”) in an effort to stay in the forefront of the growing list of states seeking to generate trust business by providing settlors with creditor protection and estate freeze legislation. This type of legislation attempts to rival that offered by certain offshore jurisdictions. The 2003 Bill makes Alaska more attractive as an domestic asset protection situs. As a state in the United States, however, Alaska falls short of providing the ultimate protection offered by certain offshore jurisdictions – lack of U.S. court power to upset asset protection planning.

Legislative Update: Cook Islands – 2003

Howard Rosen, Esq. • August 20, 2003

In 2002 the Cook Islands were removed from the OECD blacklist (See, APN, XI, No. 2), and, on May 7, 2003, the Parliament of the Cook Islands passed a suite of Acts to update its money laundering prevention laws and procedures with the expectation of also being removed from the FATF blacklist.

A Review and Critique of the 2003 Utah Trust Law Amendments

Howard Rosen, Esq. • July 17, 2003

On March 22, 2003, Utah joined the growing list of states which have enacted asset protection trust legislation. This article provides a review and critique of those provisions of the Utah legislation which pertain to asset protection. Trusts which are subject to the new legislation will be referred to herein as “Utah trusts”.

Review of Offshore Jurisdictions: Jurisdiction 6 – Cayman Islands

Howard Rosen, Esq. • April 17, 2003

With this issue we continue our periodic review of selected offshore jurisdictions. These reviews cover such factors as the legal system, the geographic location, communications facilities, availability of professional services, and other items we deem pertinent.

Special Protective Measures Required: For Retirement Plans, Real Estate, and Accounts Receivable

Howard Rosen, Esq. • November 17, 2002

How do we go about protecting real estate, accounts receivable, equipment, and similar immovable assets (in this newsletter, we’ll call these “fixed assets”)? We have to make such assets unattractive to the creditor.

Tenancy by the Entireties Protection Weakened: The Craft Case + Cook Islands / Nevis Update

Howard Rosen, Esq. • May 16, 2002

Tenancy by the entireties (“TBE”) is a form of joint ownership which is created during marriage and which can only exist between spouses. Among the traditional legal characteristics of TBE is that one spouse cannot mortgage, sell or otherwise dispose of any portion of the property without the joinder of the other spouse, as the property is deemed to be owned by the marital unit and not by either spouse individually.