Is Going Offshore A Good Way To Protect Assets?

Tuesday, June 2, 2015
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Gerry W. Beyer

In today’s society there are an increasing number of lawsuits attempting to pierce the corporate veil and go after the personal assets of corporate directors and officers.  Individuals with a lot of personal assets also need to worry about income and estate taxes.  There are some who believe that moving their assets to jurisdictions outside of the United States (like the Cayman Islands) is a good asset protection method.  There is a risk involved in this as U.S. Courts have been known to jail taxpayers on contempt of court charges for relying on the laws of foreign jurisdiction.  Using domestic asset protection strategies might be a better way to avoid the costs and risks that are involved in moving assets into offshore accounts.

John Dedon, Asset Protection: Is It Worth Going Offshore?, Dedon On Estate Planning, June 1, 2015.

Special thanks to Jim Hillhouse for bringing this article to my attention.