The 10 Biggest Legal Mistakes Physicians Make When Moving Assets Offshore
By James J. Everett, Esq.
It is a common misconception that it is illegal for a U.S. citizen to hold assets offshore. Although moving assets offshore to hide income from the Internal Revenue Service in order to evade taxes is prohibited, the use of an offshore account to protect one’s assets from creditors is perfectly acceptable under U.S. law and is a common practice. Establishing an offshore account, however, requires care, and there are some common errors physicians make when moving their assets offshore.
Mistake 1 Not Considering the Option of Moving Assets Offshore
Mistake 2 Not Planning Ahead
Mistake 3 Failing to Disclose and Pay Taxes on Offshore Assets
Mistake 4 Expecting to Save Taxes by Moving Offshore
Mistake 5 Using an Unqualified Professional
Mistake 6 Not Using an Established Jurisdiction
Mistake 7 Using a Disreputable Offshore Company
Mistake 8 Failing to Protect All Exposed Assets
Mistake 9 Trying to Do It Alone
Mistake 10 Leaving a Paper or Money Trail
The above has been excerpted from the SEAK text, The Biggest Legal Mistakes Physicians Make and How To Avoid Them