We are pleased to present to you, via the link above, the Denha & Associates May 2017 Law Blog. Our first article, “Prenups And Trust Planning”, explores some of the reasons why a Prenuptial Agreement may be needed while also providing an alternative strategy to accomplish the same result through the use of a Domestic Asset Protection trust. Discussing the concept of a Prenuptial Agreement is a tough conversation, but being familiar with the reasons why one may be in your best interest (and your future spouse) may lessen the tension when the topic arises.  Remember that drafting a Prenuptial Agreement is not a preemptive, unilateral action. An open dialogue which is properly framed will go a long way.  Conversely, the Domestic Asset Protection Trust (“DAPT”), as discussed in prior posts, is an irrevocable trust that is self-settled, or one that you create on your own. Unlike a Prenuptial Agreement which cannot be a unilateral action, the creation of a DAPT can be unilaterally done provided assets are transferred to the DAPT at least 30 days prior to marriage.  Why is this important?  If properly done, there may not need to be a Prenuptial Agreement done or even the conversation about having one.  Of course there may be some people who want to have both a Prenuptial Agreement and a DAPT and this is yet another option. This dual technique provides an additional layer of protection between the assets and the prospective spouse.  Other techniques exist so click on the link above to learn more.

Our second article, “Debt Charge Offs And Subsequent Collection Process”, written by Lance T. Denha, Esq. who serves in an Of Counsel capacity to this firm and is licensed in both the states of Michigan and Florida, counsels judgement debtors on the hazards and surprises of the collection process.  Just because a debt has been “charged-off” by a creditor, it does not mean that debtor is off the hook. In fact, based on the classification of the debt itself and whether the debt has been sold off or given to a collection agency, additional grief may follow the debtor. Barring any statute of limitations for the debt and even if the statute of limitations has expired, this does not mean that the collector must cease collection efforts. The statute applies only to collection efforts using the courts. You may want to inform the collector that you know the statute of limitations has expired and that you will inform the court, if necessary. You also have the right to send them a written notice not to contact you about the debt again. If the debt is older than the statute of limitations period, it cannot legally be reported to the credit bureaus. If you find it on your credit report, simply dispute it with the credit bureau reporting it. In addition, because the debt can’t be collected through legal channels, you don’t really have much of an incentive to pay the collector. But, if the amount of the debt is large, I wouldn’t be surprised if you continue to receive collection calls. Should you tire of the collection efforts, you might consider settling the debt for a reasonable amount that you can afford. Be sure to get the settlement agreement in writing, though, before you make the payment.

Our final article, “10 Quick Tips To Grow Your Business Big. Very Big!” written by Jon Dwoskin, a passionate business and executive coach and truly dynamic individual with a flair for bringing clarity and a results-oriented approach to individuals and their businesses in hopes of allowing them to reach their full potential. He is the founder and CEO of The Jon Dwoskin Experience and this month provides a bullet list of tips to grow your business. No lengthy article or treatise or study here, just an old-fashioned, to the point, meat and potatoes, plan on growing your business BIG.  Some of his points seem so simple to execute and others may require more of an investment.  The good news is that the investment is in yourself and that is a return on investment you can control.

As always, we thank you for the trust and confidence you place in our firm. Should you ever have any questions, concerns or require legal assistance of any kind, please do not hesitate to contact us.

Very truly yours,

Randall A. Denha, Esq.