Estate Planning (1 viewing) (1) Guest
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Topic History of: Asset protection
Max. showing the last posts - (Last post first)
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bigdaddy
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Somewhat off topic, but somewhat related: Lets say you have a foreign headquatered business, and the revenues generated therein are kept overseas, are they taxable here if you live here? I know if I earn income overseas, while living overseas for one year, I can avoid income tax, but, what if I have a company and it makes money while I am in the US, if I leave the income overseas for a year while living here, can I still avoid income tax, or do I have to live off shore for that year?
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steve
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Foreign asset protection trusts can be strong asset protection tool – so long as you are prepared to flee the U.S. to join your assets.
In 2005 the Bankruptcy Code was changed to provide for what amounts to a 10-year clawback of transfers to self-settled trusts that are meant to hinder, delay, or defraud creditors. Frequently, foreign asset protection trusts are set up for this very reason. I believe that all transfers to an asset protection trust will be susceptible to being set aside for up to 10 years prior to the date that a bankruptcy petition is filed.
Based on my research and experience, foreign asset protection trusts (fapt) usually failed in bankruptcy anyway. FAPTs may still be useful in very limited circumstances, such as for planning with international families or pre-immigration planning.
I think new the technique for some FAPT promoters is to give FAFTs a different name in an attempt to try to disguise the FAFT's character. Whether this disguise is meant for the court or their prospective customers is not clear.
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Tomas P.
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I heard that it is now negligence per se to advise a client to create an asset protection trust for the purpose of sheltering assets from a bankruptcy petition. Anyone know anything about this?
I also heard that most people who create asste protection trusts are trying to money launder. Thoughts, comments, or recent experience with these issues?
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