Transcript Offshore Asset Protection Trusts, Private Foundations

Robert E. Bauman JD
Legal Counsel
Robert E. Bauman JD
International Living, The Sovereign Society
 Email: [email protected]
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Define your objectives
Actions in entity name, not your name
Open bank account
IRS reporting extensive
Get professional advice, US and offshore
Get cost estimate now and future
Greater privacy; TIEAs, MLATs
Beware Tinkertoy Schemes
What is a trust?
What Can it Do?
How Does it Work?
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Protect Your Assets by Giving Them Away
1)Grantor 2) Beneficiary 3) Trustee
US Taxes, Reporting
What Assets Can be Placed in the Trust?
Offshore Asset Protection Trust (APT)
Management
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Structure: Founder, Council, Beneficiaries
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Family Members Only, blood or marriage
No business management
Make, manage investments, distribute
Much greater control
Treated as a trust by IRS
Panama, Liechtenstein, Bahamas, Belize
Cost: $1500, annual $1000
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LLC like a partnership
Manage business, hold title
Single or multiple member
Members assets exempt from claims
Better asset protection; charging order
Nevis, Cook Islands, Isle of Man
Cost: $750-$1000
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* IBC used for multiple purposes
* CFC pays US taxes
* Panama, no taxes on offshore income
* The IRS per se list
* US owners taxed, reporting required
* Cost: $750-$1000, annual maintenance
$1000
* Panama, Hong Kong, Singapore, Bermuda,
Isle of Man, Switzerland (cantons)