Anyone who owns property or has assets valued in excess of $300K should take steps to protect themselves from a possible lawsuit. Litigation has become a popular means for the accumulation of and the loss of wealth. Ask your attorney about creating an offshore trust.

1. Using Offshore Trusts: Asset Protection in a Litigious Society
By Michael D. Wild
Anyone who has property or assets valued over $300,000 should
consider protecting them from a possible lawsuit. Litigation has become
a popular means for the accumulation of wealth. We see it on television
every day; people "recover" exaggerated sums of money for just about
any reason. Today, if a person believes there is any possibility of
obtaining money by means of a lawsuit, they will file a lawsuit.
Defendants in a lawsuit settle without ever doing anything wrong
because a defense attorney usually charges on an hourly basis. It is less
expensive to settle than to litigate and defend yourself against the claim.
Plaintiff's attorneys, on the other hand, are likely to take the case on a
contingency basis. Many times claims are filed because the plaintiff has
nothing to lose.
When an attorney discusses a possible lawsuit with a prospective client,
the lawyer will look at the probability of success. If probability is low,
he or she will not take the case; if the probability is high, the next thing
the attorney does is investigate whether the defendant's assets are large
enough to justify investing his time in the lawsuit. If the assets are small,
the amount recovered would probably be small. As a result the attorney
will probably decline the case.
In South Florida Contact Wild Felice and Pardo
Fort Lauderdale Asset Protection & Estate Planning Attorneys
One way to protect your assets is through offshore trusts. Trusts
originated in medieval times when English nobles entrusted their lands
and wealth to friends and other close relations before they went on
crusade in order to ensure that their families were provided for during
their absence. Over time the Trust has developed into the legal entity we
know today. In the last few decades, the offshore trust has become
popular. However, its improper and illegal use by some has given it a
bad reputation as an asset protection tool.

2. There are many reasons why an offshore Trust can is an effective asset
protection vehicle. The main reason to go offshore is because the
countries that cater to asset protection don't enforce U.S. judgments or
liens. As a result, a creditor must litigate their claim within the foreign
jurisdiction. For practical and economic reasons it is unlikely that a
creditor will pursue the claim outside the United States.
The misconception about offshore trusts comes about because many
falsely believe that an offshore trust will avoid having to pay income
taxes. They have tried to unlawfully evade U.S. income taxes by using
"secret" offshore accounts. Recent IRS measures are making it
increasingly difficult to keep these accounts secret. There is nothing
inherently wrong with offshore accounts. However, they cannot be used
for tax evasion. Failing to report income and paying the appropriate tax
can have devastating consequences.
In South Florida Contact Wild Felice and Pardo,
Fort Lauderdale Asset Protection & Estate Planning Attorneys
When an offshore trust is part of an advanced plan it can legally and
ethically safeguard your assets. Let's assume that a prospective
defendant has a high net worth and that the danger of losing it in a
lawsuit exists. The assets can be protected by placing them in an
offshore trust before a suit is brought. As with any legal matter,
advanced planning is of vital importance. While few people ever
imagine they will be sued and lose their assets in a lawsuit, however, in
the current litigious society, advanced planning is necessary. An
offshore trust is one of many alternatives that exist to protect your
wealth.
For more information on successful Florida estate planning and asset
protection techniques, please contact the South Florida law firm of Wild
Felice & Pardo, P.A. at 954-944-2855 or via email at info@wfplaw.com
to schedule your free consultation. It’s a Wild world. Are you
protected?