Best Asset Protection Attorney In Scottsdale, AZ Reveals Big Misconceptions About the Benefits of Going Offshore

Top attorney Paul Deloughery, founder at Paul Deloughery Asset Protection, PLC in Scottsdale, AZ, explains the challenges of going offshore to protect your assets. For more information please visit https://delougherylaw.com

Scottsdale, AZ, United States – January 29, 2019 /MM-REB/ —

In a recent interview, Paul Deloughery, senior attorney at Paul Deloughery Asset Protection, PLC in Scottsdale, AZ, revealed the most significant misconceptions about the benefits of going offshore.

For more information please visit https://delougherylaw.com/

When asked to comment, Deloughery said, “One of the most common questions among my clients who are looking to protect their assets is whether or not they should place their assets in an offshore entity or fund. But, in reality, there are more downsides than upsides in going offshore.”

One of the most prevalent misconceptions about putting assets in an offshore account is that it helps to avoid taxes.

“Sending money offshore isn’t a fix-all to reduce or avoid taxation in the US. Many people wrongly assume that earnings placed in an offshore account are not taxable until the funds are physically in the US. This is untrue, and everything in an offshore account must be reported in any case,” he said.

Another offshore myth related to tax avoidance is that bank secrecy in offshore accounts could help hide assets.

“While certain banking havens around the world will not disclose the account information of their patrons under most circumstances, all US citizens are required to document accounts they have overseas upon filing tax returns. Failure to report overseas funds will subject the taxpayer to steep fines. In other words, going overseas won’t help anyone trying to evade taxes or shield assets during a lawsuit.”

Many people are also under the false impression that placing assets in an offshore account could be advantageous during a divorce.

When asked to elaborate, Deloughery said, “Family courts require by law that you disclose any and all marital and non-marital assets and property – and if you fail to report anything including overseas assets, then you could face a hefty penalty or fine.”

Deloughery also explained that the courts could easily discover if someone omitted overseas assets due to the trail left behind by the US banking system, which could “severely damage your legal credibility during a divorce proceeding.”

Another common myth is that offshore accounts can hide assets in the case of a lawsuit.

“After thinking that they might get sued, I’ve seen many clients make the mistake of sending their funds or assets overseas in an attempt to protect their wealth during a lawsuit. But this is considered a fraudulent transfer by the courts and also bring with it penalties and even jail time,” he added.

Source: http://RecommendedExperts.biz

Contact Info:
Name: Paul Deloughery
Organization: Paul Deloughery Asset Protection, PLC
Address: 10617 N. Hayden Rd., Ste. B-100, Scottsdale, AZ 85260,
Phone: 602-443-4888
Website: https://delougherylaw.com

Source: MM-REB

Release ID: 477014