Hello dear visitor. I am of the opinion that protecting and preserving your hard-earned wealth is just as important as creating it in the first place. What use is it for you when you work hard to build wealth only to have it destroyed by excessive taxation, frivolous lawsuits, and other destroyers of wealth. In the United States frivolous litigation has reached epidemic proportions. Check out this quote:
According to the President’s Council on Competitiveness, it is estimated that Americans spend in excess of $300 billion a year in litigation. The United States has 30 times more lawsuits per person than Japan. Last year the United States had 69,800 more product-liability cases than the United Kingdom. Currently, American companies pay liability premiums that are 20 to 50 times higher than those paid by foreign firms.
source: http://www.bizjournals.com/twincities/stories/1997/08/11/editorial2.html
Insane, isn’t it? Imagine if your business or personal assets came under the attack of some litigious parasite – those people who file a lawsuit simply because they know they’ll walk away with a big settlement.
So what can one do to protect one’s assets? The answer is to create a legal shield around your assets. I was looking a bit into this matter and I came across a very informative article on the Escape from America Magazine website and I thought I’d share it with you folks. It basically talks about the use of an Offshore LLC and how it can be used to protect your assets and reduce your tax burden.
You can read the article over her:
http://www.escapeartist.com/efam/200807/finance_article_sovereign_society.html