Search the Asset Protection Blog

12 search results for: offshore

The Bellinger Case - Offshore Asset Protection Trust Defeats Creditor's Claim

Author: Jacob Stein • Tags: asset protection, lawsuit, offshore • Posted on: Jun 11, 2014

In a recent Federal court case (in the Southern District of Florida), a North Carolina bank attempted to reach the assets sequestered by a debtor in an offshore trust. The bank’s attempt was thwarted by the District Court.

Keep reading →

U.S. Congress Goes After Apple, or Is It Ireland?

Author: Jacob Stein • Tags: foreign, offshore, tax law • Posted on: Jun 03, 2013

Senate hearings about Apple's alleged tax avoidance have been in the news the last few weeks. News stories abound, describing how Apple generates billions of dollars in profits overseas, using a chain of entities set up in Ireland, pays no U.S. income taxes on those profits and pays almost no income taxes in Ireland. The alleged scandal is so delicious, few reporters passed it up.

Keep reading →

Your Government Wants Your Money!

Author: Jacob Stein • Tags: asset protection, bank, offshore, swiss banks • Posted on: May 03, 2013

The economic downturn we have experienced over the past few years have made sovereign states desperate for your money. We have seen a wide push by many developed nations, most notably U.S. and Germany, to pursue "offshore" wealth.

Keep reading →

Citizenship for Sale in the Caribbean

Author: Jacob Stein • Tags: asset protection, foreign, investment, irs, offshore, planning, tax law • Posted on: Feb 12, 2013

Here is an interesting article from AP about citizenship for sale in the Caribbean. Most nations sell citizenship, or at least permanent residence with a path to citizenship (including the U.S. and many EU nations) - Caribbean nations make it very affordable. We have helped our clients obtain citizenship in various countries, mostly in East Caribbean. The need for a second citizenship is usually fueled by tax planning (i.e., the client is planning to surrender primary citizenship) or politics (if you may need to flee Russia or Saudi Arabia someday, you need a second passport). Costs and difficulty of obtaining second citizenship varies by country, but in all cases the most important consideration is the ability to travel using the second passport. For example, an individual holding a U.S. or a Schengen passport may travel most anywhere in the world without a visa. The same is not true for citizens of many Caribbean nations.

Keep reading →

IRS Announces Third Amnesty Program for Offshore Accounts

Author: Jacob Stein • Tags: asset protection, irs, offshore • Posted on: Jan 09, 2012

The Internal Revenue Service today reopened the offshore voluntary disclosure program to help people hiding offshore accounts get current with their taxes and announced the collection of more than $4.4 billion so far from the two previous international programs.

Keep reading →

IRS Announces Second Amnesty for Foreign Bank Accounts

Author: Jacob Stein • Tags: foreign, irs, offshore, tax law • Posted on: Feb 08, 2011

According to a press release issued by the Internal Revenue Service, U.S. taxpayers with foreign bank accounts now have a second chance to come forward a plead mia culpa.  The new program has a deadline of August 31, 2011.  The taxpayers who come forward will be subject to penalties and interest on unpaid taxes for the past 8 years, and an additional penalty of 25% of the highest balance in the offshore account.

Keep reading →

Offshore Banking Shifts to Asia

Author: Jacob Stein • Tags: asia, bank, offshore • Posted on: Sep 23, 2010

Yesterday's New York Times had an interesting article on offshore banking.  Apparently, following the shameful conduct of UBS and the Swiss government (yes, shameful), hundreds of billions of dollars left Swiss bank accounts and moved to Singapore and Hong Kong.  It is estimated that at least $200 billion left UBS alone.

Keep reading →

Advantages of Foreign LLCs

Author: Jacob Stein • Tags: asset protection, foreign, llc, offshore • Posted on: Aug 16, 2010

Many foreign jurisdictions have enacted LLC statutes.  A lot of these jurisdictions are so-called tax havens, which generally means that an entity organized in that jurisdiction will not be taxed by that jurisdiction if the entity is not conducting any business in the jurisdiction.  If a U. S. business or U. S. real estate is owned by an entity organized in a tax haven, the entity will not be doing any business in the tax haven and will not be taxed there.

Keep reading →

IRS Extends Its Hand to Taxpayers and Once Again Reaches Deep into Our Pockets

Author: Jacob Stein • Tags: foreign, irs, offshore, tax law • Posted on: Mar 31, 2009

Several years ago the Justice Department subpoenaed names of Americans who had Visa and MasterCard accounts with offshore banks. The IRS then offered these taxpayers a choice, come forward voluntarily and we will waive criminal prosecution and some monetary penalties, or wait until we get to you and then take the risk of criminal penalties.

Keep reading →

Continued Fallout from UBS

Author: Jacob Stein • Tags: foreign, irs, offshore, tax law • Posted on: Aug 18, 2008

The UBS scandal may have had a more profound impact on asset protection planning than previously suspected.

Keep reading →

IRS Goes After UBS AG

Author: Jacob Stein • Tags: foreign, irs, offshore, tax law • Posted on: Jul 08, 2008

Following the indictment of several UBS AG (Switzerland) employees, the Justice Department requested permission from federal court to have the Internal Revenue Service issue John Doe summons to UBS AG (the Swiss parent of UBS). The John Doe summons will instruct the Swiss bank to provide to the IRS information on all U.S. taxpayer who may have bank accounts with the bank in Switzerland.

Keep reading →

Downturn in the Real Estate Market Leads to More Asset Protection Planning

Author: Jacob Stein • Tags: asset protection, foreign, offshore, planning • Posted on: Mar 20, 2008

Following the credit crunch of August 2007, the real estate market has experienced a significant decline. Many of our clients are heavily invested in real estate or are involved in various development projects. For them, the reality of the declining market means a lot more than an interesting headline. It means that their entire estate may be facing a risk of loss. Here is a real life example.

Keep reading →

Latest Video Bob Klueger Estate Tax Law Video Bob Klueger talks about the effects of the new tax law.
Featured Article speaks with asset protection specialist Jacob Stein of Klueger & Stein, LLP in Los Angeles about the importance of protecting valuable assets, such as your private residence, rental real estate, investments and retirement plans.