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Offshore Asset Protection – Important for Securing the Future
Posted by Donald in Financial Planning, Everything Else
Estimated Time to Read: 4 minutes
Offshore asset protection may seem like one of those grey-area, perhaps not-quite-so-legal things companies do to evade taxes and smuggle profits, but it really isn’t such a sinister concept. Simply put, offshore asset protection provides you with a way to take further control over your assets—and, more importantly, to take further control over the protection of those assets. It would be silly to run a company without investing in insurance—life, critical illness, disability, etc.—to secure your and your business’s future security. Offshore asset protection provides you with a way to better insure your finances, and that is an extremely important part of securing the future for you, your business, and your family.
What is it?
Offshore asset protection usually presents itself in the form of a trust. Asset protection trusts provide an effective means of protecting onshore assets from third-party interference by locating that trust in specific offshore regions. This relocation of assets puts your assets out of the legal reach of third parties who may later attempt to seize them from you. Legally speaking, those parties won’t even be able to gain legal access to see how much worth your assets hold because the laws that could cause that information to be released here don’t apply to the offshore setting. When a court judgement settles in the third party’s favor, forcing your current assets to be revealed (and thus vulnerable to seizure by the courts), you can feel much more secure in knowing that the laws protecting your offshore assets are completely unaffected by that ruling.
It’s essentially the modern-day version of burying your treasure—only you won’t need a map to dig up your assets in the end, and offshore asset protection offers a lot more laws to keep other people from finding the x on the map.
Offshore asset protection is essentially a form of diversification that ensures that, should the worst happen, you have select assets that can only be accessed by you and your successors or beneficiaries. The laws surrounding offshore assets can protect you beyond the capabilities of your onshore laws to protect your onshore assets—and that means a lot more future security.
What kinds of assets can you protect?
Offshore asset protection can ensure the protection of a wide range of assets, liquid or tangible. This can include investment portfolios, intellectual property, digital assets, life insurance and
annuity policies, bank accounts, and even precious metals. Anyone can participate in offshore asset protection if they have assets they want to secure for the future. The most common and beneficial uses of offshore asset protection provide for wealth preservation, estate planning, asset diversification, and even minimising estate taxes.
How can it help?
Perhaps it’s hard for you to imagine that your hard-earned assets could become vulnerable to a third party—but it happens more commonly than you might think. Just consider lawsuits and judgements. If you run a company, then you probably already know that you are trying to manage a number of wild cards. You have employees, clients, products, and services, and each poses its own set of legal risks. A employee could get in a car accident injuring himself and perhaps even other people on company time. One of your customers could injure him or herself on company property. You could end up selling a faulty product that doesn’t get recalled until it’s too late. There are a lot of potential risks that could leave you legally vulnerable to lawsuits and judgements, and the decisions the courts make in cases like that can often depend on a consideration of your assets. That may mean you end up getting sued for more than you otherwise may have because you have larger assets, or it may simply mean that the information about those assets gets released to third parties, making you more vulnerable to future problems. Offshore asset protection protects your assets against the threat of seizure by the courts. Even if you end up having to face a monetary judgement, your future will remain secure because your offshore assets will remain untouched, no matter what happens onshore.
That’s why offshore asset protection is such an important investment. You take steps every day to secure your business’s future success, your future financial security, and your family’s future financial security. Offshore asset protection provides a means of guaranteeing that security. If you have assets of any kind that you want to keep safe from creditors, the courts, and the prying eyes of other third parties, then you need to consider offshore asset protection. It’s the best insurance you can get to guarantee the security of your future.
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