Amazing what shows up in the news everyday. One is a Valentine’s Day 2018 lawyer ad/article kind of thing promoting return to the US of overseas “asset protections trusts.” It provides a “real life” fact pattern of a doctor with apparently plenty of money, and a possible medical malpractice problem. The answer? Zip the money into an overseas trust for 10 years, at which point it will be white-washed. See text pasted below.
“A real-life story
Here is a client example: Dr. Veronica G. developed a specific medical procedure to fix an ongoing condition and for several years she had successfully helped more than 75 patients overcome their medical issue. One day while watching the news, Dr. G. saw a commercial in which a law firm advertised that it would sue doctors who injured patients who had the procedure performed and who may have sustained injuries.
Dr. G. began to realize that although this procedure was successful, there could be some larger liability than her malpractice policy would cover. This prompted her to consult with a lawyer who specialized in comprehensive estate planning with asset protection and resulted in her establishing foreign asset protection trusts.“