White Paper

Asset Protection - Key Issues in California


Statistics confirm that over one million lawsuits are filed annually in California - more than what’s filed annually in US Federal District Court.

Predatory litigation against defendants (deep pocket), legal costs, and estate planning (to distribute assets to intended heirs and not third party creditors) all mandate asset protection. In a “veil piercing case,” a court is requested to disregard a corporate entity so as to make available the personal assets of its owner to satisfy a liability of the entity. When the corporate entity acts as a shell for asset protection purposes, has no actual business purpose, and there is a showing of abuse by the debtor, creditors may not be limited solely to a charging order and may instead be able to apply the equitable remedy of “reverse veil piercing” making the entity liable for the debtor’s personal debts.



Gary S. Wolfe

The Wolfe Law Group

Our author, Gary S. Wolfe, has more than 34 years of experience, specializing in IRS Tax Audits and International Tax Planning/Tax Compliance, and International Asset Protection.

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