You may be familiar with a number of legal devices but are not familiar with their asset protection and privacy value. Some structures, such as offshore asset protection trusts, seem almost mystical and are generally assumed by most to be used only by the ultra wealthy. The fact that the very rich have been using these structures for centuries attests that they are superb and effective asset protection tools that preserve wealth. And, although widely used by the super-rich, these structures are as simple as the corporate form and can be used by the common citizen. Legal and financial planners have engaged in asset protection planning for many years.
Lawyers regularly advise their clients to take advantage of limited liability vehicles.
America, more than any other country has developed into an extremely litigious society, which in turn has given rise to asset protection planning for the general citizenry that was previously reserved for only the best informed of the world's society. Setting up an offshore structure can be the most practical and cost effective insurance you will ever acquire to protect your hard-earned estate. It will definitely provide you enhanced privacy and access to greater investment returns, and you may be able to enjoy the added benefit of significant tax deferral or even legal tax avoidance. These awards are often comprised of actual reparations, with huge sums in punitive damages. Our society has grown to expect large punitive damage awards far outweighing the actual damage to the plaintiff.