This is one in a series of comments I'll be posting in the coming days, looking at ways you can protect your assets before any projected law changes occur in the United States.
There's a lot of financial uncertainty in America just now, and I'm not referring to the officially declared recession that is now upon us.
The recession is bad enough, certainly. But I'm referring to the fact that if president-elect Barack Obama's campaign statements and his past Senate record are any measure of what he will do once he takes office, those concerned about protecting their assets from high taxes and other threats should be very much concerned -- and that well placed concern should prompt immediate action.
Obama's Anti-Tax Haven Bill
The Anti-Tax Haven Act sponsored in 2007 by then Senator Barack Obama, if it becomes law, will allow Obama's new Secretary of the U.S. Treasury to issue rules that could restrict the now free offshore activity of American banks, businesses and individual Americans.
That being a real possibility, here's something you can do now to protect not only your assets, but your right to conduct your financial business offshore in relative freedom.
I'm talking about creating an offshore asset protection trust (APT) in one of the selected offshore financial centers that specialize in these useful legal entities.
The last thing anyone needs is a lawsuit filed against them. Statistics say show that in the US over 50,000 lawsuits are filed each week; that in one recent year $163 billion was paid in damages and lawyers fees for plaintiff's lawsuits alone. Add to threats to your wealth and assets, huge jury awards, government invasion of financial and personal privacy, and you should be able to see the need for the best asset protection available -- an offshore asset protection trust.
If you're a U.S. person, there are several tried and true domestic legal entities that are partially protective; family limited partnerships, living trusts, limited liability companies.
More Protection Offshore
But for an extra, stronger level of asset defense, (and much stronger privacy guaranteed by law), one of the best vehicles is an offshore asset protection trust (APT).
An APT located in an offshore haven nation can defend against U.S. civil judgments that aren't recognized or quickly enforced by offshore courts. Haven nations have a shorter statute of limitations, (the time in which a suit must be filed), on claims and suits; far greater privacy; diversification of financial risk and better investment flexibility.
The offshore asset protection can protect your wealth, regardless of efforts by the U.S. or other governments to control legal offshore financial transactions and investments. With some limited exceptions, as in the case of estate taxes, a foreign trust can't save on most U.S. taxes, but asset protection is the key.
All in all, for the greatest level of asset and wealth protection, you should consider creation of an offshore APT. The Sovereign Society can show you how to do it.
Click here for my special report, Offshore Trusts: Your Key to Flexible Asset Protection.
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