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In 2009, asset protection specialists watched a major Internal Revenue Service drive to flush out secret foreign bank accounts while a financial crisis brought to light mammoth Ponzi schemes and took down publicly traded companies. But we saw few relevant new laws and rulings in the area. How does the U.S. government's recent emphasis on tax transparency and anti-money laundering impact asset protection?
Gideon Rothschild
In 2009, asset protection specialists watched a major Internal Revenue Service drive to flush out secret foreign bank accounts while a financial crisis brought to light mammoth Ponzi schemes and took down publicly traded companies. But we saw few relevant new laws and rulings in the area.
How does the U.S. government's recent emphasis on tax transparency and anti-money laundering impact asset protection? Not at all. Those of us who practice regularly in this area know that, in general, any asset protection trust a client settles will be a grantor trust, whether it's domestic or offshore. And because I, like all responsible lawyers, provide clients with clear guidance on the filing requirements for such trusts (including t...
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