Tom Wells was recently selected and prepared Chapter 4, Asset Protection Provided with Florida Business Entities, for the Florida Asset Protection Manual. The Florida Asset Protection Manual is being written by some of the leading asset protection and wealth preservation lawyers in Florida to teach and assist other attorneys in providing estate and asset protection advice to their clients. Some of the topics included in the chapter address a comparison of various entities, an explanation of the charging order and restrictions on transferability and certain techniques to assist in preventing a bankruptcy court from disregarding such asset protection features. In light of the real estate industry downturn and economic troubles by developers and contractors, the chapter includes an analysis of fiduciary liability for directors, managers and partners of entities that are in the zone of insolvency as well as corporate clawback liability of equity owners that receive a distribution from a troubled entity. The chapter also includes 10 pages of sample provisions and language that other attorneys can incorporate into their limited partnership and operating agreements.
“I was able to combine and update several different articles and seminars that I have prepared in this area into one chapter that should be very helpful to any attorney with questions in this area,” said Wells. “This is a great book for anyone practicing in estate and wealth preservation planning.”