by Brian Mahany
Government tax authorities asking banks and credit card companies for information on foreign account holders is hardly news these days. The I.R.S. does it, so do Germany, Britain and many other countries. Officials want to know when their citizens transfer wealth overseas or open foreign accounts. Generally the practice is legal if the …
Tag Archives: asset protection lawyer
When It Comes To Banking, “Don’t Ask, Don’t Tell” Is The Best Policy (offshore accounts)
Send In the Clowns (Asset Recovery & Protection)
by Brian Mahany
In January I wrote a piece titled “Do You Know Who Is Handling Your Money?” That piece discussed how TV star Willie Adams (star of reality television show “Broke and Famous”) was now licensed to be a financial planner. Willie isn’t alone.
The newest entrant in my personal “Hall of Shame” is Kevin Trudeau.
Trudeau …
Scam or Legit? Pre-Paid Offshore Debit Cards with No Personal Details
by Brian Mahany
Sounds too good to be true. A Master Card debit card with no name on it. Issued by a bank in Central America, the card does not bear the cardholder’s name. Not on the front of the card or in the magnetic strip. Apparently the bank requires some identification details but claims those …
“Guaranteed” Asset Protection? Beware Misleading Promotions
by Brian Mahany
Hardly a week goes by without seeing a newsletter or advertisement promoting the benefits of offshore accounts. If done for the right reasons, both offshore investments and offshore accounts make sense. (Remember, there is a difference.) Certainly, these types of investments can provide diversification and minimize risks of losing one’s wealth to unforeseen …
Get to Us Before We Get to You
“The real things to know is that folks will stand to lose more than they will to win.” Pug Pearson on poker.
The IRS has invited all 52,000 Americans that maintain secret accounts at UBS to a game of poker. Ditto Americans with accounts in other Swiss and foreign banks such as Credit Suisse. What happens …
Let’s Make A Deal - the Swiss Dept. of Justice & Police Edition
Let’s Make A Deal - the Swiss Dept. of Justice & Police Edition by Brian Mahany (www.mahanylaw.com)
Tax attorneys, privacy advocates and the asset protection professionals have been closely watching the litigation between the United States and Swiss bank, UBS. The case started when the IRS sought the identities of U.S. taxpayers behind 52,000 secret accounts …
Think You Are Protected by the FDIC? Think Again!
One of my first jobs after law school was representing the Federal Deposit Insurance Corporation (FDIC). The small law firm where I worked had a contract to help the FDIC and the Resolution Trust Corp clean up the savings and loan crisis of the 1980’s. In 1986, 441 thrift institutions were deemed insolvent. That year …
Why Asset Protection?
Why Asset Protection?
Asset protection is like insurance. It is a form of risk management. Most of us worked very hard to acquire the things we have. Asset protection helps insure those things will still be available to us when we need them or retire. For some, it means insuring that our children and grandchildren …
Is Investing Offshore Still Legal?
Is investing offshore still legal? The simple answer is “Of course.” Since the UBS mess earlier this year, many people have questioned whether offshore investment remains legal.
Investing offshore or creating offshore structures such as trusts or international business corporations is completely legal. What gets people in trouble, however, is failing to report accounts to the …
Club Dread, Not Club Fed
Choosing a qualified and experienced lawyer to properly construct and implement your asset protection plan is an absolute must. The products sold by many asset protection promoters are ineffective at best and criminal at their worst. There are many legitimate reasons to have an offshore asset protection plan. Doing so …