Paul Deloughery
Blog
99% of Asset Protection Plans Don’t Work
I saw attorney Jay Adkisson speak at an attorney conference today. He’s been an asset protection attorney for decades. Now he spends most of his time helping creditors collect on judgments, but also help with asset protection. In other words, he plays on both sides of...
Why Did I Become a Lawyer?
Why did I become a lawyer? I’ve been a lawyer for about 20 years. The reason I personally went to law school was to figure out how the world works (and do you have the opportunity to make more money). Prior to going to law school, I was a musician, and I have to admit...
Who Needs an Asset Protection Plan?
This question is like asking, “Should my baby get vaccinated?” Sure, the chance of getting polio in the U.S. is now quite low (due to the push in years past to vaccinate all children). But … if your child is unlucky enough to get polio, he or she could end up in a...
Part Three: Using an Onshore Versus Offshore Asset Protection Trust
I recently learned that the U.S. is actually one of the top three tax and asset protection countries in the world. The Tax Justice Network ranks the U.S. third in terms of the secrecy and scale of its offshore industry, behind Switzerland and Hong Kong but ahead of...
Part Two: Using an Onshore Versus Offshore Asset Protection Trust
In the last blog post, I mentioned that moving your assets out of the U.S. (for a U.S. citizen) to a trust under Cooks Islands law gives you enormous leverage. So how do you get over the hurdle that most people don’t want to send their assets to a strange trust...
Risk of Using Domestic Asset Protection Trusts
The Full Faith and Credit Clause is found at Article IV, Section 1 of the U.S. Constitution. It states: Full Faith and Credit shall be given in each State to the public Acts, Records, and judicial Proceedings of every other State. And the Congress may by general Laws...
Part One: Using an Onshore Versus Offshore Asset Protection Trust
I’ve been doing asset production planning since 2004. (What is asset protection? It is the combination of various legal strategies to help shield a client from predator creditors, nuisance lawsuits, and generally losing one’s life savings as a result of an angry...
Reconsidering What’s Important
I’m 50 years old, but I think I’m turning into a millennial. Keep reading and you’ll see what I mean. My family is in the process of downsizing from a house to an apartment that’s half the size. (This is an update from a previous blog in which I said we were going to...
Just Because I Think It’s a Good Idea Doesn’t Make It So
After five years, I’ve finally come to a realization. I need to change the name of my law firm. In 2013 when I started practicing law again, I came up with the name “Magellan Law.” I liked that name for two reasons. First, I like the ocean and water and ships. Second,...
Who Can You Trust with Your Trust?
The issue of trust is a biggie for me. I suspect it is for most people. That’s especially the case when it comes to your money, and who will be in charge if you get dementia or if you pass away. (Don’t know what a “trust” is? You can read a short description here.)...