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Home | Finance | Personal Finance An offshore foundation is used to manage and control assets. This is accomplished through a secret letter of wishes. This letter is, as it's name implies, a private document that is not available to the public. Under no circumstances, is this letter ever required to be made public and is protected by Panama law. The world has gone tax crazy. Political instability and continuous wars will not be the downfall of civilized countries. Indeed, I propose, that over taxation will be the downfall of the civilized world. Taxes always go up and never down. There is a breaking point. The individual, however, needs a solution today. An offshore foundation is the perfect solution. In addition to being a strong asset protection structure, an offshore foundation can be used to legally bypass estate taxes in the event of a death. In Panama an offshore foundation is not owned by anyone. In fact it cannot be owned according to Panama law. A foundation can own a bank account and corporation. A foundation / corporation combination is the most respected anonymous offshore asset protection existing today. The reason an offshore foundation should be part of any bullet proof asset protection structure, is because an offshore foundation is not owned by anyone. This makes a judgment against it impossible. How would an onshore court order anyone to return the funds from a foundation back onshore. He simply can't because it is illegal for a court to order you to return the funds. The funds belong to a foundation and you CANNOT own it because a foundation is not owned by anyone. There is some confusion about the difference between a foundation and a corporation. A foundation's purpose is to manage funds while a corporation's purpose is to engage in business activities. It is illegal for a foundation to engage in for profit business activities. For this reason, most asset protection packages include a corporation owned by a foundation. This affords all the added security of a foundation and all the flexibility of an offshore company. Unlike onshore trusts, which are commonly used in estate planning, an offshore foundation is strictly enforced by Panama courts. In the event of death, family members will not be entering into litigation to try and break the foundation. It is common for an onshore trust to be broken for any number of different reasons. If you want your wishes followed to the "letter" then a Panama foundation is your best option. The foundation is unique because it cannot be owned by anyone and it does not pay taxes on any funds it holds (as long as the funds are not generated by business in Panama -- ie. You cannot open a bakery in Panama and not pay taxes using this vehicle.) All money that is not generated in Panama is held tax free which makes it the perfect part of any tax plan. Article Source: http://www.articlewheel.com
If you considering an Asset Protection structure you should consider reading more about the Panama Offshore Foundation at offshorelegal.org
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