Tag Archives: Asset Protection

2011 Offshore Voluntary Disclosure Initiative Frequently Asked Questions (FAQs) and Answers

We have reviewed the new 2011 OVDI FAQs and noticed that the Service has refined and streamlined the voluntary disclosure process. Our firm prepared dozens of voluntary disclosure applications in 2009 and the new 2011 FAQs seem to resolve some

IRS Launches Second Offshore Voluntary Disclosure Initiative After Successful Prosecution

After a successful indictment of a New Jersey man with HSBC Bank accounts in India, the IRS introduced a new Voluntary Disclosure Program on February 8, 2011 for U.S. taxpayers with undisclosed offshore accounts. Last week, according to an indictment

Asset Protection for Physicians

Where physicians are most likely to lose wealth is through bad marriages, bad investments, bad tax planning, or a combination thereof.

Foreign Account Tax Compliance Act – Traps for the Unwary

For anyone who has clients or family members that live and work abroad, the new Foreign Account Tax Compliance Act (FATCA) is a real problem. Although this Act is supposed to punish Americans who hide assets abroad to avoid their

What is an Irrevocable Life Insurance Trust (ILIT)?

Many people aren’t aware that all of the proceeds from life insurance policies that they own at death will be included their estate for estate tax purposes. This is because if the policy owner can withdraw the cash value and