This “Asset Search News Roundup” scrutinizes offshore tax havens:

  1. A November 3rd press release describes “The Stop Outsourcing and Create Americans Jobs Act of 2011”, (bill H.R. 3338), introduced by Rep. Jerry McNerney (CA-11).  The press release explains “the bill would increase penalties for corporations guilty of a variety of illegal transactions related to an offshore tax haven, such as fraud or false claims.”  The press release additionally declares that the bill targets “tax loopholes that encourage corporations to ship jobs abroad ….
  2. The “Using A Trust to Protect Assets” webpage says one can shield assets with an integrated estate planning trust that has a foreign trustee.  The webpage argues “[s]ince the offshore trustee is not subject to U.S. court orders, the assets in the trust are protected from any attachments or seizures from U.S. judgments.”  It also proposes that the Cook Islands and Belize tax havens are best for establishing integrated estate planning trusts.

Copyright 2011 Fred L. Abrams