The basic premise of asset protection planing is that you are able to choose which jurisdiction controls your property rights. ?This is often difficult for people to understand, because most people never have the opportunity to choose which set of laws affect any part of their life. ?For example, we have no choice of who controls the traffic laws that we all must adhere to -- that is decided by the municipality that you are driving in, and there is no way to change that.
Similarly, none of us in the U.S. can decide which set of tax rules apply to us -- the Internal Revenue Service takes care of that, and there is no way around it. ?However, wealth usually takes the form of personal property. ?Securities, for example, whether publicly traded or privately held, are personal property; and personal property is usually governed by the laws of wherever the property is located. ?That's why the location, or domicile, of the owner of that property is so important. ?As we will see, some countries allow you to be much more protective of your property than other countries.
Excerpt from The Complete Guide to Estate and Financial Planning in Turbulent Times (Collaborative Press, 2011) - Walt Dallas, Contributing Author
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