Offshore trusts are an intelligent way to keep your money accessible to you while making sure it untouchable by any other source. Aside from taxation, any funds you maintain in the United States are accessible for other purposes, including seizing for the payment of debts, alimony and child support, and use for bankruptcy proceedings. However, anything in a protected offshore trust has asylum from such purposes. Offshore trusts are one type of account that can doubly protect your savings to see that the money is untouchable by any kind of collection agency, from United States government to the Internal Revenue Service and further down the feeding chain to bill collectors or other cash hounds.
The law states first that any offshore trusts are not admissible in court as assets of a defendant. Secondly, a trust is named to a successor or other individual besides the one paying into the account. For example, a trust fund may be set up by Mr. Brown in order to save money for Mr. Brown’s son to go to college. The trust is technically payable to Mr. Brown’s son upon his eighteenth birthday, meaning it cannot be considered part of Brown’s net worth or income.
Therefore, it cannot be taxed or taken for any other reason. By maintaining offshore trusts for your holdings, you are doubling your security measures that the money will not be taxed or taken from you until you deem it necessary to use part of your trust fund for something. As the trust fund holder, you can deposit and withdraw from the account at any time. How this is possible if the account is is overseas? The simplest way to complete a transaction involving an offshore trust is to wire funds back and forth from a national account to and from the foreign account.
This can be done by phone with the financial institution, where you ll find that the bank employees are always ready and willing to help you as though you were royalty, or you can opt to do it over the internet, providing the financial institution is set up for such transactions. There is no longer a need to travel to and from the foreign country to complete bank transactions in this age of technology. If you still don’t feel secure in opening an offshore trust, you could opt for one other direction in which to store your cash.
An offshore investment in real estate may be the best course for you to pursue. This will assure that neither government can place their hands in your bucket of cash and, if you are worried about your own spending tendencies, will keep you from withdrawing money on a whim. If this is the course you intend to pursue, you should first be certain that there will be no need to access the cash you are investing for a long period of time.
If you may need to use the money, stick to the offshore trust to ensure you get the best results.