Consider the Pros and Cons of Offshore Money
Unfortunately, some recent cases involve courts mandating that debtors bring back overseas assets through “repatriation orders”. If you do not comply, the court can issue a bench warrant leading to contempt of court. Make sure you know the rules and current interpretations in the U.S.
Make Sure You Can Explain Your Asset Protection Plan
It’s not very valuable to you if you cannot walk through how it works. Imagine being asked about your planning structure in deposition- could you easily explain the setup? The best plans are those that you can understand and see the benefit of. Make sure you work with an experienced estate planning attorney.
Know That the Planning May Become Completely Visible to Creditors
Even if your plan is successful in shielding your assets, creditors might be able t know what’s in it. A plan that requires secrecy usually has other complex elements like ensuring that a former spouse does not speak to creditors or help from an experienced tax specialist when you must report the activity on returns. Talk with your asset protection attorney about the best structure for your plan.