Steven Sears, Attorney and CPA offers Asset Protection and other services in Irvine, CA. For more information, visit: http://www.corpadvisor.com
OFFSHORE ASSET PROTECTION
Aggressive asset protection, in particular lawsuit protection, often involves use of offshore entities. Certain foreign jurisdictions do not recognize the judgments of United States courts. To reach assets held offshore, it may be necessary for the creditor to retry the claim in the foreign jurisdiction. This would require hiring local attorneys and having witnesses, exhibits and other evidence presented in the foreign court. The costs associated with such an action may deter a creditor from pursuing the debtor further.
FOREIGN TRUSTS
A very useful method of obtaining asset protection is through the use of a Foreign Trust. Typically, the trust is located in a jurisdiction with laws favorable to judgment debtors. This means a very short statute of limitations for fraudulent conveyance and a very high burden of proof for the creditors to overcome. A duress clause is added to the trust, which makes the trust irrevocable in case of a lawsuit or threatened asset seizure. In the event that a creditor attempts to have the foreign court assert jurisdiction over the trust, a clause in the trust agreement provides the power to move the trust to a new jurisdiction.
OFFSHORE COMPANIES
Additional protection can be obtained by creating an offshore corporation. This corporation would achieve greater confidentiality and protection through the use of nominee officers, nominee directors and bearer shares. The corporation would hold title to bank accounts, brokerage accounts and other investments. The bearer shares would be controlled by the offshore trust. The offshore corporation would typically be formed in a jurisdiction other than the foreign trust's site.
OFFSHORE BANKING
Offshore bank accounts provide a safe and confidential method of holding liquid assets. The bank account would generally be opened in a country with strict bank secrecy laws and with modern communications and financial facilities. Many offshore banks offer checking accounts, time deposits, securities accounts and even VISA and debit card services. These accounts can be denominated in U.S. Dollars or any other major foreign currency.
Offshore arrangements are an excellent means of separating assets that would otherwise be exposed to judgment creditors. To avoid the potential loss of one's wealth, a "nest egg" of assets can be held in an offshore structure for easy access, privacy and protection from seizure. Properly implemented, the above measures provide the creditor with a legal obstacle course, resulting in the most comprehensive asset protection available.
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Offshore Asset Protection
By: Steven Sears | 29/10/2008 | Wealth BuildingAggressive asset protection, in particular lawsuit protection, often involves use of offshore entities. Certain foreign jurisdictions do not recognize the judgments of United States courts. To reach assets held offshore, it may be necessary for the creditor to retry the claim in the foreign jurisdiction. This would require hiring local attorneys and having witnesses, exhibits and other evidence presented in the foreign court. The costs associated with such an action may deter a creditor from pur
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By: Steven Sears | 29/10/2008 | TaxesThe IRS Offer in Compromise Program authorizes the IRS to compromise outstanding tax obligations with taxpayers with financial hardship for less than the full tax due. What this means is that the IRS negotiates a deal with you to pay what you can afford and forgives any remaining balance.
Non-profit Organizations
By: Steven Sears | 29/10/2008 | BankingOrganizations seeking recognition of exemption from federal income tax includes a church or a convention or association of educational, or organization operated for the benefit of certain state and municipal colleges and universities or a hospital or medical research organization.
Nevada Corporations
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By: Steven Sears | 29/10/2008 | Wealth BuildingA Life Insurance Trust is simply a document that acts like a very private and secure box into which you place your life insurance policy. Did you know that upon your death the life insurance proceeds will be included in your Estate?
International-isle of Man
By: Steven Sears | 29/10/2008 | BankingThe Isle of Man is located in the Irish Sea between Britain, Scotland and Ireland. The official language is English and the official currency is the pound Sterling. It is a democratic self-governing territory within the British Commonwealth. Although this island has never formally been a part of Britain, today Britain is responsible for the island’s defense and its international relations.
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By: Steven Sears | 29/10/2008 | BankingIreland is located to the west of Britain, separated by the Irish Sea. The capital and commercial center is Dublin. The official language is English and the official currency is the Irish pound. The legal system is similar to that of Britain, common law. Ireland is divided into the Republic of Ireland and Northern Ireland. The Republic of Ireland is an independent territory. Northern Ireland remains under British rule.
Delaware Corporations
By: Steven Sears | 29/10/2008 | BankingFor over a Century, Delaware has been the location of choice for more than fifty percent of the U.S. Corporations. The reason for the continuation of this trend relates to the Delaware Corporation Law which is one of the most advanced and flexible corporation statutes in the nation.