What is asset protection?  There are many different types of asset protection decisions you make in your daily life such as, the decision to not drive when you had too much to drink and the decision to walk away from a potential fight, which all break into statutory and non-statutory asset protection. Statutory

• ERISA
• Homestead statutes
• Bankruptcy Exemptions

Non-Statutory

• Everything else ( case law)
• Relies on my first two rules of asset protection

1. What you do not own cannot be taken from you 2. No country in the world enforces US judgments Starting point for a perfect plan

• Normally a Trust
  • typically takes assets off-balance sheet
  • no one-size-fits-all
  • fancy provisions
    • foreign triggers rule 2
    • the rest clause
    • Cuba clause
    • protector
    • excluded party
    • you choose the playground

All the rules and troubles that the government has put on these banks has made it so that many of them do not even want US clients. You can open offshore bank accounts that can be offshore repositories and you can go in all the currencies of the world; however, there are different rules in different institutions. You need to get started. One of the first ways to enter the offshore asset protection world is to get a good account, you always make this choice yourself, and then live with it and get a good reference from a good bank. You will have to start small depending on your size. A perfect plan is not:

• not a domestic asset protection trust
• not a standalone LLC or FLP
• not your standard estate plan
• not insurance
  • not suitable for insurance

How to Implement Your Own Plan:

• all planning starts with educating yourself
• in all cases…
  • run if they promise to save your taxes
  • run if they say your bank account is secret
  • run if they seek control over your assets or ask you to trust them
  • run if it sounds too good to be true
  • Always involve your local CPA or lawyer

[forminator_form id=”6115″]