Leading Asset Protection Attorney Reveals Why Offshore Assets Could Put Your Families Inheritance In Jeopardy – Las Cruces, NM

Michele Ungvarsky, founder of Estrada Law in Las Cruces, NM, explains how people incorrectly assume that going offshore shields their wealth. For more information please visit https://www.estradalawpc.com

Las Cruces, NM, United States – January 31, 2019 /MM-REB/ —

In a recent interview, Michele Ungvarsky, founder of Estrada Law in Las Cruces, NM, revealed the most important misconceptions about offshore accounts.

For more information please visit https://www.estradalawpc.com

When asked to comment, Ungvarsky said, “A decent portion of my clientele looking to put a solid asset protection plan in place often ask if they should create an offshore account or entity. This is because many incorrectly assume that going offshore shields wealth in many circumstances, but often the opposite is true.”

One of the most prevalent myths is that placing money in an offshore account will keep assets secure during a divorce.

Ungvarsky offered some examples where this is not the case.

“If you’re going through the divorce process, you’ll be required by law to reveal all of your assets and property – both marital and non-marital. Failing to do so for both onshore and offshore assets could land you into a world of legal trouble, including heavy penalties and fines,” she said.

Ungvarsky added, “Don’t try to cheat the court system. Nearly everyone who tries to cover their tracks and lie about their overall financial picture during a court proceeding will get caught due to the trail left by the US banking system.”

She also warned that having assets offshore could be risky if the party concerned dies or becomes incompetent as funds could end up not being reachable if things haven’t been structured correctly.

Many are also under the false impression that offshore accounts are beneficial during a lawsuit.

“Often, when someone is afraid that they might get sued, they send their funds or property outside the US to protect shield their assets ahead of an impending lawsuit. However, the courts consider this a fraudulent transfer, which is a serious charge. If found guilty of a fraudulent transfer, then a person could receive a hefty penalty or a prison sentence.”

Another misconception is that offshore assets are untouchable by US institutions because banks offshore maintain the secrecy of their clients’ accounts.

When asked to elaborate, Ungvarsky commented, “It’s true that there are banks throughout the world that will rarely provide their customers’ banking information. However, US citizens must report any overseas accounts on their US tax returns, otherwise, they run the risk of getting into trouble with the IRS.”

Perhaps the most common offshore myth, according to Ungvarsky, is that offshore accounts can help people avoid or defer paying their taxes.

“Placing your assets or wealth into an account or entity outside of the US does not relieve you of your tax responsibility. You’ll still have to pay taxes and document these assets on your tax return as normal.”

One thing that Ungvarsky mentioned

Source: http://RecommendedExperts.biz

Contact Info:
Name: Michele Ungvarsky
Organization: Estrada Law, P.C.
Address: 1340 Picacho Hills Dr, Las Cruces, NM 88007, USA
Phone: 575-556-2462
Website: https://www.estradalawpc.com

Source: MM-REB

Release ID: 478015