The most defensive way you can protect your assets is International Asset Protection. While domestic Asset Protection offers great protection, International Asset Protection can offer you more. Anyone with a net worth more than $500,000 should consider international protective strategies. There are numerous benefits involved such as increased protection from creditors, avoidance of fraudulent transfers, and potential tax benefits.
First, foreign jurisdictions do not recognize or enforce U.S. judgements. This means that if you have a lawsuit against you, your offshore assets are better protected from creditors. Lawyers would have to litigate the case in the international jurisdiction where your wealth is held. This is an expensive and time-consuming process as lawyers would need to physically travel to the international location. In fact, fewer than 3 out of 100 judgment creditors even attempt to recover international wealth.
Another benefit is that international protection puts you in a better negotiating position in the case of lawsuits. As stated above, the process of creditors obtaining offshore wealth is lengthy and costly. Combining international protection with domestic protection allows you to rest-assured knowing that one lawsuit will not wipe you out. This additional protection is especially important for those in high-risk professions, such as health care professionals.
With your assets offshore, you can potentially avoid fraudulent transfers. A fraudulent transfer is one that is made with actual intent to hinder, delay, or defraud any creditor of the debtor. An example of a fraudulent transfer would be transferring a large sum of your wealth into another person’s account when you are sued. However, if you transfer it to an offshore account, U.S. creditors will not be able to access it. International jurisdictions do not recognize fraudulent transfers; therefore, leaving you with more protection.
There is also potential to save on taxes when you safeguard your wealth overseas. While you will need to report to the IRS the amount of money you have in your international accounts, you will not have to pay taxes on it. You will be taxed on any money you take out of your offshore account and transfer to the U.S. Therefore, you will receive tax benefits by keeping part of your wealth in an international jurisdiction.
The statutes of each international location are what make it so protective. In fact, we have helped rewrite some of the Asset Protection laws for these foreign jurisdictions.Popular choices of international jurisdictions include Nevis, the Cook Islands, Cayman Islands, Belize, Isle of Man, and the Bahamas. Nevis and the Cook Islands, in our view, are the two most protective jurisdictions.
For more information on International Asset Protection, contact The Presser Law Firm, P.A. for a complimentary preliminary consultation.
The Presser Law Firm, P.A.
(561) 953-1050 or e-mail Info@AssetProtectionAttorneys.com