| An over view of offshore trusts as part of an | | | | is and while most estate planning attorneys |
| effective estate planning option. | | | | in the United States understand the laws that |
| The creation of offshore trusts | | | | govern asset protection domestically, they |
| and other financial plans is a way of | | | | are not as well versed in protecting their |
| shielding your assets from the laws of the | | | | clients' interests abroad. For that reason, |
| nation in which you reside. It can sometimes | | | | many well-intentioned, responsible and |
| be used to remove one of the two certainties | | | | highly-able attorneys fear putting their |
| of life; taxes. Americans are far less likely | | | | client's interests into a system where they |
| than the citizens of other countries to put | | | | cannot as easily protect them, and thus, they |
| assets abroad because, although when you | | | | advise against taking assets abroad. If your |
| receive the benefits of being free of your | | | | own attorney has discouraged you from taking |
| country's laws regarding assets (namely | | | | assets abroad in the past, it is a good sign |
| taxation) you also lose the aspect of those | | | | that he/she genuinely cares about serving |
| laws that are designed to protect your | | | | your needs as a client and is doing his/her |
| assets. Americans are far more likely to just | | | | level best to look out for you and your |
| accept taxes, because our country has an | | | | family. On the other hand, it is often true |
| enviable financial system that people around | | | | that asset protection in another country |
| the world wish to participate in already. | | | | requires an attorney from that country, so it |
| However, many people would like to know more | | | | may be that it is simply a matter of greed |
| about offshore banking options for a portion | | | | and a desire not to lose your business to |
| of their wealth because they view taxes as an | | | | someone else that motivates some members of |
| all too unnecessary evil. Whenever we read | | | | the profession to discourage offshore asset |
| stories about the government buying a hammer | | | | protection. |
| for $500 from a certain large corporation | | | | |
| (Name omitted to avoid liability) as part of | | | | But, in an increasingly global marketplace it |
| a no bid contract, we may begin to entertain | | | | will become more and more common for estate |
| the idea of placing personal assets offshore. | | | | planners to be well versed in the finer |
| | | | points of offshore asset management and the |
| Another reason many Americans decide not to | | | | rewards that it can bring. Offshore asset |
| use offshore asset protection options is that | | | | management can be a powerful tool in the |
| they are advised by their attorneys not to do | | | | world of estate planning and it will become |
| so. This is because offshore asset protection | | | | the norm for professionals in the field of |
| (while desirable) is a topic that your | | | | estate planning to understand this complex |
| attorney may be very unfamiliar with and | | | | field of law or begin to lose business to |
| therefore uneasy guiding you through it. | | | | those who do understand how to take care of |
| Attorneys are as afraid of being sued for | | | | their clients needs using every available |
| malpractice as any other professional person | | | | strategy in a global market. |