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Asset Protection: Italian Style.

By John Dietz - Email Editor

Date: 11-Oct-2005

Last week’s article on capital gains caused quite a stir. The phones have not stopped ringing. It seems that saving taxes is still a popular subject. Watch for follow-up articles with some more tax-saving details in the future.

One of the goals of Trustmakers is to bring you sound, global Asset Protection information. We pride ourselves in giving you the latest, up-to-date, lawful solutions to protecting your world. From the Chairman, Rob Lambert, to the rest of the global team, everyone involved has lived, traveled and worked outside of U.S. borders. We are blessed to have a great team of global thinkers on board. So put on your travel gear, and let’s go to Italy.

Asset Protection: Italian Style.

Condé Nast Traveler 2004 edition said the people’s choices for the top three European cities are Florence, Rome and Venice. I can’t say that these cities would be my first choices, but Italy itself is a must for the gastronomically minded. It seems no matter where you go, the food (and especially the desserts) are fabulous. Of course, the Italians do love to argue about which city has the best gelato…

As I sat at dinner one night in Assisi, I got into a conversation with the owner of a locally owned, family restaurant about how superior the food was in Italy. I asked, “Were all the babies in Italy born with a cookbook in their hand?”

He laughed, and then got very serious and said, “The food is good when the ingredients are good.” He claimed that the combination of seasonal, fresh ingredients, proper preparation, and local tradition has set the stage for some of the most flavorful dishes on the planet. Now, if that isn’t a successful correlation for Asset Protection, I don’t know what is.

So let’s take a look at the Asset Protection “recipe.” (This is difficult; my mind is still dipping bread in the local Umbrian pressed olive oil…)

The main Asset Protection ingredients are:

A. A carefully crafted Trust document.
B. An offshore jurisdiction that is safe, secure and affordable.
C. An onshore jurisdiction that is not considered risky.
D. Real, live Kinetic Asset Protection technology that doesn’t rely on stealth.
E. Offshore banking institutions that will keep your money safe.
F. Being able to live as you always have. (A properly designed plan will almost be invisible or transparent to your lifestyle.)
G. The latest, proven technology.
H. The involvement with your local attorney and CPA for implementation.

So what’s the downside if you do not follow the recipe?

1. Your structure triggers more taxes and tax reporting obligations.
2. Your transfers are considered fraudulent, even when you set up your plan before trouble arises.
3. Your plan does not lawfully hold up under duress.

Unfortunately, the only downside when cooking a meal is it may taste bad; the downside from faulty Asset Protection technology can be devastating. The information highway is rot with faulty technology or commission junkies trying to peddle the latest scheme. Don’t get caught up with the latest seminar buzz or unproven technology. Do your homework and check references. A great place to do some independent reading is the Asset Protection Corp forum page.

The latest technology is only good if it’s had a chance to be tested. If you put the right Asset Protection ingredients together with proper implementation, there’s a pretty good chance you’ll make a great meal.

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