Offshore asset protection can be the best way for you to protect your liquid wealth. Properly structured offshore planning can be a critical part of asset protection plans for clients. As with any planning, it's important to make sure it is something fit for you and your situation. 

Why Don't More Clients Use Offshore Planning to Protect Their Wealth From Creditors?

What Are the Three Main Offshore Asset-Protection Tools?

Does Your Money Have to Go Offshore to be Protected?

Can Offshore Planning Help You Avoid Taxes?

If the Money in Your OAPT is Trusteed by Someone Who Lives Out of the Country, Do You Run the Risk of Having Your Trustee Steal Your Money?

 

Why Don't More Clients Use Offshore Planning to Protect Their Wealth From Creditors?

Honestly, it's because most lawyers, accountants, insurance agents, etc. are not taught about it! Since we are educated on offshore planning, we are able to help our clients to know if it is something that could work for them.

What Are the Three Main Offshore Asset-Protection Tools?

  1. Offshore Asset Protection Trust (OAPT) - An OAPT is the bread and butter tool when it comes to asset protection and quality advisors that want to help their clientes protect not only their domestic wealth, but also their international wealth as well. 
  2. Offshore Limited Liability Company (LLC) - Offshore LLCs are similar to domestic LLCs. The difference is that some foreign LLCs do not have jurisdiction from the U.S. when it comes to protecting your wealth. 
  3. Offshore Captive Insurance Company (CIC) - Offshore CICs have two tools: asset protection and tax-minimization. Both tools can give you wealth preservation features. 

Does Your Money Have to Go Offshore to be Protected?

No! Offshore planning that is properly arranged can incorporate a domestic LLC, which is owned by a OAPT. The only way your money can be removed to an offshore jurisdiction is if a lawsuit happens to be filed against you.

Can Offshore Planning Help You Avoid Taxes?

Generally, no, not really. Taxayers in the United States are taxed on their income worldwide, no matter where/what source it is derived from. 

If the Money in Your OAPT is Trusteed by Someone Who Lives Out of the Country, Do You Run the Risk of Having Your Trustee Steal Your Money?

Again, no not really. Most trustees will be large institutions which can help eliminate your fear that they will run off with your money. An example of a domestic trustee is Wells Fargo.

Offshore planning really is not complicated! You just have to choose a plan with the laws of a select foreign jurisdiction which offers better asset-protection provisions than the U.S. Since many do not know about it, some people fear it. Most of the time, your money ends up actually never leaving the country! 

It is important to choose the right advisor when setting up your offshore planning. You want to ensure that they do not put you in a terrible situation. 

Our attorneys and advisors are very educated in offshore asset protection planning. To determing if this type of planning works for your situation, please call our office at 870-275-4304 or click here to schedule an appointment. 

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Carrie Russom Quraishi, JD, CAPP
Carrie provides personalized estate planning and wealth management services to clients in AR, TX & TN.