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Politics : PRESIDENT GEORGE W. BUSH -- Ignore unavailable to you. Want to Upgrade?

To: longnshort who wrote (753920)	11/9/2006 4:53:48 PM
From: DuckTapeSunroof	Read Replies (1) \| Respond to of 769670

"you can only do so much." You can do quite a lot! (You may not have considered all the possibilities.) "Buy insurance(that cost money, why should I have to pay that)" Cost/Benefit, that's 'why'. NOTE: not giving advice! But, for a hypothetical example, since you raised the asset structure of 'insurance' in your post: An offshore variable life insurance or variable annuity policy (aka 'swiss annuity', etc.) can be used as a simple holding structure. Correctly structured this offshore insurance policy will protect you from creditors, twelve month after you set it up. It cannot be seized or attacked in any bankruptcy proceeding. Even if a U.S. judge orders the seizure of your policy, it will never happen. The policy is protected by law, especially in ideal jurisdictions like Liechtenstein or Switzerland. Speedy Estate Planning You may plan your insurance policy so it's completely separate from your ordinary estate. Upon your death your beneficiaries get immediate access to the funds without having to wait for a certificate of distribution at the end of the probate. Designations can be made very similar to a trust. Additional Tax Benefits If correctly structured a policy allows your funds to grow tax deferred. There are no negative tax consequences due to the PFIC or CFC rules, where capital gains tax may be turned into income tax and where you might have a tax penalty on top. It is extremely important to tailor the policy according to the rules of the IRS in order to ensure that the taxes for your variable annuity or variable life policy remained deferred under U.S. law. Greater Flexibility These policies are very flexible. They can be adjusted as needed and they can also be transferred to and combined with other legal structures you may want to set up later. In a nutshell: No matter if you have US$100,000 or US$100 million, an offshore policy can allow you to get started abroad immediately. You get access to first class investments without suffering adverse tax consequences...all while enjoying complete asset protection by law. >>> Now, we haven't even touched upon the topic of Trusts for the balance of estate assets.... <<< "but everything you do costs you time and money, why should that be ???" Er... 'cause it's SMART to plan ahead?