Offshore asset protection is a common and age-old way to protect your money, yet the vast majority of people do not take advantage of asset protection schemes, even domestically. The stigma, perhaps, lies with the fact that asset protection is for the rich. This is simply not true. Asset protection, especially offshore asset protection, can help people of almost any income level protect their money, save on taxes, and still enjoy their hard-earned assets.
If you’re new to asset protection, you probably have a lot of questions. Here are some answers to common questions about offshore asset protection.
Q : What Is Asset Protection?
A : Offshore asset protection comes in a few different forms, but generally it refers to the legal process of titling your assets. In doing so, you can protect them from potential problems, like creditors and liabilities, all while enjoying the benefits of those assets.
Offshore asset protection is a little different than domestic asset protection in that the titles are kept overseas instead of at home. This allows you to add an extra layer of security that you may not find at home, and offer tax breaks that domestic asset protection cannot provide.
Q : What Is Considered an Asset?
A : Assets can take on a number of different forms, but they are generally defined as “any piece of property with monetary value.” In general, they come in three different forms:
• Current assets : These assets are any asset that can be converted into cash or used to pay liabilities. This category often includes equipment, property, and funds owned by a business.
• Fixed assets : Think of fixed assets as almost the opposite of current assets in that they cannot be easily converted into cash. Structures are often used as an example of fixed assets.
• Intangible assets : Copyrights, patents, and intellectual property usually fall into this category. Intangible assets are just that: things that cannot be easily pinned down to a physical object.
There are a number of things that can be considered assets, and the definition is constantly changing to add and remove certain things. It’s best to consult a professional offshore asset protection firm to help you determine which assets can be housed offshore, and which ones are not eligible.
Q: What Are the Benefits of Offshore Asset Protection?
Offshore asset protection is, first and foremost, a way to protect your most treasured and valued pieces of property from any potential problems, including creditors and certain financial issues. Without offshore protection, you could end up losing any and all of your assets, sometimes to situations beyond your control. Frivolous lawsuits are one of the most common ways that you can lose your assets, but offshore protection with an experienced and professional firm can keep these pieces of property far away from other people.
Offshore asset protection is an essential financial decision for many people in many different income categories. It’s a tried and true way to protect your property and keep it safer than what domestic asset protection can provide. If you are interested in asset protection, be sure to contact a professional agency to help you create the right plan for your situation.
Esquire Group, a boutique international tax advisory firm specializing in tax consulting, tax planning and compliance and helping corporate and individual taxpayers with Offshore Voluntary Disclosure Program, asset protection, and US expat taxes. To learn more about us, visit Esquiregroup/About.