Protecting your assets is an essential part of a wealth management plan. Asset protection is primarily done by creating an entity or structure that has a legal status.

There are a number of estate planning options available, choosing the one that will best suit your needs can get overwhelming. 

In this article we will try and mark out some of the main differences between a will and a trust to see what may be right for you.

If you are a non-resident of Canada and are looking to know about your tax filing requirements as a non-resident, then this article is for you.

Despite what you may have heard, if you are a non-resident and your income originates in Canada you are still subject to annual tax reporting and will need to calculate your Canadian income tax.

If you are a Canadian living abroad here are a few things you may want to know about your income-tax filing requirements.

With cryptocurrency markets experiencing consistent growth over the last couple of years, cryptocurrency trading is ruling the roost with traders making profits manifold on their investments.

The fundamental requirement of cryptocurrency trading is to develop a wallet through cryptocurrency wallet development services to record transactions regarding exchange of cryptocurrencies, manage cryptocurrency portfolio, and maintain cryptocurrency balance. Basically, a cryptocurrency wallet development company assists business owners in creating a system to store data regarding digital exchange and digital earnings. 

In the event that you need to leave the country and find somewhere safe to lay low, where would you run to?

You needn't be Jason Bourne to want to find a safe haven. There are in fact numerous small infringements that can have the governments dogs after you. 

Since you are likely to think more clearly when not under pressure, planning presents several benefits for you and your beneficiaries.

What kind of people are looking for such types of places?

Edward Snowden and Julian Assange are likely the first persons that come to mind who sought protection from being extradited.

As of 2015, banks held over $2.6 trillion in excess reserves. But managing all of that extra cash requires time and money.

If you want to streamline your bank's cash management, you need to automate your process. The right software can help you, and it can help you optimize your time and cash flow.

Keep reading to learn more about modern cash management software.

Who needs an estate plan?

If you own a car, a house, or an entire room full of comic books, then the answer to that question would be you.

You don’t even have to be married or a parent, although being either or both justifies the need for estate planning even more.

When it comes to managing every aspect of your investment, the thought of dealing with foreign banks and businesses may not be the most ideal. After all, clarity and control are valuable to any investor. However, the benefits of an offshore investment account may just outweigh any potential negatives.

Offshore accounts can make trading between businesses easier, build better business ties, and help you stay informed on the best investment opportunities. Offshore investment accounts create these benefits and more for burgeoning investors. However, you need to understand all the red flags of an improperly managed offshore investment opportunity as well.

When it comes to working out your trust and estate administration with your estate planning attorney, the earlier you do so, the better. Taking care of such affairs first can give you a sense of freedom and relief even if there is no urgent reason to do so yet. 

Since you are likely to think more clearly when not under pressure, planning presents several benefits for you and your beneficiaries. Regardless of the assets involved, estate planning is a gracious and loving legacy to leave your surviving family members. No matter if you have plenty of cash in the bank, a huge house or a large business is immaterial.

Irrevocable trusts are a special type of trust which cannot be modified, amended, or canceled, except under specific conditions. They contrast with revocable trusts, which can be changed or terminated by the grantor.

This means that once you, as the grantor, transfer your assets into an irrevocable trust, you relinquish all control and ownership over them. It also means that once you name the trustee and beneficiaries, and set the terms and conditions of the trust, it is fixed.

Irrevocable trusts have their benefits in the form of greater asset protection and tax efficiency. However, there are also some disadvantages of an irrevocable trust. 

Special needs trusts are set up to benefit persons who are minors, mentally/physically disabled, or suffer from long-term illnesses that render them unable to carry on fiduciary activities.

These trusts provide a way to protect assets and can be seen as “asset reservoirs.” 

The disabled person may receive an inheritance or an accident benefit settlement, or contributions from well-wishers.

Government programs are designed for people whose income is too low to support their needs. Hence, a person with a disability who has an income above the specified limit will not be eligible to receive these benefits.

Have you been walking around with a feeling of dread because you owe the IRS money? You may be tempted to go into hiding until the IRS forgets about you. Unfortunately, that isn’t going to work – ignoring your tax debt leads to serious consequences like liens, levies, asset seizures, and wage garnishments.

Here is some good news: The IRS wants to work with you to help you pay off your outstanding debt. Let's talk about what to do if you owe the IRS money – and how to get back on sound footing with them.

The stereotype associated with the words ‘offshore tax haven’ is depicted with many negative connotations, many of which are often exaggerated depictions and plagued with erroneous associations.

Accompanying imagery brings up tropical Caribbean destinations in which greased whiten linen suit wearing mafioso types hand over briefcases full of unmarked currency to a local attorney who launders the money through an intricate series of offshore transfers.

The exaggerations, largely conjured up through Hollywood blockbusters, fills the head with such conceptualizations by exploiting the publics craving for tabloid-like headlines. As if often the case, the reality is a far cry from the romanticized picture captured by the camera.

With banks failing, governments coercing and economies collapsing, establishing yourself offshore is more important than ever. Despite the attention grabbing headlines showing solemn face bankers being slapped with heavy fines by the IRS for tax evasion, the offshore industry couldn’t be doing better.

The very reason why the IRS, FATCA and the US government regulators are becoming increasingly tight on foreign banks, offshore accounts and international transactions, is because the offshore industry is growing at such an alarmingly rate due to the current international political and economic uncertainties, that they felt compelled to intervene in hopes that some of the deferred tax revenue might cover their increasingly large deficit.

There are a multitude of offshore products and jurisdiction all offering a dizzying array of possibilities and locations with a wide range of products and characteristics.

While many company formation vehicles often appear similar each have their own unique attributes that can support the proper growth and protection of a business depending upon its specific needs and circumstances.

Within Europe, the United Kingdom (UK), remains the most sought after jurisdiction due to its location, opportunity and reputation.

The UK offers several company formation vehicles; the UK Limited Liability Partnership (LLP) and the Scottish Limited Partnership (SLP) are two such options that give clients a wide range of possibilities.

A Limited Partnership (LP) is a hybrid structure that enjoys many benefits due to its flexibility to be used in many forms and for virtually any purpose, that become popular over the last thirty years due to its tax transparency, separate legal personality, and its ability in taking on limited partners.

Out of the many jurisdictions that offer LP’s – the New Zealand Partnership (NZLP) and the Scottish Limited Partnership (SLP) are two such structures that deserve special attention.

Digital currencies or what are referred to as cryptocurrencies are an alternative medium of financial exchange and has gained momentum in the last few years, promising to reshape the global economic infrastructure by revolutionizing the medium in which goods are exchanged. The possibility of cryptocurrency is enormous, and it is difficult to estimate the impact it could have as the industry is relatively still within its early stages of experimentation and development. That being said, there are a few areas to keep an eye on

1. The Banking Industry - Bypassing the current stranglehold that centralized banks retain giving rise to Crypto Personal Investing empowering individual financial autonomy;
   
   
2. Individual Fund Management and Exchange - Revolutionary blockchain technology and Peer-2-Peer transactions will reshape the mode of exchange giving fluidity and transparency like never before; and
   
   
3. Fundraising and Venture Capital - The rise of Crypto Initial Coin Offerings (ICO) offers a new way to generate funds, build revenue, and offer investment incentives.

All of which will give individuals more autonomy, security and transparency in a highly decentralized and individualized transactional economy.

In the wake of the Paradise Paper leaks, there has been a public outcry in response to the revelation of documents connecting high profile figures and companies with offshore accounts in low-tax jurisdictions.

Though the Paradise Papers revealed no illegality, governments and the media have criticized those named in the documents accused of safeguarding wealth overseas to avoid paying higher tax rates.

Those named included the Queen of England, members of the US and Canadian Governments and Apple amongst others.

Exploiting the public’s desire for sensationalism the media has continued to portray offshore banking and finance as a shadow world of illicit underground dealings failing to recognize that it provides a necessary service that enables and supports the globalized economic structure providing many services for industries across the spectrum.

The United Arab Emirates (UAE) has become an attractive option in which to conduct business, due to the Free Economic Zones that offer a number of advantages to individuals and companies seeking confidential and tax-free opportunities.

In the UAE, there are two offshore jurisdictions:

Ras Al Khaimah, commonly referred to as RAK Offshore, under the jurisdiction of Ras Al Khaimah Investment Authority (RAKIA)

Dubai Offshore, under the supervision of the Jebel Ali Free Zone Authority (JAFZA)

Thirty-eight Free Zones are offered by the seven Emirates in the UAE, with twenty-two in Dubai alone. Each zone is managed by a Free Trade Zone Authority that caters to a diverse range of business sectors and activities.

There are two reasons experienced traders often use offshore companies to protect their forex trading accounts.

Using an offshore formation provides benefits not found in any domestic environment. An offshore entity effectively separates yourself from your assets. This strategy provides traders with the possibility of tax advantages and enhanced privacy by using a corporate account for transactions which ensures your name is not on any transactions which creates distance between you and your trading account.

The concept of tax havens has been around ever since countries decided to finance their governments by taxing their citizens.

Many countries compete by keeping taxes low and thus attracting business from high tax countries. Sometimes a country will designate a region or city a low tax or tax free zone, either to stimulate its economy or to buy the loyalty of its citizens.

Ancient Rome was a master in using tax-free areas, a sort of early enterprise zones. The first recorded instance took place in the 2nd Century BC when Rome decided to undercut the then independent Greek island state of Rhodes by establishing a tax-free port on the island of Delos. Even though Rhodes only charged a 2% on trade, it quickly lost trade to the new tax-free port and its era as a commercial power was effectively ended.

The modern world is seeing a rapid shift in the meaning of privacy. As technology advances and world superpowers extend their surveillance systems across the globe, it has become increasingly difficult to maintain true anonymity. Offshore bank accounts are not exempt from this trend.

Recent decades have seen developments such as relaxed privacy policies in Switzerland and increasingly broad surveillance by the U.S. However, knowing some more about the limitations of privacy in offshore banking can help you make sure you keep your assets protected.

Recent changes on the world scene, from political to economic, have altered how we view virtually everything, from what to invest in to where we choose to live. Most of these changes, admittedly, have been negative. However, there is one place that has come out of the recent flux and uncertainty even better than before. We’re talking, of course, about the tried and true haven for the global individual, and still one of the best places to retire – Panama.

Panama has certainly always been present among the thoughts of many retirees, primarily for their low cost of living. Recent changes among the rest of the world, as well as some exciting developments in Panama itself have conspired to make it the ideal destination for any who value their financial freedom.