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It has long been an idea that if you have debts, especially IRS debts, and you are about to receive an inheritance, one way to protect it is to disclaim.  Well as of 2014 that is no longer the case.  Based on a case (Est.of Deinlein, D.C., Ky.) which held that the since the tax debtor had the ‘right’ to the inheritance, the IRS claim is valid and they can still reach the money.

From an Asset Protection standpoint, this is just a plain failure to plan.  The solution would have been for the parents to provide for the inheritance in a Trust which contained spendthrift provisions in it which would have specifically excluded the creditors of their son from accessing the money.  These provisions would have changed the son’s access, or as the court stated his ‘right to’ the assets, and then changed the outcome of the case.

The solution is planning.  As is virtually always the case with Asset Protection, planning ahead is a huge benefit, and waiting and attempting to plan from behind almost always fails!

 

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Pashmina Lalchandani

CEO & Co-Founder, Bar & Cocoa / Owner, Flow Simple
December 9, 2010, Douglass was a client of Pashmina’s

I’ve known Doug in many contexts, as a friend, as a client and as a business partner and he impresses me on all levels. He’s dependable, smart, generous and I wouldn’t hesitate recommending him and his law firm to anyone.
He’s the best and most ethical lawyers providing asset protection with rock solid strategies to give you peace of mind about your wealth. Straight forward, and straight talk. Doug is exactly the lawyer I want on my side. If I send someone to Doug, I know they’ll thank me for it!

Social & Solar Entrepreneur, Pan Afrikan Theorist, Translator/Interpreter,
Founder & Visionary Leader @ Afrikanpride.
March 12, 2011, Marlon E. D. J. worked with Douglass but at different companies

Doug is one of the most powerful thinker i have came across. During the short time that i have known Doug he has been a great source of inspiration. He has a simplistic yet effective and accurate way to analyze anything you bring to his attention, and then by asking you key questions he gets you to see the light at the end of the tunnel. Besides being extremely bright, he is a genuine and caring individual which is why I feel fortunate to know him. I can say without a doubt that he his the person you would want to talk to if you were in need of a person with his expertise.
Most of the lawyers out there will probably meet your needs, but if you are looking for someone to exceed your expectations and give you that wow factor, look no more he is the person for the job.

Patricia Salter

Associate Dentist at Smileology
December 1, 2010, Patricia was a client of Douglass’

I have been a client of Douglas Lodmell’s since 2001. My main concern was asset protection in this litigious society. I can sleep alot better at night knowing I have the instruments in place to protect the fruits of my labor, and that they will not end up in the hands of a slick trial attorney.

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