Such transfers may be fraudulent and should offer little comfort against known claimants or creditors. However, off-shore trusts may effectively safeguard assets against unknown and unidentified future creditors. But, for most Americans, foreign adventures won't yield tax savings. And a host of new information-reporting requirements and penalties applies to the creation of, or transfer of assets to, a foreign trust. International tax planning, once reserved for the superrich and the multinational corporation, is now a part of life for more and more Americans.
Every rule has an exception and every opportunity a pitfall.
So, if your assets extend beyond our borders, seek savvy and competent counsel who is conversant with all the in's and out's. The Lane Report is a publication of The Law Offices of Marc J. Lane, a Professional Corporation. We attempt to highlight and discuss areas of general interest that may result in planning opportunities. Nothing contained in The Lane Report should be construed as legal advice or a legal opinion. Consultation with a professional is recommended before implementing any of the ideas discussed herein.