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The following comments are designed to encourage due dilligence before establishing trusts, corporations, offshore IBCs or other such structures.
Especially since the 9/11 terrorist attacks, the US government has been scrutinizing offshore financial activities. In a related set of actions, the IRS has beens crutinizing trusts, corporations, or anything that looks like money laundering, tax evasion, or as having the potential that money is being funneled into terrorist hands. This is even extending into international debit and credit card transactions
There have been, and are, many scam artists purporting to set up trusts, corporations, IBCs and private offshore bank accounts and people are routinely busted by the IRS (and now maybe by the Department of Justice) for following the advice of these scam artists. In addition, there are incidents where people have set up IBCs only to find out that the Trustee (who is normally a native of the country in which the IBC is established) is a part of a scam that ends up emptying the bank account.
The message here is to be VERY CAREFUL. There ARE good and honest corporations, trusts and offshore structures and people. The trick is to do careful and thorough research, to include speaking with legitimate experts/authorities in these matters, before believing what you might read on the internet or in a book. And please understand that doing any of these things as a tax evasion device is getting more and more dangerous. Better to get with an experienced attorney who specializes in Asset Protection structures (domestic and/or international) and make sure that whatever you set up isn't going to cause you heartache or jail time. Youc an LEGALLY cut your tax burden and protect your assets IF you don't get greedy.
And if you come across those that tell you you can drop off the radar screen of the feds or some such thing, RUN AWAY!!!
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