The 10 Biggest Legal Mistakes Physicians Make When Moving Assets Offshore

By James J. Everett, Esq.


Executive Summary

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