When clients come to see me for asset protection planning, I will occasionally get questions about offshore trusts that are part of abusive tax shelters and which the client has read about or seen described on the news. A man from Niagara Falls, NY was recently sentenced to 36 months in prison for selling and promoting an abusive tax shelter scheme that involved offshore trusts and domestic trusts. It is stories like this one that confuse many clients and give them unnecessary concerns about what asset protection planning really is. As I always tell my clients, the asset protection planning we do for our clients is not designed to shelter income or avoid the payment of income taxes; instead it utilizes legitimate structures with the simple goal of helping these clients legally position their assets in a way which makes them less vulnerable to creditors.
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