Khan & Yau, PC Reliable & Responsive New York City Attorneys

September 2016 Archives

EB-5 fraud may persist without reform of Immigration program

The EB-5 immigration program is set to be renewed, but not everyone is pleased with the extension of the program. Originally, it was created with the two-fold purpose of providing green cards for foreign investors and encouraging economic development in New York and across the country. However, accusations of EB-5 fraud have plagued the program, and some U.S. senators are calling for reformation.

Could an unfunded trust open the door to estate litigation?

If an individual set up a living revocable trust, including naming beneficiaries of the trust residue, yet failed to fund the trust, the designated beneficiaries might be motivated to bring litigation against the estate.

What’s in a name? Case example: the living revocable trust

A living revocable trust, as its name implies, is created while an individual is living. The revocation in the title refers to the control that an individual retains over the assets.  He or she has complete control over the trust assets. The assets must also be used only for the individual’s benefit. For that reason, the same individual who created the living revocable trust is generally also its trustee and beneficiary.

Federal authorities scrutinize regional EB-5 centers for fraud

Readers may be surprised to learn that many EB-5 regional centers are owned and operated not by the U.S. Citizenship and Immigration Services, but by private entities or individuals. What might that mean for EB-5 development projects and foreign investors?

EB-5 program takes another hit: NASAA issues alert

The EB-5 program is designed to offer foreign investors an opportunity to invest in business opportunities in the United States. The program is viewed by advocates as a win-win situation: investors get to invest and immigrate to the United States on an EB-5 immigration visa and the nation benefits from much needed job creation.