I really appreciate these updates. What I personally would like to see is a rough idea of the sort of things you are planning to talk about in the future ... along with perhaps a voting system which your subscribers can participate in. Just an idea.
This was a good one. I can see now why trusts are not always as safe as they are rumored to be. I knew like 1/4 of what you talked about here. Thank you. I like the approach of finding a lawyer who can tailor a situation to my particular needs, so a possible idea for a video for the future is "How to find a lawyer to protect your assets" because I can find a lawyer easily, but finding one who knows most of the things you talked about here isn't as easy,, and finding a lawyer who will really go to the trouble of spending the time to come up with a plan with me (not just give me a cookie cutter solution) is also not as easy to find. If that sounds like information you might have and you'd like to make that video I'd love to watch it :)
This is why we're here because it's really hard to find someone who can assist with all the dimensions. Send a message through www.offshorecitizen.net if you're looking for assistance
If you put asset protection structures in place BEFORE there are any creditor claims and a period of several years -which varies by jurisdiction where the structure is domiciled, and if the assets the structure owns are situated within the jurisdiction which is likely to protect them for example a Guernsey Foundation owns the Guernsey holding corporation that owns the operating company and investment portfolio that funds your life in Monaco and owns the holding company that leases you your cars, your villa, your yacht, and your private jet, it is highly unlikely that you as the Founder and beneficiary of that Guernsey Foundation are likely to be deprived of anything when you set up the foundation five years ago and you are sued in Nice by a tourist who claims you ran over their foot with the Lamborghini you rent from the Foundation's vehicle holding company. I mean your insurance policy will be the first line of defense, and the fact that the leasing company didn't negligently lease you the vehicle as you are a licensed operator will be their line of defense. The fact that you rent where you live from the Monegasque property holding company the Foundation owns is going to make things fairly frustrating for the Swedish tourist suing you as a Monaco resident in French courts for a tort that happened in France.
Lots of nuances behind this. First, yes it's going to be more complicated. However, it's not nearly so clear as described here. First, this structure is complex and expensive to set up and maintain. Yes if you've got enough wealth it might be worth it that's a case by case calculation. Second, no property in France is going to be especially well protected by a Guernsey legal structure of you've got a claim coming after it in France. The French court can disregard Guernsey law. It might be difficult to tie the assets to the responsible party that definitely increases the cost of litigation and therefore provides a level of protection against frivolous attacks. On the other hand you may find increasingly it's difficult to own real estate in certain parts of the world through such a structure. The question of renting is also important to call out. This is fine if you've got the money or can receive the money because you live in a tax free jurisdiction. On the other hand rental income from vehicles in France will be taxable in France and if you don't benefit from living in a place like Monaco or Dubai you might incur taxes to be able to pay for the rentals. Yachts tend to be somewhat easier as they aren't so easily tied to any particular place. Finally note that depending where you are in some cases there's no limit on how far they can go back for fraudulent conveyance, though granted it's often tough to prove. This is why though you don't want an asset protection plan you want a wealth preservation plan. Bottom line there are things that can be done in many cases but it gets complicated and expensive. If that's worth it, all good but it's a mistake to believe it's straight forward and works like it does on paper as people suggest online.
Michael, Out of curiosity, would membership in a multi-family office in a jurisdiction with good wealth preservation laws have any benefits? Would you please create a video on the basics of wealth preservation for a multi-generation UHNW family. Which structures, jurisdictions, bank diversification, etc. would be valuable? Thanks
This was very informative, I especially liked the book recommendation. It would be nice to have more visual cues/aid, some of this stuff is pretty complicated
Yeah depends what you're doing, where are you located, what kind of risks you have, what kinds of assets you need to protect. There's a spectrum but yes be prepared to pay for good protection.
This is great information! For something straightforward like an offshore trust holding just a US stock portfolio, what would be a choice jurisdiction? Would a US court be able to garnish those assets since they are stock in US companies?
Not generally though it depends where the liabilities arose. It's possible depending on the substance that they could look through the trust to you if it's not properly structured and managed. In general though accounts are usually treated as existing where the owner is.
Fortunate I don't have that much to protect and no wife either. I saw something about private planes landing in Switzerland carrying physical gold to be stored in guarded former mines. How's that for protection?
@@OffshoreCitizen Good for capital preservation, maybe also for investment. The central banks are hoarding, not much production creates scarcity. Could be a 2X but the market is small and very manipulated by the banks.
Complicated topic…. So it’s not liable to set up trust/ foundation…. To protect assets, or you don’t to life it that country where you set up a trust/foundation…? I scratch in my hear
It's really useful information, which is not widely known! Thanks for spreading the word!
Thank you for presenting clear detailed examples. 👍
I really appreciate these updates. What I personally would like to see is a rough idea of the sort of things you are planning to talk about in the future ... along with perhaps a voting system which your subscribers can participate in. Just an idea.
We’ve been thinking about this! Post polls to see what people are interested in, and also do some Q&A
@@OffshoreCitizen 💯 yes to Q & A's
@@OffshoreCitizen 💯👍
This was a good one. I can see now why trusts are not always as safe as they are rumored to be. I knew like 1/4 of what you talked about here. Thank you.
I like the approach of finding a lawyer who can tailor a situation to my particular needs, so a possible idea for a video for the future is "How to find a lawyer to protect your assets" because I can find a lawyer easily, but finding one who knows most of the things you talked about here isn't as easy,, and finding a lawyer who will really go to the trouble of spending the time to come up with a plan with me (not just give me a cookie cutter solution) is also not as easy to find. If that sounds like information you might have and you'd like to make that video I'd love to watch it :)
That's a great suggestion.
This is why we're here because it's really hard to find someone who can assist with all the dimensions.
Send a message through www.offshorecitizen.net if you're looking for assistance
If only I had thought more of these things 25 years ago I would be a wealthy man.
Thank you for the most important Video to date!
If you put asset protection structures in place BEFORE there are any creditor claims and a period of several years -which varies by jurisdiction where the structure is domiciled, and if the assets the structure owns are situated within the jurisdiction which is likely to protect them for example a Guernsey Foundation owns the Guernsey holding corporation that owns the operating company and investment portfolio that funds your life in Monaco and owns the holding company that leases you your cars, your villa, your yacht, and your private jet, it is highly unlikely that you as the Founder and beneficiary of that Guernsey Foundation are likely to be deprived of anything when you set up the foundation five years ago and you are sued in Nice by a tourist who claims you ran over their foot with the Lamborghini you rent from the Foundation's vehicle holding company. I mean your insurance policy will be the first line of defense, and the fact that the leasing company didn't negligently lease you the vehicle as you are a licensed operator will be their line of defense. The fact that you rent where you live from the Monegasque property holding company the Foundation owns is going to make things fairly frustrating for the Swedish tourist suing you as a Monaco resident in French courts for a tort that happened in France.
Lots of nuances behind this.
First, yes it's going to be more complicated.
However, it's not nearly so clear as described here. First, this structure is complex and expensive to set up and maintain. Yes if you've got enough wealth it might be worth it that's a case by case calculation. Second, no property in France is going to be especially well protected by a Guernsey legal structure of you've got a claim coming after it in France. The French court can disregard Guernsey law. It might be difficult to tie the assets to the responsible party that definitely increases the cost of litigation and therefore provides a level of protection against frivolous attacks.
On the other hand you may find increasingly it's difficult to own real estate in certain parts of the world through such a structure.
The question of renting is also important to call out. This is fine if you've got the money or can receive the money because you live in a tax free jurisdiction. On the other hand rental income from vehicles in France will be taxable in France and if you don't benefit from living in a place like Monaco or Dubai you might incur taxes to be able to pay for the rentals.
Yachts tend to be somewhat easier as they aren't so easily tied to any particular place.
Finally note that depending where you are in some cases there's no limit on how far they can go back for fraudulent conveyance, though granted it's often tough to prove.
This is why though you don't want an asset protection plan you want a wealth preservation plan.
Bottom line there are things that can be done in many cases but it gets complicated and expensive. If that's worth it, all good but it's a mistake to believe it's straight forward and works like it does on paper as people suggest online.
Ivan been hearing a lot about foundation in UAE and RAK, can you talk a bit about that? And how does it or doesn’t for Canadians
Michael,
Out of curiosity, would membership in a multi-family office in a jurisdiction with good wealth preservation laws have any benefits?
Would you please create a video on the basics of wealth preservation for a multi-generation UHNW family. Which structures, jurisdictions, bank diversification, etc. would be valuable? Thanks
Complex question because every family is different but I'll see what I can create
This was very informative, I especially liked the book recommendation. It would be nice to have more visual cues/aid, some of this stuff is pretty complicated
Thank and thank you for the suggestion!
Any interesting book you've read recently?
Great value content….I always wonder what the benefits are, and cost is very high to set up…..
Yeah depends what you're doing, where are you located, what kind of risks you have, what kinds of assets you need to protect.
There's a spectrum but yes be prepared to pay for good protection.
This is great information! For something straightforward like an offshore trust holding just a US stock portfolio, what would be a choice jurisdiction? Would a US court be able to garnish those assets since they are stock in US companies?
Not generally though it depends where the liabilities arose. It's possible depending on the substance that they could look through the trust to you if it's not properly structured and managed.
In general though accounts are usually treated as existing where the owner is.
Exceptional content. Thanks Michael.
Always a pleasure!
How familiar are you with the topic? Any tips you'd like to share?
@@OffshoreCitizen not in this domain. Provide a WhatsApp number and I will connect with you if you would like to chat
Highly technical and highly informative. Thanks for sharing Michael
Always happy to be of service.
Planning on applying any of the tips?
@@OffshoreCitizen I need to look into getting second options soon and maybe part of that to review perhaps optimise
super video content Michael. Thank you.
A pleasure! Anything you'd like to see next?
Yeah, I'd like to make sure I can offshore some assets and make them impervious to nefarious actors
Feel free to reach out and we'll be happy to assist
OJ Simpson story would be nice. All specific examples would be interesting, no big need for names but could be click baits.
This is some real info!
That's the goal :)
Anything you'd like to see next?
Fortunate I don't have that much to protect and no wife either. I saw something about private planes landing in Switzerland carrying physical gold to be stored in guarded former mines. How's that for protection?
Haha interesting!
What do you think about investing in gold?
@@OffshoreCitizen Good for capital preservation, maybe also for investment. The central banks are hoarding, not much production creates scarcity. Could be a 2X but the market is small and very manipulated by the banks.
Complicated topic…. So it’s not liable to set up trust/ foundation…. To protect assets, or you don’t to life it that country where you set up a trust/foundation…? I scratch in my hear
intersting
What do you find most interesting about the video?
@@OffshoreCitizen how I can protect it from leeches, in case I will ever accumulate wealth in the future, I don’t have money now.