Legal Question in Wills and Trusts in Utah

Offshore Banking as Asset Protection

I am curious to know if Offshore Banking is a viable option for asset protection? I am not looking to evade taxation, just looking to protect myself from some of you guys! :) For example, I have heard that I can set up a corporation in Panama, which does not reveal the share holders of a corporation there. Legitimate? If so, how can I find an attorney who can help me plan for this? Thanks in advance!!


Asked on 8/21/07, 5:26 am

1 Answer from Attorneys
Alvin Lundgren Alvin R. Lundgren, L.C.

Re: Offshore Banking as Asset Protection

The only advantage to an offshore corporation and/or banking is if you are at a high risk of significant lawsuits and if you have substantial income derived from places other than the US. If you are looking for asset protection, and are not in a high risk situation, then you can get very good protection right here in the USA. You can set up US corporations or LLCs where the members are not revealed as well. You may call for a free consultation.

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Answered on 8/21/07, 10:34 am


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