| |
| |
|
Structured Settlements Information brought to you by | secured-credit-cards101
|
|
|
Offshore Asset Protection Trusts for US Citizens
When it comes to discussing offshore anything and US citizens - from offshore trusts to investments, from offshore banking to company incorporation - it's important to note the following facts: - - US citizens are taxed on their worldwide income. This includes income from interest, dividends and gains whether onshore or offshore. - The US government allows money and assets to be moved offshore freely; however it requires full disclosure relating to the amount of money or assets moved and when they are moved. - The US government has task forces committed to the prevention of money laundering and tax evasion. - The US government makes it clear that US citizens must comply with all reporting and taxation demands. So, does this effectively render the offshore world inaccessible or at least useless for US citizens? No, far from it in fact! The utilization of offshore trusts and bank accounts can be an excellent way for US citizens to legally and securely protect their assets and themselves from litigation for example. Offshore trusts offer an individual a fair degree of personal confidentiality, privacy and asset protection from claimants such as an ex-spouse or business client for example; and if properly structured, offshore bank accounts can offer degrees of financial protection from potential future claims as well. There are many companies and individuals who claim to be able to offer US citizens offshore solutions for taxation reduction or negation purposes. The bottom line is - as stated previously - US citizens are taxed on worldwide income. Therefore it is at best unlikely that the services being advertised will apply to a US citizen and at worst the opportunity will require the US citizen in question to break the law. So how can offshore asset protection trusts potentially benefit US Citizens? Any form of asset protection trust - whether onshore or offshore - can be used to protect assets from personal or professional litigation or creditor attack. Whether established in an offshore jurisdiction or not, most assets protected by the given trust for a US citizen can remain in America. The assets usually remain under the indirect control of the Settlor (the person establishing the trust) as well. Such a trust will usually be 'irrevocable' for a set term, and during that period the settlor will not be a direct beneficiary of the trust. Depending on circumstances and best advice, many US asset protection specialists favor structuring offshore or foreign trusts in such a way so that they are taxed as domestic grantor trusts. If the trust is created properly, any creditor or anyone suing the settlor will be unable to reach or claim the assets within the trust. If the offshore asset protection trust has been structured as an irrevocable trust for a set term, at the end of the term provided there is no current or ongoing threat, the assets can be returned to the control and direct 'ownership' of the settlor. Conclusion When it comes to the utilization of offshore solutions there are circumstances in which US citizens can benefit from properly structured offshore solutions. At all times US citizens must be aware that it is their legal duty to comply with American taxation and reporting requirements. The purpose of effective offshore asset protection planning is the negation of any economic incentive to sue. Rhiannon Williamson is an experienced publisher who has produced articles for leading travel and tourism guides and financial magazines. Her specialist knowledge about both travel and finance gives her site Shelter Offshore the unique ability to literally cover every single aspect of moving & living abroad - including the often less discussed offshore tax advantages that can be available when leaving our homeland. Check out her website to find out how you can escape from the rat race, relocate overseas, and profit from your move!
MORE RESOURCES:
Structured-Settlements - Google News |
|
|
|
RELATED ARTICLES
What is a Structured Settlement A Structured Settlement is an agreement between a personal injury victim ( a Plaintiff ) and an Insurance company ( the Defendant )to compensate the Plaintiff by the defendant with long term periodicpayments instead of a single cash lump sum.Payments can be tailored to each individual plaintiffs needs, to help meet expenses such as on-going medical and living expenses, education, children needs & support etc' The fixed annuity payments are tax-free to the claimant, a cost-of-living adjustment (COLA) feature is available, that can help offset the effects of inflation over time, payments can continue as long as the claimant lives thus providing him the maximum benefits. The Cost of Not Having Money The self-esteem factor of not having enough money is underestimated. You know what I mean don't you? The agony of financially struggling and the ecstasy of financial abundance are dramatically different moments in a person's life. A Structured Lawsuit Settlement Seemed Like a Good Idea at One Time You are receiving payments spread out over months, years, even a lifetime. It's great when the money arrives but the payments are often too small or too spread out to really satisfy your needs. Offshore Asset Protection Trusts for US Citizens When it comes to discussing offshore anything and US citizens - from offshore trusts to investments, from offshore banking to company incorporation - it's important to note the following facts: -- US citizens are taxed on their worldwide income. This includes income from interest, dividends and gains whether onshore or offshore. Structured Settlement - Guaranteed Income for those with Disabilities Up until twenty years ago, anyone who won a lawsuit as a result of a claim involving worker's compensation, wrongful death or accident had to accept a lump sum payment as their compensation. The payment would be intended to be invested, with the beneficiary living off of the proceeds for as long as their recovery was expected to take. The Target Capital Structure Firms can choose whatever mix of debt and equity they desire to finance their assets, subject to the willingness of investors to provide such funds. And, as we shall see, there exist many different mixes of debt and equity, or capital structures - in some firms, such as Chrysler Corporation, debt accounts for more than 70 percent of the financing, while other firms, such as Microsoft, have little or no debt. If This Describes You, Dont Cash out Your Annuity There are companies that purchase future payments. Personal injury settlements are often structured to pay out over time. Surviving High Debt States Are you more likely to have more debt according to what state you live in? In a recent report done by Experian on the debt averages per state, the answer is yes! The report, compiled from approximately 3 million consumers nationwide, shows that the North East states of New Hampshire, Connecticut and Rhode Island have the highest average overall debt in the nation of $16,845, $15,314 and $14,643. The report measures overall debt of a consumer; everything present on a credit report, including credit cards and installment debts but excluding mortgage debt. How To Form a UK Limited Company When starting a business, a large number of people go down the route of forming a limited company or, to give it its full title, a limited liability company.The alternative for someone starting up in business on their own is to trade as a sole-trader. Unstructured Settlement Me'Lisa Delaney, 43, is brain-injured as a result of a 1984 medical error that caused a stroke during surgery. The hospital agreed to settle via a structured settlement, as overseen by a county conservatorship. Keeping the Lawsuit End in Mind 2 key points to stay focused on, as you are settling your lawsuit; a quick and fair settlement and consideration for current and future needs. The process of settling a lawsuit can be a tedious and mysterious event. Class Action Lawsuits First of all, let me say that anyone who has been in any way hurt or injured by any other party and settled through a class action lawsuit, disregard this article. I am more interested in the little frivolous lawsuits that award pitiful amounts to offended parties who most likely had no idea they were offended. When Should You Not Cash Out Your Annuity? You should not cash out your annuity when it's not in your best interest. Here are 3 reasons it might not be in your best interest; it's too soon, you don't have a good enough reason, it will cost you too much. Lucky Have you ever looked around and wondered how everyone is buying houses? Are they really doing that much better than you are? Maybe. Maybe not. Structured Settlement Factoring Have you received a structured settlement recently? A structured settlement can be a good thing if you have been a victim of malfeasance, have been severely injured or can no longer physically work. Structured settlements will help you pay bills. Structured Settlements Offer Advantages over Lump-Sum Payments A structured settlement, which offers injury victims cash payments through a long-term annuity as compensation for their damages and medical expenses, offer a number of possible advantages over payment in a lump sum. While the lump sum payment is the traditional way for responsible parties to pay accident claims, the structured settlement offers payments over the span of an agreed-upon period of time. A Revolutionary Fundraising Opportunity -- Life Settlements Amid fundraisers' growing concerns about the current charitable giving climate, dampened by the erratic stock market and shaky economy, a new fundraising opportunity has emerged - Life Settlements.What is a Life Settlement? A Life Settlement is the sale of an existing life insurance policy for a lump sum of cash that is more than the cash surrender value. Annuity Transfer - What Are the Risks Many people who know in the back of their minds that they got the possibility to transform a monthly payment or annuity long term payments into a big lump sum and by that to relieve some temporarily financial problems, or need to buy a new car or a house or help their children and so forth are tempted to exercise this process into action. Although it is a very natural feeling and sometimes even a real life need or deep inner quest for power and control, it is not in their best financial interest to say the least. What is Structured Settlement? Because it is tailor-made for individual cases, the structure may also include some immediate payment to cover special damages. The payment is usually made through purchase of an annuity from a Life Insurance Company. What is a Trust and what are the Benefits? Trusts are becoming a popular way to structure business and personal affairs. If you are considering using a trust in any way, you should be clear on the legal obligations and the relationships involved.
|
| home | site map |
| © 2006 |
