Still Available Asset Protection Methods

The enforcement of the Foreign Account Tax Compliance Act has brought attention to the diminishing ability for individuals to shield assets, but some legitimate methods of maintaining privacy of financial and business accounts still exist. Here are some of those remaining methods:

• Overseas bank accounts can still be used to increase convenience for Americans living overseas and may offer additional creditor protection.
• The use of shell companies for investing can offer individuals some privacy and protection from being solicited personally to make other investments.
• Using trusts offer privacy by keeping asset details out of the public eye.

See Ben Steverman, Four Ways Rich People Can Still Hide Their Money, Bloomberg Business, Apr. 15, 2015.

Special thanks to Joel Dobris (Professor of Law, UC Davis School of Law) for bringing this article to my attention.