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Asset Protection

Why have the number of lawsuits increased by such a huge percentage over the last decade? People seem to sue one another over just about anything, and especially so if the defendant is perceived to have “deep pockets.” Worse, you never really know what a jury might decide, regardless of how frivolous a lawsuit may appear.

All of this helps explain why Asset Protection Planning is such a rapidly growing area of the law and why it is so important for you to have a plan expertly tailored to your specific needs – particularly if you are a physician, attorney, CPA, business owner, real estate developer, or member of a profession that is subject to an unusually high number of lawsuits.

Unfortunately, we live in a highly litigious society in which people sue one another oftentimes without any merit. At Bohm Wildish & Matsen, LLP, we provide the guidance that professionals, business owners and investors need to understand the risks they face. We design and implement domestic and offshore asset protection plans to guard against potential liabilities. With years of experience in all areas of asset protection law and an extensive network of leading professionals world-wide, we are particularly skilled at establishing and managing a plan customized to protect and preserve wealth for future generations. If you are looking for a qualified asset protection attorney or lawyer, your search stops here. We are attorneys with years of experience exclusively in asset protection.

Why would I need asset protection?

Over the last few decades, expanding theories of liability and the proliferation of litigation has given increased emphasis to asset protection planning to almost anyone that owns assets. We live in a victim oriented society where aggressive plaintiff lawyers are always trying to find the “deep pocket”. Obviously, there are individuals who are more at risk such as professionals like physicians, dentists, lawyers, CPAs, architects, engineers. Business owners and any individuals dealing with investors also face tremendous liability exposure. Anyone who owns a boat, airplane or extreme recreational vehicle is at great risk. For the most part, all of us own property and drive vehicles and there is great liability associated with either one of these simple activities.

What kind of assets can I protect?

Business and investment assets must be protected. These kinds of assets such as real estate, stock accounts and business ventures can be safeguarded and protected by placing them in liability shielded entities such as limited liability companies.

What is the difference between Offshore and Domestic Asset Protection?

Offshore planning takes the assets placed within the Offshore structure out of the jurisdiction of the US court system. Accordingly, US court judgments cannot be enforced against the foreign structure. The Offshore structure usually involves an Offshore Trust and Offshore limited liability companies that are owned by the Trust. Anyone with substantial assets who requires a large degree of protection should consider Offshore planning.

If I have assets offshore, do I still need to pay taxes on their income?

The United States provides that all income worldwide is taxed to US citizens and residents. Therefore, any assets offshore that generate income are usually taxed in the United States with a credit for any foreign country tax that is paid on such revenue. In addition, the IRS and Department of Treasury require that certain forms be filed if you have ownership or contact with an offshore entity whether it be a Trust or company. The reporting requirements can be easily handled by CPAs who are familiar with foreign entities and planning. In most instances, the Offshore structure is tax neutral.<br />

For more information about Asset Protection

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