If you are under the impression that it is only in the movies that people open offshore bank accounts, you are missing out on an amazing opportunity to secure your future. The movies and television might make it seem as though it is only the rich and famous that have offshore bank accounts and other such forms of asset protection, but in reality, this stereotype could not be further from the truth. Due to the unstable and unpredictable nature of the economy, as well as various outside threats, including lawsuits and identity theft, it is important now, more than ever, to have a plan in place that will protect what you have so you can invest in your future.
What Kind of Assets Need Protection?
Simply stated, all of your assets require protection! Any economic resource that is owned or controlled by you and currently has a positive economic value is an asset deserving protection. There are a wide variety of assets that require your protection and attention, both tangible and intangible. Your tangible assets may include physical items such as currency, real estate, vehicles, jewelry, and any pieces of valuable equipment that you might have. On the other hand, intangible assets may include non-physical items like copyrights, patents, and trademarks. You do not need both tangible and intangible assets for offshore protection to apply to your situation. As any mixture of these assets benefits you, the owner, it is important to protect any and all of the assets that belong to you. This way, you can ensure that your assets work to benefit you for years to come, regardless of what the future holds for the economy.
Why is it Important to Protect these Assets?
If you currently don’t hold any forms of asset protection, you may be wondering why it is important to protect these assets at all. It is important to recognize that, with each passing day, your assets are potentially in jeopardy if they are not protected. Between the economic crash, lawsuits, identity theft, and the IRS constantly looking into everyone’s financial situation, there are many ways in which you may potentially lose what you currently have. By formulating a plan to protect your assets offshore, you are ultimately protecting your wealth, no matter how much or how little, and in whatever form that wealth currently exists. This is why asset protection is not only for the wealthy among us – those who have less might actually have more to lose! Asset protection is not only a strategy utilized by businesses and their owners with a vast number of assets to guard. There is value in protecting what is yours, no matter what that means for each individual.
What Does Offshore Asset Protection Entail?
At its most basic, offshore asset protection is designed to shield one’s assets, within the parameters outlined by debtor-creditor law. All of your assets will be safeguarded legally so you do not risk being found guilty of such things as concealment, tax evasion, bankruptcy fraud, or any other illegal practices. Above all, by securing your assets offshore, you are giving yourself the ability to manage your assets privately, thus gaining privacy concerning your financial situation. By setting up an offshore trust as a method of protecting your assets, you automatically make it more difficult for these assets to be seized by an individual or entity within your home country that may want to take them from you. It only takes losing one lawsuit before a collector earns the right to collect against all of your future earnings and assets. Offshore asset protection adds a barrier between that which you value and those who threaten to take it away from you.
No matter who you are or what financial background you come from, you have assets to your name that are deserving of protection. This is why you owe it to yourself to consider the importance of protecting your assets offshore. Without taking the steps to protect what is rightfully yours, the assets that you’ve worked so hard for remain in jeopardy each and every day. Taking your asset protection offshore just adds another layer of security; many foreign institutions are able to offer better protection than those in operation within the United States. Protect yourself, your future, and the future of your family from potential tragedy by choosing to secure your assets offshore.
Leave a Reply