By Lee R. Phillips
The hot shot speakers and the hot shot lawyers go through elaborate plans where one trust owns the corporation or LLC and then that company owns another trust. One of the favorite structures is for a corporation to be the general partner of a limited partnership, thus making it so you’re not personally liable as the general partner. I have seen many structures where a corporation is the owner of all of the person’s LLCs.
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Bernie Madoff’s wife Ruth is still living a life of luxury even though Bernie has been sent to jail for 150 years. While she will probably not spend time in a cell, there is a good chance she will lose more of her assets. Her troubles come from a “commingling” problem that was triggered when Bernie’s company BLMIS transferred money to her and other companies ...