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Personal Tax Planning
Offshore Asset Protection
Why do you need to protect your assets?
In the current economic climate and probably for many years to come, the UK Government’s focus will be on increasing their tax revenues from all sources. The tax regime is becoming ever more complex and, as a result, all taxpayers need to seek professional advice and support in order to ensure that they pay the minimum of tax that is required by law – and at the same time take adequate action to protect their wealth and assets.
You can Protect your assets legally and safely without hiding them away! We specialise in helping our clients to protect their assets from erosion due to creditors, divorce, litigation and taxation.
Having worked extremely hard throughout our lives to accumulate savings and assets, this wealth can quickly be eroded. However, offshore asset protection via well-designed trust planning is available to everyone; we can demonstrate how you can legally and safely protect your wealth with a minimum of administration.
Asset protection is not a one off event; it requires careful and periodic review to ensure the strategy continues to provide the required benefits.
We provide first class administration support leaving you to run your business and enjoy your daily routines with full peace of mind your assets are protected within a trust environment.
No matter how rich or poor we are, each and every one of us owns assets.
Assets are things we have worked hard to accumulate and are of value. These include property, shares, bank accounts, and other investments. Every day we put our assets at risk as we interact with others; from being involved in damaging lawsuits, facing creditors, bankruptcy, divorce and even taxation. Liabilities may arise and legal action could take our assets away.
There are many strategies we can utilise to protect a person’s assets, some simple and others much more complex. The level of complexity will depend on the value of the assets that require protection.
Perhaps the most simple example of asset protection is transferring the funds from an indebted man’s bank account into his daughter’s account, thereby putting the contents out of reach of creditors as he no longer owns the cash. Instead, his daughter holds it on trust for her father.
Asset protection strategies are often more complex and involve the process by which a person takes steps to avoid the risk of their assets from being seized by creditors. Most people are aware that there are two common forms of asset protection; domestic and offshore. Setting up a limited company is the most common example of domestic asset protection. This is because the company is recognised as a separate legal entity, making the corporate asset of the individual distinct and separate from his personal assets. In the event of being sued, lawyers will be unable to find the assets if they are not held in your name.
Offshore asset protection is simply putting one’s money outside the country where the judgments of the country of domicile are not recognised by offshore courts. Creating an offshore trust establishes a mechanism to hold your assets, but allows you to maintain control over them. This makes your business affairs confidential, private and anonymous. This means creditors are unable to locate your offshore assets.
A ‘Swiss bank account’ is an offshore alternative of storing money as well as tangible assets such as diamonds, gold and more. Offshore bank accounts are often utilised because asset searchers and lawyers can’t trace them. However, there are risks as governments can make agreements that allow details of account holders to be disclosed. Also, it has been known for ex-bank employees to make public details of account holders lifting the veil of privacy.
Asset protection is a complex area and one best taken with professional advice.
Please click to read more about our Umbrella Assets Trust.