Ronald C. Iacone Jr., Esq.
Ronald Iacone is the managing and founding partner of Iacone Law. He focuses his practice on asset protection representation, business and international law, and appeals to the interrelatedness of the three to best discuss your issue and solution.
The World’s Favorite New Tax Haven Is the United States
This is the title of a recent article by Jesse Drucker of Bloomberg. The article starts off: You can help your clients move their fortunes to the United States, free of taxes and hidden from their governments. Some are calling the new Switzerland. This is nothing new. The United States has been helping foreigners shield their money for a very long time. In fact, during the seventies and eighties, Delaware capitalized on the heyday of globalization by advertising its services to the world as a pioneer in offshore secrecy incorporations. See page eight (8) of this report from the Tax Justice [...]
The Good, Bad and Ugly: Choosing Your Trust Protector
The linchpin of the offshore trust hinges on control -- or lack thereof. In essence, the offshore trust requires that you trust a foreign trustee who will be given exclusive control over your assets. This separation of ownership must be absolute and anything to the contrary will run against its efficacy as an asset protection and estate planning structure. This can be an uneasy feeling for some. Naturally, relinquishing ownership over your assets and placing control in the hands of a stranger is an intimidating proposition; undoubtedly, this is a legitimate cause for concern. The following questions thus linger in the minds of those considering [...]
Writing A Beautiful Business Purpose
German philosopher Gotthold Ephraim Lessing once said that "for me the greatest beauty always lies in the greatest clarity." It follows, then, that drafting a beautiful and adequate business purpose for your company requires a certain degree of clarity. Regrettably, Lessing would be much disappointed with the way most business purposes are written today. In fact, the oft-neglected business purpose, much to the dismay of Lessing, has many-a-times been reduced to the following five word sentence: "Any and all lawful business." Neither clear nor beautiful. Rhetoric aside, though, defining your business purpose with sufficient clarity actually serves a purpose beyond the actual [...]
Consider An LLC With A Board of Directors
It certainly isn't commonplace to think of the limited liability company (hereinafter "LLC") as having a board of directors. In fact, it may be that most individuals, upon hearing the words "board of directors," immediately assume the topic of conversation revolves around the action of some corporation. In other words, it might be thought that having a board of directors is exclusively reserved to corporations, and not LLCs. I'll take the liberty and cut through your anticipation: they are not. By way of introduction, all business entities are persons under the law by means of the contracts that create them. For example, the LLC [...]
The Offshore Trust: A Primer
The offshore trust reigns supreme when it comes to superiority and efficiency in the asset protection world. They are not subject to the jurisdiction of United States courts nor can they be persuaded by results-oriented U.S. judges and juries. In fact, if properly structured, the offshore trust provides more protection and security than any other structure utilized in the asset protection realm (with the caveat that the offshore trust may not be necessary in every circumstance). Still, when used in combination with the limited liability company, limited partnership and other offshore and onshore structures, the offshore trust is a formidable tool that gives you much leverage against a [...]
Yes, You Need A Trust Protector
The importance of having a trust protector should not go overlooked. Generally, the protector is in charge of overseeing trustee actions for the sole purpose of preserving trust assets. Specifically, the protector can be whatever you want her to be as per your trust documents. Thus, while a properly structured trust protects assets against outside creditor attack, the protector, evidently, protects trust assets against internal threats by the trustee. In essence, the protector acts as another layer of protection for your wealth. To better understand its function, consider the following illustration: Here, the trustee is in charge of administering and managing the trust. Assets are [...]
Texas Court Orders Recognition Of $123 Million Dollar Moroccan Judgment
The enforcement of international judgments in the United States hinges on the procedure outlined by the state in which the judgment is trying to be enforced. As a general matter, the out-of-country judgment must first be recognized, or domesticated, before being enforced. This is clearly a public policy issue as some countries do not comport with the same notions of judicial fairness and impartiality as we do in the United States. Thus, a party seeking to enforce an international judgment in the United States must first have a U.S. court recognize it as valid. On September 30, 2015 the District Court [...]
Compliance With Foreign Law In The International Contract
A fundamental clause to include in your international contract is perhaps the one most missed: compliance with foreign law. This clause, one of the smallest to boot, designates responsibility to each party to comply with the laws of their respective country. In general, one party is in charge of exactly that (compliance with foreign law) while the other retains a supervisory role with oversight over the subject matter. For example, depending on the particular circumstances unique to each case, it is recommended that the compliance clause is drafted in such a way that the contract does not close until the party in charge of [...]