People who can be easily identified as successful and wealthy individuals may become targets for unwanted legal battles. If someone’s full worth can be easily detected, that individual may find him or herself the victim of a variety of targeted lawsuits, from damage suits, divorce suits, nuisance suits, and even professional/personal negligence. These legal battles can drag out for years and can cost thousands, even millions of dollars.
Many people don’t realize how vulnerable they are when it comes to assets and worth. As records are kept both by state and local governments, not to mention credit bureaus, insurance companies, financial institutions – the list goes on – our financial transaction and asset records are often much easier for others to access than we would like to realize. Our tax returns, licenses and marriage certificates, credit reports, medical histories, property deed, insurance applications, and marketing profiles all contain sensitive and confidential material that most of us would prefer to keep private and certainly off the public record. This data is often too accessible by others, and in many cases, we have little control over how our information is being collected and disseminated.
How Does Offshore Asset Protection Work?
If you’re not sure your assets are entirely protected, you may want to consider offshore asset protection. Countries differ in their laws and taxation rates, and you may be much better off storing your assets offshore, making your assets harder to detect and thus reducing your levels of vulnerability against people and organizations who may try to take advantage of you and steal part or all of your fortune.
You can do this in a number of entirely legal and tax compliant ways. Any asset protection (en.wikipedia.org/wiki/Asset_protection) solution will employ different types of corporations, foundations, and trust funds as a way to protect your assets by creating a separate entity that cannot easily be traced back to the individual.
Lifestyles of the (Moderately) Rich and Famous
Some people might think that offshore asset protection is only for the wealthiest of the wealthy. The truth is, many individuals of moderate wealth and success use offshore asset protection because they are just as likely to be targeted for the money as everyone else. Remember, we all have data collected on us and disseminated in ways we are most likely not even aware of. This data can always fall into the wrong hands.
When an offshore account is set up, it’s created as a certain type of entity that is very difficult to trace back to the individual. Foundations or trusts are very common ways that people secure their assets, and these may include the election of nominee directors or third-party shareholders.
Protecting Your Property
Individuals can also set up offshore accounts to protect their real estate and property assets, as well as boats, vessels, vintage or luxury cars, paintings, precious jewels or metals – whatever is of value you can protect. As tax compliance laws become increasingly rigid, it’s important for people to protect their assets from over-taxation and the sticky fingers of the IRS. Off-shore asset protection solutions are legal ways to ensure your wealth is not being taken away unnecessarily by the government—or that it isn’t subject to personal or corporate extortion.
If you are the CEO of a company, for example, your personal finances could come under attack and scrutiny if your company is sued because you may be held personally liable. Many lawsuits these days identify the directors of a company as well as the company itself, while a number of countries make it very easy to go after the directors of a company and its owners, whether or not they are at fault.
Keep the Golden Years Golden
People may also think that they are safe from having their assets seized or stolen by unwanted lawsuits when they hit retirement. In fact, people may be sued for events that occurred in the distant past if the statute of limitations has not expired. Retirees can lose entire life’s fortunes, leaving them broke and destitute in the last golden years of their lives.
Secure your assets and hard-earned money with offshore asset protection solutions. Ensure your money stays where you want it to and out of the hands of greedy individuals – with you and your loved ones.
- CFO vs Controller: Understanding the Difference For the lay person, there is often a lot of confusion around the differences between...
- Why You Should Consider International Accountants Technology has come a long way in the past while. In fact, so many technological...
- CFO Jobs and What Companies are Looking for Responsible for financial planning and forecasting, strategic planning and advising, CFO’s are relied on to...
- Five Things to Consider Before You Open Up a Business Opening up a business is a big challenge. It is not an easy path and...