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The Marvont Group

1 year ago

Asset Protection tru The Marvont Group United States/Tokyo Japan: Terms and Conditions


1. Terms


A key understanding of the various regulations and governmental policies which will affect your business from its day to day compliance with taxation and financial reporting to the ever present need for accreditations in a range of different environments is of the upmost importance. The Marvont Group can be your trusted partner as you navigate what may be a never before encountered regulatory field.


2. Use License


a. Permission is granted to temporarily download one copy of the materials (information or software) on The Marvont Group's web site for personal, non-commercial transitory viewing only. This is the grant of a license, not a transfer of title, and under this license you may not:

·         modify or copy the materials;

·         use the materials for any commercial purpose, or for any public display (commercial or non-commercial);

·         attempt to decompile or reverse engineer any software contained on The Marvont Group's web site;

·         remove any copyright or other proprietary notations from the materials; or

·         transfer the materials to another person or "mirror" the materials on any other server.


b. This license shall automatically terminate if you violate any of these restrictions and may be terminated by The Marvont Group at any time. Upon terminating your viewing of these materials or upon the termination of this license, you must destroy any downloaded materials in your possession whether in electronic or printed format.


3. Disclaimer


a. The materials on The Marvont Group's web site are provided "as is". The Marvont Group makes no warranties, expressed or implied, and hereby disclaims and negates all other warranties, including without limitation, implied warranties or conditions of merchantability, fitness for a particular purpose, or non-infringement of intellectual property or other violation of rights. Further, The Marvont Group does not warrant or make any representations concerning the accuracy, likely results, or reliability of the use of the materials on its Internet web site or otherwise relating to such materials or on any sites linked to this site.


General Terms and Conditions applicable to Use of a Web Site.

1 year ago

Asset Protection tru The Marvont Group United States/Tokyo Japan - Understanding Foreign Bank Accounts and Offshore Banking

Asset Protection tru The Marvont Group United States/Tokyo Japan - Understanding Foreign Bank Accounts and Offshore Banking

Introduction to Foreign Bank Accounts


Watch out for this scam


There is an increasing industry of offshore practitioners advising citizens of the United States to set up offshore bank accounts. They convince the U.S. individual to trust the firm secrecy laws of the jurisdiction and to not report ownership of the funds to the Internal Revenue Service. This pure and simple tax fraud gets several people into trouble. Bear in mind that the people of the United States are required to report any financial interest in any offshore account.


Proper Utilization of Offshore Bank Accounts


It is considered a valuable addition to several asset protection plans of having a foreign bank account, although protected funds usually remain in the United States. The creator of the account should remember that an account must be discovered before it can be attacked, because there are two ways any judgment creditor can discover an offshore account. These ways include a review of the client’s financial statements and the client’s tax returns. Both are usually open to discovery in litigation.


In order to structure the offshore account, great care should be taken so that the assets are not included on the balance sheet of the protected client. A carefully constructed asset protection trust should do this since the protected client is not considered as the owner of the account under traditional accounting rules given the account is in the name of the trust. Remember that the offshore account should never be in the individual name of the client.


Great care should also be taken to lessen the exposure to creditors from reporting the account to the Internal Revenue Service on the required Form 90-22.1. Don’t forget that the protected client is still treated as the owner of the accounts for tax purposes if a usual asset protection trust such as a grantor trust is utilized, even though he or she is not treated as the owner of the assets from a debtor-creditor law viewpoint. There are numerous techniques to reduce the risk of filing the 09-22.1, although this risk is minimal if the trust is set up even before a problem arises.