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The Importance of Offshore Asset Protection

19 Dec

‘Tis the season for gifting greeting cards and presents and chocolates, for spending time with loved ones, and for making resolutions for the upcoming year—but did you know that looking into offshore asset protection isn’t out of place during this time of year? In fact, offshore asset protection can actually help you secure the finances you need to keep your loved ones in mind well into your—and their—future.

How does it work?

Offshore asset protection is a form of general asset protection, also known as debtor-creditor law. In the most general definition of the term, asset protection involves employing legal techniques to protect your assets from creditors. Offshore asset protection ( www.EsquireGroup.Com/Offshore-asset-protection ), by extension, provides a means of protecting your assets from the claims of creditors by keeping them offshore. This can be done by opening an offshore bank account, trust, precious metals account, etc. By investing your assets offshore, you are securing those hard-earned assets from those who could otherwise attempt to gain legal access to them, thus ensuring those assets are safe for your and your family’s future.

Because the season of giving doesn’t need to apply to your creditors

Sure, it’s the season of giving, and you are all for giving back to others during their times of need—however, that most likely does not apply to your creditors. The gift you really want to give during the holiday season is to your loved ones. You save up all year to be able to show them how much they mean to you during this particular season, so why not protect your assets by investing in offshore asset protection? It’s the best way to ensure your financial assets are secure and accessible well into the future, creditors or no.

Who do you need to protect your finances from?

We’ve already mentioned creditors, but those aren’t the only entities who pose a threat to your assets. Offshore asset protection can also help you protect your assets from lawsuits. What happens if you or your business end up involved in a costly legal suit? You don’t want to lose your hard-earned assets to court procedures in addition to the lawsuit itself. Sure, you want the money you store offshore to be able to protect you from emergency situations, but if the entity filing the claim doesn’t know how much you have stored offshore, they are a lot less likely to file a frivolous claim or to ask for an unprecedented amount that could end up threatening those savings.

The same goes for more insidious risks, too. If your assets are offshore and you’ve gone through the proper channels to ensure offshore asset protection, those assets are a lot less likely to become susceptible to identity theft.

You can also protect your assets from the IRS by investing in offshore asset protection. To be clear, this does not suggest anything underhanded. You still need to disclose all of your assets when you file your taxes ( www.EsquireGroup.Com/about ), whether or not they are stored offshore. However, if you are wondering how offshore asset protection can possible save you from the IRS if you need to disclose your assets anyways, remember that there are some countries who want you to invest your money in their offshore or foreign accounts, and that means you may be able to avoid some taxation, saving you even more on your investment.

Of course, the final reason to choose offshore asset protection has been made very clear by recent economic activity. As a business entity, the best way to ensure your business’s success into the future is to diversify. Well, it’s no different when it comes to your own personal assets: you can diversify where your assets are invested to ensure they are more broadly protected from economic fluctuations and crashes.

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Posted by on December 19, 2017 in Tax

 

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