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Tuesday, 18 September 2018
An Introductory Guide to Offshore Asset Protection
Topic: Taxes
Offshore asset protection is a complicated but useful tool for people who want to protect their hard-earned money. It can help them hold onto the money they’ve earned by moving it over-seas, where it is much more difficult to touch. That said, offshore asset protection isn’t for eve-ryone and every situation, which is why so many people contact professional accounting firms to help them set up a protection plan that works for them. If you are curious about offshore as-set protection ( www.EsquireGroup.Com/Offshore-asset-protection ), here is a brief guide to help you better understand what it can, and can’t, do for you.

What is Offshore Asset Protection?

At its simplest, offshore asset protection is the process of moving your wealth to a country whose laws better protect your money, and it sometimes converts your wealth into other assets for even better protection. There are a number of countries around the world that pride them-selves on prioritizing protection and privacy, and people from across the globe store their wealth in these countries.

How Does Offshore Asset Protection Keep My Money Safe?

The major way in which offshore asset protection keeps money safe is through jurisdiction. In the States, many parties, from your partner to the IRS, can gain access to your money and rec-ords for legal cases (or for simple curiosity). By moving your money overseas to specific coun-tries, this becomes much less of an issue. Parties will have to work through these countries’ courts in order obtain that information, which is often costly, time consuming, and associated with a very little rate of success. By moving money elsewhere, you can keep your wealth pri-vate and protected more effectively.

Why Do People Choose Offshore Asset Protection?

There are a number of reasons why people choose offshore asset protection, both in terms of circumstances and financial strategy. Most often, the strategy is used by people who fear that lawsuits and investigations will leave them paying out to parties who should not have a claim to their wealth. Offshore asset protection can keep large portions of their wealth safe and not in-cluded in those lawsuits, helping them keep their money. When done correctly, offshore asset protection can also help to grow that wealth as well, depending on the strategy and types of assets purchased.

Are There Risks Involved in Offshore Asset Protection?

As with every financial strategy, there are always risks to be considered and mitigated, which is why so many people choose dedicated and professional accounting firms to help with their off-shore asset protection strategy. One of the major risks is an inexperienced firm putting your money somewhere not truly safe, or leaving it in a country that is changing its laws in a way that will make your wealth more vulnerable. In these instances ( www.EsquireGroup.Com/about ), money you thought was safe can then be the target of people who are looking to take it.

If you have money or wealth that you would like to better control and protect, then offshore asset protection may be for you. Be sure to contact a professional and experienced accounting firm that specializes in offshore wealth protection and growth.

Posted by brucem231 at 5:36 AM EDT
Friday, 20 July 2018
All About Expat Taxes in the US
Topic: Taxes
Turn Your Foreign Dreams Green:

Expat Tax in the US

If you are an American citizen living abroad, or if you are a green card holder living abroad, which is to say someone with permanent residence in the US, then you may consider yourself an expat ( https://Esquiregroup.com/US-Expat-Tax ), and you may be worrying about the expat tax in the US. Truth be told, however, the legal definition of expat, under the aegis of the IRS, is a former citizen or permanent resident of America who has since renounced their citizenship. If you fall into this conception of expatriate, then the following will only be relevant to you if you have forfeited US citizenship after the latest Form 1040 file date (generally April 15th, if you are a calendar year filer); this is because you will owe back taxes from the time you were living in the US. This distinction between the colloquial and legal understandings of expat are important to understand since ‘colloquial expats,’ foreign nationals in the country in which you are living, are still beholden to the exigencies of the IRS.

Instances of Obligation

Although you may have moved for work, retirement, or with a spouse, and though you no longer receive tax-funded American amenities, a foreign national with US citizenship will nonetheless have to pay taxes on any number of assets and incomes. Indeed, even if you moved for your spouse’s work, you may be beholden to expat tax in the US. However, if you yourself do earn wages or salary abroad and are taxed within the purview of that state’s laws, you will still have to file taxes in the US on your income as long as it is excluded on IRS Form 2555. If it is not excluded, then you can apply for a foreign tax credit. The amount of reduction to your overall taxes depends on the ratio of excluded income to total income. As a rough estimate, in some cases, while earning over $110,000 abroad, the foreign tax credit can be used to deduct as much as $1400.

Otherwise Than Obliged

That said, there is another means of reducing the weight of expat taxes in the US on your foreign earnings; though, as with all business involving the maintenance and management of taxable assets and capital, the process can be seriously eased with the help of a tax lawyer. There are two key methods of attenuating the strain the IRS will put on your foreign earnings.

The first, and likely the one you will have read about, is FEIE—the Foreign Earned Income Exclusion. This exclusion, as per the rate for 2017 earnings, is $102,100. This concretely means that, if you earn more than the above amount, you can deduct said amount from your US taxable income and incur expat taxes in the US only on the remainder. Due to the stacking rule, the remaining taxable income will still be taxed at the unreduced, original amount, from which you deducted the $102,200. (Refer to the filing thresholds that correspond to your grouping option—whether you are filing jointly, separately, are a senior or not, &c. Last, be sure that, when considering your taxes abroad ( https://Esquiregroup.com/About ), you pay attention to all of both active and passive modes of income—from capital gains to alimony. And don’t fret too much about that April 15th deadline—expats get an automatic extension to June 15th.

Posted by brucem231 at 1:19 AM EDT
Tuesday, 19 June 2018
Expat Tax in the US: File and Be Safe
Topic: Taxes

As is well-known by now, the USA is one of the only countries in the world that puts its citizens through the tax motions every year, even if those citizens do not live, work, own property, earn a living, or bank in the US. Filing Expat Tax in the US is the law ( https://Esquiregroup.com/US-Expat-Tax ), regardless of whether the taxpayer owes any money or not. Although, perhaps this law is not as well-known as it is thought to be. Misunderstandings are frequent, and those with questions may be wondering why they should file and where they can turn when they need help filing the Expat Tax in the US from outside of the country.

There are benefits

There are benefits to bringing yourself up to date with the Expat Tax in the US. For instance, if you haven’t filed taxes in the US for many years, then you may not be able to inherit property or be eligible for social security. On the whole, it’s better to be in compliance with the law and the rules. They may not seem fair, but there are actually benefits to everyone following them.  And it is important to note that most of the US Expat citizens affected have not been deliberately evading their tax responsibilities; tax laws can be confusing. Many people assume that, if they are paying taxes in their country of residence and not earning US income, there was no need to file. Only later do they find out that they are many years overdue. However, the IRS has tax treaties with most countries, so it is not likely that money is owing. Exemptions will likely be granted, but the proper tax forms need to be filed before the exemption eligibility can be determined.

What are those forms?

If you are a US Citizen or a green card holder, you must file a US tax return and pay any taxes owing, no matter where you live. There are extra forms to be aware of when filing expat tax in the US. You must declare all foreign bank accounts and all money in them, even if one account alone does not contain the limit amount of $10,000. Ask for the FBAR, the Foreign Bank and Financial Accounts Report declaring that money. Some exclusions can be granted. You can fill out the Foreign Earned Income Exclusion to exclude a significant amount, about $100,000, of money earned. The Foreign Tax Credit form is another benefit that prevents people from being taxed twice.

Although the US has tax treaties to help its citizens avoid paying too much when they file expat tax in the US, these treaties are quite complex, and they are different with each country and with the circumstances that each taxpayer falls under. Those who find themselves with questions should consult with a professional tax accountant ( https://Esquiregroup.com/About ) who specializes in international and expatriate tax law. They will have the right advice and will advise on the appropriate forms for the circumstances. Contact a tax consultant who can help you. It is better to file and be safe than to be forever worried about what might happen.


Posted by brucem231 at 6:54 AM EDT
Wednesday, 30 November 2016
Why You Need Offshore Asset Protection
Topic: Taxes
Cover Your Assets

Offshore assets are a great way to generate and secure investments. However, they can also be very vulnerable to economic crashes, international taxation, identity theft and fraud, and tax compliance laws. That’s why it’s very important for people with offshore assets to ensure that they’ve taken every measure they can to avoid having their assets corrupted or seized using offshore asset protection.

One of the first steps is to make sure that you consult with an offshore asset protection ( EsquireGroup.com/Offshore-Asset-Protection ) specialist who knows the details and legalities of international tax laws: namely an international tax lawyer. He or she will be able to view your accounts to make sure that you are in full compliance with the proper tax lawyers, and that you are reporting the income and assets you need to be reporting. Not being in tax compliance can land people in serious financial or legal situations, and can even sometimes – in very extreme cases – lead to jail time.

Plan for Your Future

Having a plan in place for your offshore asset protection is an important step to take for your and your family’s future. A well-devised plan will help discourage potential attackers from going after your assets by making frivolous claims. You’ll also be able to segregate liabilities and secure your assets to the greatest legal extent by setting up corporations, trusts, and other entities.

People work hard for what they have, so it’s natural that they want to keep their monies and assets out of the pockets of the IRS or other potential attackers. Working with an experienced lawyer who specializes in offshore asset protection will help you do just that. He or she will provide you with creative – but fully legal – ways to ensure that your assets are protected in the most secure ways possible.

Not Just for the Rich

Many people think that offshore assets are just for the rich, the famous, and/or the criminal. That’s not true at all. Some foreign entities offer better asset protection than a person’s home country, which is why an increasing number of “average” people (ie. the NOT filthy rich, ridiculously famous, or dastardly criminal) are choosing to secure their assets in overseas accounts using offshore asset protection.

If you don’t currently have offshore assets but are thinking of getting some, make sure you consult with a lawyer to ensure that you set up your accounts in the most secure way possible. Offshore asset protection not only offers peace of mind, but it also offers privacy, so that you can manage your affairs discreetly, albeit legally.

Manage Risk

One major part of offshore asset protection is risk management. When you consult with a lawyer, he or she will be able to assess any areas of risk or attack you may be open to. Risk management is a proactive technique; it identifies areas of potential weakness and works to safeguard those areas against exposure or attack. To ensure the best offshore asset protection, it’s important that clients meet with their lawyers ( Esquiregroup/About ) every few years to re-assess how protected they are and identify any new areas of potential risk.

Posted by brucem231 at 5:21 AM EST

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