To say Waldron v. Huber is a complex case would be a gross understatement. The Huber case included Alaska LLCs, Washington properties, a failing partnership, and a Domestic Asset Protection Trust (DAPT). A recent Forbes article, titled “Domestic Asset Protection Trust Blows Up Bigger Than Alaska In Huber Case” provides an accurate description of the outcome.
Bottom line: in Huber, the courts found the legal planning to be too-good-to-be-true. The comprehensive analysis of the case by Forbes article is instructive, highlighting certain considerations before electing to deploy a DAPT as part of your asset protection planning whether you are in Overland Park or elsewhere.
Remember: When making your financial, tax and estate plans, don't go it alone. Be sure to engage competent professional counsel.
Reference: Forbes (May 22, 2013) “Domestic Asset Protection Trust Blows Up Bigger Than Alaska In Huber Case”