Is a Domestic Asset
Protection Trust
Right for You?
Judge Kimberly
Small swears in new
Chamber members.
As an attorney who has been practicing asset
protection planning for over 30 years, I have
assisted many clients with the establishment of
domestic asset protection trusts (a "DAFT'). The
concept is fairly simple -- the client transfers
valuable assets to the DAPT and thereafter those
assets are protected from the client's creditors.
Since a DAPT cannot be created under Michigan
law, I utilize out-of-state jurisdictions such as
Delaware where local trust law allows individuals
to both establish and be a beneficiary of the trust.
A typical DAPT utilizes
a financial institution as
the Trustee of the trust,
but the client retains
the right to continue to
manage the trust assets.
Generally, a Distribution
Advisor chosen by
the client controls
Howard B. Young
distributions from the
trust to a class of beneficiaries that includes
the client and members of his or her family. Of
course, it is the ability of the client to establish a
trust in which the client is designated as one of
the beneficiaries that presents the opportunity for
asset protection planning.
Many of my clients are realistically concerned
that due to the nature of their business or other
activities they engage in, they may be exposed
to lawsuits that could wipe them out financially.
Representative clients who may benefit from
a DAPT include high risk professionals who
are exposed to personal liability relating to
their practice (such as doctors and attorneys),
real estate developers and others with personal
guarantees, business owners, investors and
individuals who wish to protect an inheritance
from future creditors.
If you feel you might benefit from consulting with
an asset protection planning attorney, please give
me a call or email me at hyoung@wyrpc.com.
By Howard B. Young, Esq.
You may read Howard's blog at
www.michiganassetprotectionlawyerblog.com .
WEISMAN, YOUNG & RUEMENAPP,
P.C. is a full service business law
firm. Formed in 1980, our continuing
mission is to provide legal services to
our clients with a solid commitment to
effectiveness, efficiency and excellence.
WEI SIVIAN,
YOUNG 8(
RUEIVLENAP P, P.C.
ATTORNEYS AND COUNSELORS AT LAW
30100 Telegraph Road,
Suite 428
Bingham Farms, MI 48025
Phone: 248.258.2700
Fax: 248.258.8927
Website: wyrpc.com
ADVERTISEMENT
8
January 19 . 2012
West Bloomfield Chamber of Commerce is energized
to unite business, community.
Harry Kirsbaum
Contributing Writer
F
acing a stagnant economic reality
in Southeast Michigan, the new
president of the West Bloomfield
Chamber of Commerce spoke of revital-
izing business with energy, synergy and
mutual support at the Chamber's annual
meeting at the Jewish Community Center
in West Bloomfield on Jan 11.
"Our goal is to bring more members
to become engaged and invested:' said
Chamber President Steven Tapper, vice
president of corporate sales and custom
design at Tapper's Diamonds & Fine
Jewelry. "By being inclusive, not exclusive,
we can reach out and touch community
businesses that have previously not been
involved in our Chamber."
He touted the city's tremendous assets,
including a wide range of businesses
from trendy upscale boutiques to tech-
nology-based companies.
"We can show that West Bloomfield is
the place you want to be when you want
to do business, but we must promote our
community, too;' he said. "This isn't just a
great place to shop. We're a great place to
live and work"
The 23-member board — nearly half
are Jewish — has work to do in a com-
munity in which the median age of 40.2
increased by 4.4 years from the 2000 to
the 2010 U.S. Census, and the population
in the 30-44 age group dropped by 6.6
percent.
Tapper has a plan to draw business
back to the region and replace the city's
shuttered storefronts with new enterprise
by "reaching out to local businesses and
community organizations, showing con-
sistency and relevance, and helping busi-
nesses realize the value of being a mem-
ber of the Chamber," he said. "We will
also create activities, events and learning
opportunities that both entertain and
educate. Our goal is to inspire commu-
nity members to become more engaged
and invested in our bringing business
and community together"
Carla Schwartz, Chamber board mem-
ber and Beaumont Hospital's director of
community affairs and advocacy, said,
"There's a lot of new energy. Steve's got a
lot of great business ideas, and we're real-
ly in a growth mode. Younger people have
joined the board, which is a big asset."
Schwartz also serves as a commission-
er on the Greater West Bloomfield Cable
Communications Commission, and cable
television figures prominently in one of
the Chamber's first new initiatives.
A cable television show highlighting
West Bloomfield businesses is cur-
rently in production, said Wendy Strip,
Chamber vice president.
"The board plans to draw businesses
back by being an active voice on behalf
of the businesses of the community:' said
Strip, Jewish Community Center develop-
ment director.
She said that competition between
Detroit and West Bloomfield, as well as
other suburbs, for young people and
more business isn't really a competition.
"The campaign to draw talent back to
Detroit is certainly complementary to
maintaining strong suburban business
communities;' she said. "While some of
the Downtown [Detroit] workers will
live Downtown, many will opt to live in
the suburbs, and West Bloomfield pro-
vides excellent housing stock, township
services, schools, libraries, retail and
restaurants:'
Before 48th District Court Judge
Kimberly Small swore in the 10 new
members of the board, U. S. Rep. Gary
Peters, D-Mich., noted the success of
West Bloomfield's small businesses, "the
engine of growth in our economy:'
"As we face some challenges here in
Southeast Michigan, and as important
as the auto industry is to us:' he said, "in
order to really prosper, to really move
forward, it's going to be the health of our
small business community, particularly
in West Bloomfield."
As a member of the House of
Chamber President
Steven Tapper of West
Bloomfield talks with
Barb Vorenberg of
.Farmington Hills.
Representative's Small Business
Committee, Peters said he's been work-
ing to make it easier for small busi-
nesses to have access to Small Business
Administration loans and guarantees.
"I'm happy to report that in the last
quarter, in the Detroit area, we've had
more small business loans issued than
any other region in the country:' he said.
Peters plans to put together a forum
with the Chamber and bring in people
from the SBA "to talk about the full range
of services available to small business
owners, and your ability to access funding
that you need. I'm also working with our
smaller community banks and, hopefully,
will bring those banks in as well."
Tapper said that a great Chamber
should inspire people to get involved.
"We must remember one thing: We are
one large community, diverse, sophisti-
cated and vibrant:' he said. "To succeed,
we must learn about the multicultural
environment that comprises our commu-
nity. We need to understand that it's not
just about living next to somebody, but
living together, and how to join together
to work to make this the best community
for all of us:'