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Jan 1, 2010 12:00 PM
Don't Be Foolish
The past year underscored the difference between tax avoidance and proper asset protection. It also showed how critical early asset protection planning can be. So, what are you waiting for?
In 2009, asset protection specialists watched a major Internal Revenue Service drive to flush out secret foreign bank accounts while a financial crisis brought to light mammoth Ponzi schemes and took down publicly traded companies. But we saw few relevant new laws and rulings in the area.
How does the U.S. government's recent emphasis on tax transparency and anti-money laundering impact asset protection? Not at all. Those of us who practice regularly in this area know that, in general, any asset protection trust a client settles will be a grantor trust, whether it's domestic or offshore. And because I, like all responsible lawyers, provide clients with clear guidance on the filing requirements for such trusts (including the disclosure of foreign bank accounts), it's unsurprising that none of my clients asked me to represent them in the recent offshore voluntary compliance initiative that the IRS announced on March 23, 2009.
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Topics of Interest
| Estate Tax | Donor Advised Funds |
| GSTs | Family Offices |
| Private Foundations | Life Insurance |
| 2010 Tax Act News | Industry Trends Surveys |
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Topics of Interest
| Estate Tax | Donor Advised Funds |
| GSTs | Family Offices |
| Private Foundations | Life Insurance |
| 2010 Tax Act News | Industry Trends Surveys |
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