Asset Protection Lawyer & Wealth Preservation Strategies
There are many specific methods for implementing Asset Protection planning, some work some don’t. We’ve always had a bias towards the use of offshore trust structures set up at the right time, in the right place with the right language. Why? Because they take the discretion away from plaintiffs and their attorneys and create a […]
This article is somewhat sensational (like most lay-articles on the subject of Asset Protection) in that it focuses on the “bad users” but the science is still sound. There are likely more people abusing tax deductions and self-directed IRAs than the kind of well timed and tax neutral offshore trust planning which we’ve helped 1000′s […]
Asset-protection strategies for physicians take many forms and range from sound policies and procedures that seek to minimize risk and liability to crisis-management plans, the right kinds insurance, and, finally, specific legal tools. All of these strategies can be valid and effective parts of a true asset protection and risk management system and the key […]
Last week marked the second chapter of our discussion of asset protection trusts for doctors, with a look some basic issues of jurisdiction, that is, what geographic location’s set of laws control the trust. For those who want a potentially higher degree of security with a longer track record, offshore tools like international asset protection […]
Due to the nature of our practice with thousands of Americans we have safely helped use a variety of tools including offshore trusts in a safe and legal way, we get lots of questions about expatriation. Our position remains the same; the best of usage of these tools is tax neutral and provides surety while allowing […]
There’s always a new “landmark” case that’s blown out of proportion, the Alaska case Battley v. Mortensen merely supports existing U.S. law on the 10 year look-back in bankruptcy, if it surprised your Asset Protection planner you need better help, it’s been on the books for years. As for Banruptcy protection in general I tell my […]
A Doctor’s Guide to Navigating Offshore Waters Safely By Ike Devji, J.D. | April 19, 2011 In the world of physicians’ legal and financial planning there is no term as simultaneously oversold, feared, and misunderstood as “offshore.” This is especially true at tax time, as all doctors and their practice managers have been bombarded by […]
Using the massive deterrence and proven level of protection available in offshore Asset Protection systems requires a team of experienced and knowledgeable professionals working to make sure that you are doing things safely, legally and effectively. That team typically includes an Asset Protection attorney, a trustee, an offshore bank, a great CPA, and an investment advisor. […]
Tougher Tax Law For Overseas Assets (Dow Jones) A new U.S. law that is part of a crackdown on tax havens means that wealthy clients will be hit with stricter filing requirements next tax season. New rules will result in duplicate reporting for some taxpayers and steep penalties for those who fail to comply. The […]
The Foreign Account Tax Compliance Act of 2009 (Rangel-Baucus Bill) Recent Offshore Tax Haven Legislation Since 2007, numerous attempts have been made at passing targeted tax haven legislation. Although none of these initiatives has progressed in any meaningful way thus far, under the Obama Administration there is a much higher likelihood that this type of […]
At the end of every year clients of all types (especially MD’s) and advisors rush to find last minute ways to minimize the tax liability for the year. We see many plans of questionable value and legality pushed through in the last couple of weeks when due diligence is slowed by Holiday schedules and your […]
The IRS is currently running a “Voluntary Disclosure Opportunity” that expires October 15, 2009. You have likely heard reference to this amnesty event in the context of allowing those with “secret” offshore accounts (see my other posts on this amateur practice) to report them and get square with the tax man – but there are […]
People who haven’t reported ownership of foreign accounts by September 23 may face jail time and fines.By Seth J. Entin Mr. and Mrs. Doe, who are U.S. citizens, have an account with a foreign financial institution. The Does have never reported their ownership of or the income from this account on Schedule B of their […]
I continually warn clients and advisors that there are good and bad methods, tools and practitioners in every business including Asset Protection. The worst plans I see combine abusive tax plans with supposed Asset Protection benefits. These plans typically involve IBCs, Nevada Trusts, and Domestic Asset Protection Trusts in some combination. Generally speaking these are […]
The Excerpts and Links below emphasize yet another reason that the best Asset Protection plans are: 1. Tax Neutral; 2. Involve paying and reporting taxable income from all sources; 3. Are drafted by a professional with experience in such issues; 4. AND DON’T RELY ON SECRECY Secrecy based plans rely purely on the hope of […]
We have many questions on how Asset Protection Trusts work and how you and your money are protected in international or “off-shore” jurisdictions. My friend Doug Lodmell created this great piece for our many clients and advisor & attorney partners that explains the basics. UNDERSTANDING THE CHECKS AND BALANCES OF THE ASSET PROTECTION TRUST By […]
