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Panama Papers: What U.S. Taxpayers Should Know About Tax Havens

April 21, 2016

Filed under: Asset Protection Planning — Neel Shah @ 9:15 am

Off-shore planning has become increasingly popular over the last several years and a recent news story known as the Panama Papers has important implications for those considering conducting their planning off-shore.shutterstock_295936574

The Panama Papers are more than 11 million leaked files from a law firm in panamas database. These files have since been shared with numerous media outlets around the world. The documents allegedly show how the law firm helped high profile clients like celebrities and government officials dodge sanctions, evade taxes and launder money.

Although the law firm claims that international standards have always been used by their firm in working with these clients, it is important to consider what you can learn from the Panama Papers scandal. There are plenty of legitimate purposes to consider engaging in off-shore planning, primarily because you will receive favorable creditor protection laws and benefit from estate planning strategies.

Frivolous creditors may be dissuaded by the fact that you have assets saved off-shore, for example. If you have interest in planning ahead for your own future and have questions about legitimate off-shore planning, consult with the attorneys at Shah & Associates today.

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