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Is offshore asset protection legal or is there a sleaze factor associated with it? There are a lot of myths surrounding it , which is nothing but a useful way to protect your assets in case you are facing litigation.

In offshore asset protection, you register all your assets in a foreign jurisdiction which is way beyond the reach of anyone who can benefit by selling it off. Since all your assets are registered in another jurisdiction, nobody can claim their rights on your assets legally.

A lot of creditors get discouraged the moment they hear the word offshore asset protection because of the cost of pursuing a lawsuit in a foreign jurisdiction. As I said before, there are a lot of myths surrounding it rather than facts. Let us look at some of them.

If I use asset protection services offshore , will it trigger an audit by the IRS?

Most people think that these services are only for the filthy rich people who wish to hide their assets from the IRS. But this is wrong. If you use it for legitimate means then it will not trigger an audit by the IRS. It is not a crime to business with a foreign country.

Why use offshore asset protection then?

It has been noted that the United States Jurisdiction tends to favor the plaintiff over the defendant on many occasions. If you are facing litigation and end up losing the case, then you may end up losing all the property that you have accumulated over the years. Hence it is common to use asset protection to save some of your assets.

How do I go about it?

You need to meet your attorney before you decide on using offshore asset protection services. There are a lot of requirements that need to be completed and your attorney will be the best person to advice you.

By Rama Krishna