October
11, 2005
By
John Dietz, Senior
Advisor of Trustmakers
Last
week’s article on capital
gains caused quite
a stir. The phones
have not stopped ringing;
it seems that saving
taxes is still a popular
subject. Watch for
follow-up articles
with some more tax-saving
details in the future.
One
of the goals of Trustmakers
is to bring you sound,
global Asset Protection
information. We pride
ourselves in giving
you the latest, up-to-date,
lawful solutions to
protecting your world.
From the Chairman,
Rob Lambert, to the
rest of the global
team, everyone involved
has lived, traveled
and worked outside
of U.S. borders. We
are blessed to have
a great team of global
thinkers on board.
So put on your travel
gear, and let’s go
to Italy.
Asset
Protection: Italian
Style.
Condé
Nast Traveler 2004
edition said the people’s
choices for the top
three European cities
are Florence, Rome
and Venice. I can’t
say that these cities
would be my first choices,
but Italy itself is
a must for the gastronomically
minded. It seems no
matter where you go,
the food (and especially
the desserts) are fabulous.
Of course, the Italians
do love to argue which
city has the best gelato…
As
I sat at dinner one
night in Assisi, I
got into a conversation
with the owner of a
locally owned, family
restaurant about how
superior the food was
in Italy. I asked,
“Were all the babies
in Italy born with
a cookbook in their
hand?” He laughed,
and then got very serious
and said, “The food
is good when the ingredients
are good.” He claimed
that the combination
of seasonal, fresh
ingredients, proper
preparation, and local
tradition has set the
stage for some of the
most flavorful dished
on the planet. Now,
if that isn’t a successful
correlation for Asset
Protection, I don’t
know what is.
So
let’s take a look at
the Asset Protection
“recipe.” (This is
difficult; my mind
is still dipping bread
in the local Umbrian
pressed olive oil…)
The
main Asset Protection
ingredients are:
A.
A carefully crafted
Trust document.
B. An offshore jurisdiction
that is safe, secure
and affordable.
C. An onshore jurisdiction
that is not considered
risky.
D. Real, live Kinetic
Asset Protection technology
that doesn’t rely on
stealth.
E. Offshore banking
institutions that will
keep your money safe.
F. Being able to live
as you always have.
(A properly designed
plan will almost be
invisible or transparent
to your lifestyle.)
G. The latest, proven
technology.
H. The involvement
with your local attorney
and CPA for implementation.
So
what’s the downside
if you do not follow
the recipe?
1.
Your structure triggers
more taxes and tax
reporting obligations.
2. Your transfers are
considered fraudulent,
even when you set up
your plan before trouble
arises.
3. Your plan does not
lawfully hold up under
duress.
Unfortunately,
the only downside when
cooking a meal is it
may taste bad; the
downside from faulty
Asset Protection technology
can be devastating.
The information highway
is rot with faulty
technology or commission
junkies trying to peddle
the latest scheme.
Don’t get caught up
with the latest seminar
buzz or unproven technology.
Do your homework and
check references. A
great place to do some
independent reading
is the Asset Protection
Corp forum page.
The
latest technology is
only good if it’s had
a chance to be tested.
If you put the right
Asset Protection ingredients
together with proper
implementation, there’s
a pretty good chance
you’ll make a great
meal.
By
the way, Florence has
the best gelato.
Ciao,
John
If
you would like more
information regarding
asset protection, trusts,
family limited partnerships
or the subject of this
article please call
or email our office.
