Steps to Correctly Pursuing Offshore Trusts, LLC, and Asset Protection
While offshore trusts can be infinitely beneficial, nothing in life is clear cut and it is important to protect yourself accordingly. The most important tip when pursuing offshore trusts is to contact a professional to consult about the different steps you should take to secure your finances and your future. Having said that, here are some basic guidelines when becoming involved with offshore trusts.
#1. Remain Diligent and Informed
Whether you are jumping into the world of offshore trusts alone, or with a team of professional it is important to know all the in and outs of your trust. Make sure you know how many assets they are and where they are going. Sometimes this can be difficult, and that is why you are hiring a professional to do most of this for you. However, even if you are not the one performing the task, make sure you understand the task. Know where and when your money or assets is going, and make sure you know the inner workings of the professional network assisting you. In addition to staying informed about your assets, be sure to never fully trust anyone. Always remain skeptical and often request information or further explanation on what is going. Never end up in a situation where your assets are dependent on your trust for another individual. This is essential in protecting yourself in the long run.
#2. Protect Your Identity and Assets Through Anonymity
The biggest reason most people want offshore trusts is to protect their money from being taken or taxed. If this is the case, then one of your most essential priorities should be keeping your assets anonymous. Many trusts provide anonymity services that keeps your funds and assets disassociated with your name. This can be done through various methods, some including legal legislation and offshore lawyers. Just remember, if it is not in your name it cannot be taken or taxed by your government.
#3. Understand The Anatomy of Your Asset Protection
This guideline ties in with our first guideline, but it is important to single this aspect out and focus on it so you better understand what you need to best protect yourself. Once you have obtained an offshore trust, or LLC, it is important to understand the system of it all.
- First, the head. This represents you, the one that should be in control at all times and knows how the rest of the body functions.
- Second, the stomach. This is your assets and everything you own. Important to your survival and security.
- Third, the arms. This will be your professional acquaintances. Lawyers, trust managers, etc. While the arms perform a majority of the tasks involving your assets, they shouldn’t do anything that the head doesn’t want it to.
- Fourth, the legs. Beneficiaries. Like in real life, these will catch you when you fall. Once time takes its toll and you pass away it is important to have a distinct list of beneficiaries that your assets will trickle down to. This way your life’s hard work is not left up in the air and left for the vultures.
If you understand components and keep them in mind at all times, then you are already on the fast track to securely obtaining and offshore trust.
#4 Obtain and LLC in Addition to a Trust
The last guideline for this blog can be commonly overlooked. A further method of protection is to have an Offshore Bank Account to store money in. Whether, this be to store profits accrued by interest on your trusts, or simply to move money with ease, obtaining an offshore bank account can be difficult for U.S. citizens. Many offshore banks won’t event accept foreigners as new clients. This can easily be avoided by owning an LLC. As explained in our other blogs, an LLC is essentially a small company owned by you. These can be placed in almost any country. When applying for an offshore bank account your LLC functions as its own entity and business, skipping many of the hurdles that face investors that wish to have offshore bank accounts.
We have gone over the basic guideline that should help you moving forward. However, there is a mountain of information and different opportunities when pursuing offshore investment. Be sure to contact a professional with any and all questions to have them answered. Truth to the Nations is always available as an informational source. Our professionals have been involved with offshore investing for years and are more than willing to help. Do not hesitate to contact us through our contact page.