Asset Protection Trusts, though seemingly complex, offer arguably the highest level of asset protection of any of the financial vehicles available. It is important to choose the right Asset Protection Trust type and structure to maximise the benefits available.
An asset protection attorney is someone who assets you in putting together an asset protection plan that works for you and your unique situation.
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.
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.
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.
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.
The differences between a Limited Liability Partnership and a Limited Partnership
15 February 2019
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.
Not all Limited Partnerships (LPs) are created equal
08 February 2019
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.
The NZLP is a relatively new structure taking form in 2008 through the New Zealand (NZ) Limited Partnership Act; though it is often viewed as having more restrictions and requirements than many ‘traditional’ offshore structures it makes up for it in its respectability and reputation
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.
Disclaimer: Offshore Protection strives to keep information on this website updated, however, laws and circumstances are subject to change. All information on this website is for reference purposes only and does not constitute legal or tax advice. Contact Offshore Protection for specific advice regarding your situation.
Offshore Protection specializes in custom offshore strategies to reduce your taxes, diversify your wealth, and protect your assets so you can pursue your freedom.