Gallet Dreyer & Berkey, LLP | Domestic v. International Asset Protection: What’s Right for Me?
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Domestic v. International Asset Protection: What’s Right for Me?

02/23/2013

Asset protection refers to the safeguarding of wealth so that it is protected from attack by future creditors and litigants.

Wealth is broadly defined: your home, bank and brokerage accounts, businesses, real estate, including commercial and residential properties, jewelry, cars, boats, art and other personal property, intellectual property, and virtually anything else of value that you may wish to preserve for yourself and your family.

You can protect your assets from attack by creditors, litigants, ex-spouses, the I.R.S. and other government agencies.

YOU HAVE TWO OPTIONS FOR ASSET PROTECTION: DOMESTIC AND OFFSHORE

Domestic asset protection can be totally effective if implemented by individuals with no current claims against them. Domestic asset protection is also usually used to protect real estate. In the case of pre-existing claims, domestic asset protection may not  be 100% effective and offshore asset protection should be considered.

Offshore asset protection involves the transfer of your assets to a trust or corporation established in a confidential, secure and stable foreign country. If an offshore asset protection strategy is established by an attorney experienced in this area, it can be absolutely effective. However, this must be done carefully in order to comply with I.R.S. rules and regulations governing control of foreign assets.