Offshore Estate Planning Attorney in Virginia
Also Serving Washington, D.C.
Although offshore trusts have the misperception of being only for those with a high net worth seeking to hide money from creditors, people, businesses or governmental taxing authorities, establishing an offshore trust has many legitimate estate planning and asset protection benefits.
Contact us online or by calling (888) 885-9001 today!
Privacy
Offshore trusts, like any domestic trust, are private. In different states within the US and in many countries, a Will may be available for public view in case a court controlled probate process is required. Heirs may be informed of uneven distributions between them, of unknown beneficiaries of a person’s wealth or the name of a charity which may be receiving funds. If your assets are in a trust the distributions to beneficiaries are private, and could very well avoid future confrontation between beneficiaries and guarantee that the assets you decide to leave to your beneficiaries are distributed according to your desires and your wish for privacy.
More importantly, forced heirship is applicable to several countries; however, these rules do not apply to offshore trusts and after-death distributions will be made according to the terms of the trust. This would ensure that distributions are made according to your desires, without the influence of the laws and regulations of US and other foreign jurisdictions.
Asset Protection
While many US states allow for domestic asset protection trusts, they are for the most part not as protective as a trust with an offshore base. For instance, some foreign countries do not permit a lawsuit against a trust after the trust has been established for just twelve months. What is more, protection is further increased when a foreign country adds difficulty to the process of even filing a claim. For example, the creditor may not be able to hire ancillary offshore legal counsel in the country where the trust is located thus requiring a suing party to physically fly to the jurisdiction to sue. Alternatively, some jurisdictions make the legal, procedural process so daunting it almost makes it practically impossible to sue a trust in the first place.
Taxes
Generally, when you hear of an offshore trust running afoul of the law it is usually because the trust failed to report income and pay taxes of the jurisdictions which legally have a claim. The IRS does not care if you have an offshore trust so long as they are paid what the trust legally owes in taxes. The law firm of J.S. Burton, P.L.C. ensures that your offshore trust is established to file the appropriate tax filings in the proper jurisdictions. Typically, offshore trusts do not pay any more in taxes than simple domestic trusts do and may even reduce your overall annual tax liabilities.
Ease of Domestic Investment Allocation
Just because you have an offshore trust does not mean you cannot invest all of the trust assets in US stocks, bonds, mutual funds or ETFs. You can still maintain your domestic investment presence and keep the investments with your preferred investment company. You can even invest your tax qualified investments using offshore planning through a self directed IRA.
Protection
Although the selection of an offshore Trustee is critical, the law firm of J.S. Burton, P.L.C. will assist you in vetting the right trustee in the right jurisdiction. In addition, you can add a domestic trust protector, who can be an entity or someone known to you, with the power to remove a trustee if you believe it would be appropriate. The law firm of J.S. Burton, P.L.C. can also serve in the role of a trust protector.
There are many advantages of establishing an offshore estate planning presence in a stable jurisdiction. Contact J.S. Burton, P.L.C. by calling (888) 885-9001 for more information.
Opinions That Matter Most
Read What Our Former Clients Have to Say
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I just had a great experience with this firm in preparing my estate planning documents. I needed to update some wishes and also ensure everything is in line for the state of Virginia, as I moved here from Pennsylvania. I worked with Fallon Francesca Whi
- Wendy V. -
I have met with Mr Burton several times and always found him to be professional and personable- Bonnie T.
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We were heard and guided to do the best for our families needs- Fred S.
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J S Burton, PLC has helped with my estate planning. All aspects of my trust are clearly defined in an easy-to-understand folder. They coordinated with my financial planner seamlessly. The staff is friendly and personable. I highly endorse J S Burton.- Elizabeth M.
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Thorough, responsive, and knowledgeable. I highly recommend this firm!- Krystin R.
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J S Burton, PLC has been our family's trusted estate planner for over 20 years. Their professionalism, knowledge, and dedication are unmatched. They guide us through complex decisions with ease and clarity, always with a personal approach.- Ryan D.
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J S Burton, PLC is an excellent estate planning firm—highly skilled, knowledgeable, and experienced. They listened with great kindness, compassion, and courtesy. All questions were answered, and a perfect estate plan was created. Very happy!- Kathy R.
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The service was excellent!- Susan B.