Asset Protection Law FAQs

Isn't it illegal to move assets offshore or have "offshore bank accounts" ?

There is nothing illegal about moving assets almost anywhere in the world. It is legal to have accounts, funds, reserves, liabilities, assets etc. almost anywhere in the world.

When you do not declare assets or profits, that should be declared according to your domestic tax code, (IRS, Revenue Canada, Inland Revenue etc), you are subject to certain penalties and fines or more. The key elements are if the assets and profits are "reportable items" in that current year.

What is an Offshore Asset Protection Trust?

This (OAPT) is a specific type of trust established in an offshore haven that has strict laws that protect the trust assets from lawsuits and creditors. It provides and enforces total secrecy and protection with regard to trust assets. Asset Protection Trusts protect assets, including inheritances, from any claims including bankruptcy, divorce, and even from the IRS! Asset Protection Trusts are ideal for people concerned with protecting their assets from lawsuits and creditors and they are excellent structures for International Investing. We have a number of options available utilizing various jurisdictions and entities to accomplish the same goals with less complexity and cost to you.

How much home insurance do I need?

• Asset Protection: More coverage generally means you will have less to pay out of your own pocket if disaster strikes. You must determine the amount you can financially afford to lose. Depending upon your determination, more insurance may be the answer.  You need enough liability coverage to protect yourself from lawsuits resulting from your possible negligence.
• Lender Requirements: Your lender may require you to cover the house for at least the amount of the mortgage. You are not required to purchase insurance from the insurer recommended by your lender.
• Policy Requirements: Insurers may impose some conditions for replacement cost protection, including insurance of the property to value.

I am a creditor in a chapter 7 asset case. How long before I can expect a dividend payment?

There is no single answer to this question. Each case is different; the length of time before you receive a dividend depends on the circumstances of the individual case. Call the chapter 7 trustee and ask when he or she expects to issue checks to creditors. The chapter 7 trustee's name and telephone number are on the notice of the section 341 meeting.

Contact our New York Asset Protection lawyer today and get a free consultation!

	Did You Know?
	A Living Trust is an entity created for the purpose of holding and managing assets A Living Trust is an entity created for the purpose of holding and managing assets for the benefit of the creators of the Trust (the “Trustors”) during their lifetimes and then for the purpose of management and distribution of the assets to the beneficiaries designated by the Trustors. There are various reasons for creating Living Trusts: (a) To avoid probate administration on death of either Trustor. (b) To avoid a court supervised conservatorship in the event of lifetime disability of either Trustor. (c) To provide for the management and distribution of assets during continued administration of the Trust or upon its termination.