What is good asset protection? Part 2
- Date: 2007-03-12 - Word Count: 768
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Authorities are looking for NON-COMPLIANCE, not for those who report and comply. We believe in full disclosure. If there's no reporting form, we make-up our own and file.
To my knowledge, there are no laws prohibiting you from protecting your hard-earned money with offshore international structures, as long as you file all proper documentation with proper reporting agencies. When your asset protection and wealth preservation plan is professionally and carefully implemented by competent professionals, the foreign side of life becomes significantly enhanced.
Most international jurisdictions do not recognize U.S.-based creditor judgments.
For example: a proper utilization of a foreign bank account should be part of every good asset protection and wealth preservation plan; it's the less complex and the most useful part of your asset protection / wealth preservation strategy.
Your cash will become an "asset protection fortress," just make sure that you check the box on your Form 1040 schedule B, and file TD F 90-22.1. NO BIG DEAL. There is absolutely no downside to proper reporting on the existence of a foreign bank account.
No Financial plan is ever 100% bullet proof.
KNOW THESE FACTS ABOUT ASSET PROTECTION:
1. You can't lose your assets without you first being sued and they have to first win the lawsuit. Winning and getting the money are two separate issues.
2. Implement your asset protection strategy when times are good. It's becomes much more difficult when you start to get into trouble. You will have to deal with several "fraudulent conveyance" laws if you had some warning, or you merely became aware (real or potential), or you should have been aware that someone was going to potentially sue you.
By implementing any asset protection plan, you made your assets unavailable to satisfy creditor claims. Therefore, you may be found guilty of a "fraudulent conveyance." The judge may set aside your attempt to hide your assets and hand it over to your creditors. In addition, the judge may decide to throw the book at you with other financial and possibly other consequences. PLAN EARLY, when the sea is calm. Don't become a statistic.
3. Your creditors can't take what you don't have. Don't put everything in your name. Don't be so obvious. Protect your assets and implement a wealth preservation and asset protection strategy today.
4. What your creditors don't know about you becomes your asset. Don't volunteer information, don't flaunt your wealth, don't talk too much at parties, don't tell them your business and don't tell them how smart you are.
5. No country in the world will automatically honor a judgment against you. Outside the United States there are no contingency lawyers. Your creditor must re-litigate his case in the foreign country. Your creditor must put up a bond. Your creditor must pre-pay attorney fees. If your creditor loses his case he must pay your attorney fees. Finally, your creditor must prove that the laws of their country are invalid, their judge has bad judgment, and that the whole country should disappear into the sea.
6. There's a greater chance that you will be sued more times than you will have a hospital stay.
7. Your Individual Retirement Account (IRA) is not protected by ERISA. Your Individual Retirement Account is usually the second asset to be attacked, behind your cash and investment account. Your IRA is an easy target because (1) It's always in the United States and (2) Your IRA is usually in cash or near cash.
8. The United States is the only country that permits contingent-fee litigation.
9. There are approximately 950,000 lawyers. Just go through your own yellow pages. Most of them live on what they can squeeze out of you. Don't become a statistic.
For many self-made, hard working citizens, the "American Dream" can become the "American Nightmare." Exorbitant taxes, lawsuit-friendly courtrooms, persistent predator plaintiffs, and contingent-fee clever lawyers are a constant threat to everything you've worked so hard to accomplish. It could all evaporate before your very eyes.
Take personal responsibility for the protection of your assets and your own wealth preservation. If you've taken no steps to protect yourself, your wealth, and your family from thieves, con artists, and ruthless greedy lawyers and overzealous bureaucrats then you have underestimated the abilities of these shrewd, ruthless, invasive, money-hungry predators. I urge you to start today and start planning as early as possible.
Rocco Beatrice, CPA, MST, MBA, Award-winning trust & estate-planning expert. 71 Commercial Street #150 Boston, MA 02109 toll-free: 888-938-5872
Watch a FREE video & learn how you can reduce your taxes, protect your assets & secure your privacy. Free consultation. No Obligation, no risk, no sales pressure. Read more articles on: Irrevocable Trust, Asset Protection, Estate Planning, What is Asset Protection? Part 1
To my knowledge, there are no laws prohibiting you from protecting your hard-earned money with offshore international structures, as long as you file all proper documentation with proper reporting agencies. When your asset protection and wealth preservation plan is professionally and carefully implemented by competent professionals, the foreign side of life becomes significantly enhanced.
Most international jurisdictions do not recognize U.S.-based creditor judgments.
For example: a proper utilization of a foreign bank account should be part of every good asset protection and wealth preservation plan; it's the less complex and the most useful part of your asset protection / wealth preservation strategy.
Your cash will become an "asset protection fortress," just make sure that you check the box on your Form 1040 schedule B, and file TD F 90-22.1. NO BIG DEAL. There is absolutely no downside to proper reporting on the existence of a foreign bank account.
No Financial plan is ever 100% bullet proof.
KNOW THESE FACTS ABOUT ASSET PROTECTION:
1. You can't lose your assets without you first being sued and they have to first win the lawsuit. Winning and getting the money are two separate issues.
2. Implement your asset protection strategy when times are good. It's becomes much more difficult when you start to get into trouble. You will have to deal with several "fraudulent conveyance" laws if you had some warning, or you merely became aware (real or potential), or you should have been aware that someone was going to potentially sue you.
By implementing any asset protection plan, you made your assets unavailable to satisfy creditor claims. Therefore, you may be found guilty of a "fraudulent conveyance." The judge may set aside your attempt to hide your assets and hand it over to your creditors. In addition, the judge may decide to throw the book at you with other financial and possibly other consequences. PLAN EARLY, when the sea is calm. Don't become a statistic.
3. Your creditors can't take what you don't have. Don't put everything in your name. Don't be so obvious. Protect your assets and implement a wealth preservation and asset protection strategy today.
4. What your creditors don't know about you becomes your asset. Don't volunteer information, don't flaunt your wealth, don't talk too much at parties, don't tell them your business and don't tell them how smart you are.
5. No country in the world will automatically honor a judgment against you. Outside the United States there are no contingency lawyers. Your creditor must re-litigate his case in the foreign country. Your creditor must put up a bond. Your creditor must pre-pay attorney fees. If your creditor loses his case he must pay your attorney fees. Finally, your creditor must prove that the laws of their country are invalid, their judge has bad judgment, and that the whole country should disappear into the sea.
6. There's a greater chance that you will be sued more times than you will have a hospital stay.
7. Your Individual Retirement Account (IRA) is not protected by ERISA. Your Individual Retirement Account is usually the second asset to be attacked, behind your cash and investment account. Your IRA is an easy target because (1) It's always in the United States and (2) Your IRA is usually in cash or near cash.
8. The United States is the only country that permits contingent-fee litigation.
9. There are approximately 950,000 lawyers. Just go through your own yellow pages. Most of them live on what they can squeeze out of you. Don't become a statistic.
For many self-made, hard working citizens, the "American Dream" can become the "American Nightmare." Exorbitant taxes, lawsuit-friendly courtrooms, persistent predator plaintiffs, and contingent-fee clever lawyers are a constant threat to everything you've worked so hard to accomplish. It could all evaporate before your very eyes.
Take personal responsibility for the protection of your assets and your own wealth preservation. If you've taken no steps to protect yourself, your wealth, and your family from thieves, con artists, and ruthless greedy lawyers and overzealous bureaucrats then you have underestimated the abilities of these shrewd, ruthless, invasive, money-hungry predators. I urge you to start today and start planning as early as possible.
Rocco Beatrice, CPA, MST, MBA, Award-winning trust & estate-planning expert. 71 Commercial Street #150 Boston, MA 02109 toll-free: 888-938-5872
Watch a FREE video & learn how you can reduce your taxes, protect your assets & secure your privacy. Free consultation. No Obligation, no risk, no sales pressure. Read more articles on: Irrevocable Trust, Asset Protection, Estate Planning, What is Asset Protection? Part 1
Related Tags: living trust, asset protection, llc, limited liability company, fraudulent conveyance, grantor trust, wealth preservation, domestic asset protection, foreign asset protection trust, ibc, international business company, non grantor trust
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