With this issue we continue our periodic review of selected offshore jurisdictions. These reviews cover such factors as the legal system, the geographic location, communications facilities, availability of professional services, and other items we deem pertinent.
Contractual arrangements which qualify as annuities for U.S. income tax purposes provide a tax-deferred (not tax-free) environment within which investments can grow. “Tax-deferred” means that, as long as certain statutory and regulatory requirements are satisfied, no U.S. income tax will be imposed on the earnings and gains generated within the annuity contract. Annuities are available in a variety of “shapes and sizes”.
In this issue we will examine the importance of proper design of the asset protection trust, and, integrally related to proper trust design, the importance of competent, experienced counsel. We’re sure you have all heard the expression, “bad facts make bad law”. That is the unfortunate circumstance of Mr. and Mrs. Anderson. Adding insult to injury, incompetent or inexperienced counsel can make matters even worse.
With this issue we continue our periodic review of selected offshore jurisdictions. As indicated by the above subtitle, in this issue we will review the Commonwealth of the Bahamas (“the Bahamas”).
As we move into the next century, the environmental liability outlook for American business is foreboding at best. Environmental regulation is mushrooming on federal, state and local levels, exposing us to enormous civil liability in the form of clean up costs, penalties, and third party claims, as well as potential criminal liability.