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Eric C. Boughman

Eric C. Boughman

Eric leads the firm's healthcare and technology practices.  He is a frequent writer and presenter on issues involving health law, privacy, technology, and asset protection. His writings have appeared in multiple American Bar Association publications, The Florida Bar Journal, Forbes, Daily Business Review, Accounting Today, Financial Advisor Magazine, Law360, and CEO World, among others.  Eric is rated AV–Preeminent by Martindale-Hubbell.  He has been admitted to practice law in Florida and Nevada, as well as in the U.S. Tax Court, and in several other courts, nationwide, pro hac vice.  He is a member of the ABA’s Healthcare Law Section, Business Law Section, and Cyberspace Law Committee, the American Healthcare Lawyers Association, and American College of Healthcare Executives.  He graduated, magna cum laude, from the University of Minnesota Law School.  He also holds a Health Law Certificate from the University of Louisville, Brandeis School of Law.  Eric earned his undergraduate degree from the University of Maryland while he was serving in the U.S. Air Force, during which time his duty included tours in Saudi Arabia and Turkey in support of operations Desert Storm and Provide Comfort.
Monday, 30 October 2017 15:25

Digital Assistants Create Privacy Paradox

Article Written for:  Law360.com

Americans place a high value on privacy, dating back to the foundation of our country and the Fourth Amendment right to be secure in our “persons, houses, papers, and effects.” Interestingly, the word “privacy” is not found in the Fourth Amendment. Over time and through legal battles, however, courts have come to recognize a fundamental “zone of privacy” contained within the “penumbra” of rights protected by the Constitution.[1] Now, with advances in artificially intelligent devices and machine learning, individuals willingly sacrifice that hard-fought privacy in return for the many conveniences offered by “smart” digital assistants.

Article Written for:  Forbes.com

If you have an Amazon Echo, try this: Say, "Alexa, tell me a joke," but do it very quickly so that you finish the request before Alexa "wakes up" (indicated on the Echo by the blue light). Did you notice that Alexa dutifully complied, seemingly catching the request before she (it?) was awake? There is a simple explanation for this: Alexa (like other artificially intelligent digital assistants) is always listening. Indeed, Alexa starts recording "a fraction of a second” before the wake word. Google Home listens to snippets of conversations to detect the "hotword."

Article Written for:  American Bar Association’s Business Law TodayThe decision to use voice-controlled digital assistants, like Amazon’s Alexa, Apple’s Siri, Microsoft’s Cortana, and the Google Assistant, may present a Faustian bargain. While these technologies offer great potential for improving quality of life, they also expose users to privacy risks by perpetually listening for voice data and transmitting it to third parties.

Article Written for: Forbes.com
Despite some misconceptions, using bitcoin or other cryptocurrencies for asset protection in connection with offshore planning may be an effective strategy. A crucial facet to using foreign trusts to protect wealth is ensuring that the trustee and trust assets remain outside of any jurisdiction where the grantor might be sued. Some U.S. states may find the concept of self-settled trusts anathema to public policy and thus choose to ignore the trust and treat the grantor/beneficiary as the de facto owner of trust assets.

Article written for: Forbes.com
The Great Recession of the mid-2000s forced us to view economics, banking, wealth and security in new ways. The concept of asset protection, already a growing area, saw an explosion in popularity, which has given rise to an ever-evolving cat and mouse game between creditors and debtors and their respective advisors. Meanwhile, distrust in banks and governments fueled the creation and rise of Bitcoin, which spurred interest in new digital currencies relying upon similar technologies.

Article Written for : Forbes.com
Is it any surprise that our new president, Donald Trump, may have strategically manipulated the tax code to avoid paying federal income tax? Mr. Trump calls this “smart,” and many in the same boat would agree. Similarly, sophisticated clients and advisors implement legal tactics to prudently preserve and protect wealth.

One strategy growing in popularity is the “self-settled” trust for asset protection. Under traditional trust law, a grantor conveys assets to a trustee, for the benefit of someone else, such as his children. The gift “divides” ownership between so-called legal title and equitable title. The trustee may legally oversee the assets (pursuant to a trust agreement) benefitting beneficiaries (who have no control over trust assets). Once the assets are in trust, they are generally protected from future creditors of the grantor, trustee (with legal title), and beneficiaries (with equitable title).

Article written for: Orlando Business Journal 

Limited liability companies have become the entity of choice for small business owners and are commonly used by professionals in asset protection planning. Choosing to form an LLC instead of a corporation may be prudent, but it raises the question of where to form the LLC. There are several factors to consider in deciding where to establish the entity. Picking the right LLC jurisdiction may be as important as the decision to use an LLC.

In 2010, the Florida Supreme Court issued a ruling that eviscerated the effectiveness of the Florida single member LLC for asset protection purposes.

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Forster Boughman & Lefkowitz

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