California Asset Protection Attorney, Sebastian Gibson
Asset Protection - Domestic Asset Protection and Offshore Asset Protection
If you’ve been searching for California asset protection lawyers or offshore asset protection attorneys in California and haven’t found the asset protection attorney in which you can be confident when retaining a lawyer for your asset protection, voluntary disclosure, offshore trust protection and family limited partnership matters in California, Sebastian Gibson is the asset protection attorney you’ve been looking for.
California Asset Protection Lawyer
With over thirty years of experience handling international matters, with law degrees in both California and in Great Britain, and years of international experience in London as well as decades of experience in California, California asset protection lawyer Sebastian Gibson brings a wealth of experience to the table and was chosen one of the 2011 Top Lawyers by Palm Springs Life Magazine.
In implementing asset protection schemes, an individual doesn’t have to choose only domestic asset protection over offshore asset protection. Both may be advantageous for the asset protection client to implement.
Domestic asset protection using family limited partnerships is best suited to protect real estate investments such as apartment houses and shopping centers and domestic businesses It is most effective if utilized by individuals with no current or lurking creditor claims or pending litigation.
Offshore asset protection is best suited for liquid assets. However, some strategists use Nevis LLC’s to hold titles of domestic real estate as well, but liquidate the real estate in the event of litigation and move the proceeds offshore.
There is a split of opinion among experts whether non-business property can be transferred into a domestic family limited partnership and still utilize the gifting discount that will be recognized by the IRS. As of this writing, the issue is still unclear. Certainly if non-business assets are transferred into a family limited partnership, it is best not to be aggressive in claiming a substantial discount in the value of any gifts of partnership interests to the limited partners. There should also be other reasons why the family limited partnership was utilized apart from asset protection and avoiding gift or estate tax, and all the formalities of the FLP need to be strictly followed.
In California, it is our opinion that an FLP must have a business purpose. If the FLP does not have a business purpose and has been created only to protect assets from creditors, the FLP may still be legal, but a creditor’s rights may not be limited to only a charging order.
With domestic asset protection, the individual retains legal control.
With offshore asset protection, the individual gives up all legal control, though still has influence over the actual control.
Domestic asset protection offers no protection against actions brought by the federal government. Offshore asset protection may.
With domestic asset protection, separate entities, such as family limited partnerships should be set up for each investment, such as each apartment house or piece of real estate.
With offshore asset protection, one entity such as a foreign trust can be utilized to hold all the liquid assets.
When utilizing domestic asset protection, distributions are often made to other types of trusts, such as spendthrift trust.
When utilizing offshore asset protection, a second layer of protection is often used such as in the case of a foreign trust in the Cook Islands with a foreign corporation in Nevis.
The best time to utilize asset protection and create an overall estate plan is before claims have been filed against the individual seeking to protect assets and wealth. With the proper planning, an individual can defeat a creditor’s claim that the transfer of assets was for the purpose of avoiding one’s debts.
In this time of financial uncertainty and risk, those with the ability to protect their families should utilize the options available to protect and preserve their assets and wealth so they can be passed down to family members who may need them more than ever in a future without medicare or social security.
Domestic asset protection using family limited partnerships does not allow for a stepped-up basis for assets.
Domestic asset protection is expensive.
Offshore asset protection is even more expensive.
In compliance with IRS requirements, we must advise you that any U.S. federal tax advice and the analysis of domestic and offshore asset protection strategies contained in this informational article is not intended to be used nor is it published in order for it to be used and you may not use it for the purpose of avoiding penalties or fines under the Internal Revenue Code. It is not intended to be used nor is it being published in order to promote, market or recommend any specific transaction, tax-related matter or estate planning tax scheme to any party.
California Asset Protection Attorney, Sebastian Gibson
Sought out to be a writer for California’s two largest and most prestigious legal newspapers, California asset protection attorney Sebastian Gibson’s articles have been published in the Los Angeles Daily Journal and the San Francisco Daily Journal. Today thousands and thousands of people visit this website and his blogs monthly for useful advice and thousands more follow him on Twitter for his humor.
One of the best asset protection attorneys for people in California to follow for his humor and wit, one of the funniest California asset protection lawyers as well as one of the top humorous California asset protection attorneys people follow on Twitter, California asset protection attorney Sebastian Gibson has been called "brilliant," "hilariously funny" and a "legend."
It matters more than you think who you call for your asset protection and other legal matters. When it matters most, call California asset protection lawyer Sebastian Gibson. When it’s time to hire a California asset protection attorney, hire a legend.
