Offshore Asset Protection and US Doctors
Skeptics will tell you on their websites and elsewhere that while offshore asset protection may work for doctors resident in countries other than the United States, doctors in the United States stand to benefit nothing from using offshore asset protection as a means of protecting their wealth. They will draw on one legal case or the other in order to buttress their claims that offshore asset protection is not a suitable asset protection vehicle for doctors who are American. These skeptics maintain that an American court can always order you to liquidate your trusts or jail you for contempt if you do so. They maintain that the only way offshore asset protection is useful for American doctors is if they’re ready to leave the United States in order to join their assets.
Though this statement is untrue, it would seem somewhat foolhardy to work for perhaps 10 years and accumulate 3 million dollars in assets only to have a malpractice suit cost you everything. Would your rather leave the country with your wealth intact or remain so the court can wipe out your nest-egg and leave you in debt?
The truth is that judgment creditors can only go what they know about and unless you volunteer information about your assets they can’t sue you for what they don’t know you own. Even if an American court knows about your offshore asset protection scheme, they can’t force the hand of the law in another country to release assets American law has no control over. Not to mention that offshore jurisdictions don’t look too favorably at American law and will protect your assets at all costs.
As long as your assets have long since been transferred to offshore trusts, even American law won’t have the legal jurisdiction to claim fraudulent transfer of assets. People wait until the last minute to establish an offshore trust and wail when the law goes after them for fraudulently transferring their assets. Offshore asset protection is an effective wealth protection tool for doctors whether they are resident in the United States or elsewhere, protect yourself early enough and you’ll definitely have no regrets in the future.
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