Asset Protection 101: Offshore Accounts?

Moving your assets to an offshore account in this day and age may not be as effective a strategy a you might think.  A number of courts have issued “repatriation orders” to debtors who moved their assets offshore.  If a debtor fails to comply with the order, the court can issue a bench warrant for your arrest and hold you in contempt until you bring the money back into the states.  Some people have spent years in jail for non-compliance.

 In addition to the potential asset protection complications, the IRS has been able to get all kinds of records from banks about foreign accounts that are not or have not been reported.  The penalties for failure to report foreign accounts can easily add up to more money than was placed in the account in the first place.  You will want to very careful about getting too fancy with your asset protection planning.

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