Storing one’s assets in an offshore account or offshore holding is a great way to avoid undue or over-taxation, and the greedy hands of creditors. Some foreign countries offer better asset protection than U.S entities, which adds an extra layer of security for a person’s wealth. However, just because a person is storing assets offshore, doesn’t mean the assets are safe from potential dangers, such as lawsuits, economic downturns, identity theft, and over-taxation. People are always targeting the wealth and success of others, so it’s important to make sure one has a secure and impenetrable offshore asset protection plan.
Offshore assets allow people to keep as much of their wealth intact as the law allows. It doesn’t mean that offshore assets aren’t liable for taxation – they are – but it does help keep a person’s financial profile discreet.
The best offshore asset protection is that which will preserve a person’s wealth for future generations. A professional and experienced lawyer can help his or her clients develop a fool-proof asset protection plan to guard against frivolous lawsuits, identity theft, or the deep pockets of the IRS.
Contrary to popular belief, it’s not only the uber-rich who store their assets offshore. A growing number of people are recognizing the benefits of offshore assets, including less taxation and increased wealth and asset security. One of the ways to strengthen the protection around offshore assets is to set up a trust fund or custodial account in another person’s name or register them under an employee identification, rather than a social insurance number, to make the offshore assets harder to track.
The more successful a person is, the more creditors, fraudsters, and criminals will attempt to go after them and take their hard-earned money. Offshore asset protection gives long-term security, and keep the wealth in the hands it belongs to.
Esquire Group, a boutique international tax advisory firm specializing in tax consulting, tax planning and compliance and helping corporate and individual taxpayers with Offshore Voluntary Disclosure Program, asset protection, and US expat taxes. To learn more about us, visit www.EsquireGroup.Com/about.