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Offshore trusts still viable for America’s rich, says BNA author


Despite the bad press Swiss banks have recently received, offshore trusts are still viable options for America’s wealthy wishing to safeguard their liquid assets, according to BNA portfolio author and Coral Gables attorney Howard Rosen.

Rosen will outline precisely why in The Use of Offshore Trusts in Asset Protection Planning, an upcoming BNA tax and accounting webinar on 24 February.

Rosen will discuss asset protection planning strategies in the current economic environment and compare techniques used to protect liquid assets (cash and publicly traded securities) and those used to protect immovable assets such as real property. 

Emphasis will be placed on the use of offshore asset protection trusts, including entity and group trusts, and a discussion of the tax consequences and related issues surrounding such planning techniques.

"A trust established in an offshore jurisdiction with a protective trust law and sound financial system continues to offer US residents the opportunity to protect their assets provided the initial transfer is nonfraudulent," says BNA senior tax analyst Harold Pskowski. "Individuals considering such trusts should not be put off by recent government actions to locate offshore accounts, because reputable advisors will insist that the trust grantor make full disclosure to the relevant government authorities. The purpose of such trusts is to shelter assets from future claims, not to avoid taxes."

Rosen is an attorney and certified public accountant practicing law in Miami, Florida, as a shareholder (partner) in the firm of Donlevy-Rosen & Rosen.

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