Tax Compliance

One of the most important parts of a solid Asset Protection Plan is Tax Compliance. In years past clients moved assets offshore to avoid the taxman. Today, with clear guidelines in most OEDC countries explaining tax compliance and many anti-money laundering laws, tax savings is not the reason to move your assets. We are in a global marketplace and the world is truly your oyster as long as you comply with the tax code where you are and where you are going.

A less palatable reason to move offshore is the litigation explosion in the US. As many know, if you are perceived as doing well or having money you could be a potential target. The reason for US citizens to consider going offshore is the Full Faith and Credit Clause of the US Constitution.

Being tax compliant should be in the forefront of any clients mind when considering asset protection. It would make no sense to add another potential creditor to your liability list, especially a government agency. Whether you are considering onshore or offshore planning it is imperative to get sound tax advice. We believe that Asset Protection should compliment your whole life strategy.

For US persons

Look into all new compliance measures to make sure you are totally transparent to the IRS and other government bodies. Going outside the US is not a problem as long as you comply with all reporting requirements. As most know there are no secrets accounts. In regard to asset protection, you are simply raising the bar to entry for the professional takers armed with a license to sue.

Bottom line: Seek good council and do it right the first time around.

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