Offshore asset protection, and specifically offshore bank accounts, are often topics of law journals and financial press. On Saturday, June 30, 2013, the Wall Street Journal published an article about offshore bank accounts. The Journal discussed wealthy investors trying to protect their estate from lawsuits by “stashing money” in offshore accounts in “exotic locales.” Continue reading
It is difficult for creditors to garnish an offshore bank account because U.S state courts do not have jurisdiction to issue a writ of garnishment against a foreign bank with no U.S. branches. Keeping cash out of creditors’ reach would not be difficult if all one had to do was open a foreign bank account while making required IRS disclosures.
I’ve said before that I have learned about some of the cleverest asset protection tools from my clients. An new asset protection client owned a very successful internet based business. The business generated revenues of over $ 1 million each month- that’s $12 million or more annually.
Some of my clients come into my office with tips and tricks they have learned themselves which they believe will protect assets. People think that they can protect cash simply by depositing the money in an offshore account; Swiss bank accounts are the most popular. Continue reading
Setting up an offshore trust or a limited liability company involves hiring a trustee or LLC manager in a foreign jurisdiction. The offshore entity works well only if the debtor owner/beneficiary irrevocably gives the offshore manager control over the LLC and investment of LLC assets. Continue reading