Asset protection

[elwopo]

With the multitude of backgrounds and experiences here....thought I'd throw this out as it is something I am just beginning to research.

Does anyone have information or experiences with offshore banking or other forms of asset protection?

There's a lot of information out there, at first look, but practical experience is always the best.

[jfreeman420]

Florida is great since you are able to "homestead" your house. It is virtually untouchable by lawsuits or seizures. If you live elsewhere, trusts are the most popular option. Usually real estate or other holdings are put into a trust with a family member or child being the beneficiary but not able to claim full ownership without consent. Offshore trusts were popular in the Cayman islands but with the patriot act these type of accounts have become not as safe.

Other ways to protect yourself are through anonymous share bearer corporations. A good attorney can set you up with one for around $1,500. This would be formed in a country such as Belize. The corp can then be used to open a bank account offshore in a country such as Antigua.

This is all speculative information and complete heresay. I have only heard of people doing these things.

[Pugwash]

Florida is great since you are able to "homestead" your house.

... until it gets flattened by the wind.

[elwopo]

This is all speculative information and complete heresay. I have only heard of people doing these things.

Oh....of course! Taken as complete heresay. My interest in this is only curiosity. No intention of actually pursuing anything....

Thanks for the tip on the Caymans. I was wondering if it was still a viable solution.

[archibald]

Thanks for the tip on the Caymans. I was wondering if it was still a viable solution.

A viable "solution" for what, would be the relevent question. As I understand it, the Caymans are good for some "solutions" and not as good as other places for other "solutions."

[Victoria]

... until it gets flattened by the wind.

Insurance, mon ami, insurance. That's why people still live in California, thlough allegedly one day they'll be in the bottom of the sea...

[elwopo]

A viable "solution" for what, would be the relevent question. As I understand it, the Caymans are good for some "solutions" and not as good as other places for other "solutions."

One example might be tax considerations or privacy of information. Maybe a place to deposit funds that cannot be touched by other entities.....maybe.

[jfreeman420]

Insurance policies are usually untouchable.