Five qualities your offshore tax attorney should have.
Many individuals and businesses each year make the decision to move a portion of their assets offshore. When a person or business is making this consideration, there are a huge number of things they have to take into account. Taxes are very complicated matters, and businesses and individuals must determine what their taxes will look like when they move their assets to another country. To be clear, people should never move their assets out of the United States to avoid paying taxes. Avoiding taxes in this manner is illegal and can earn you a felony and serious jail time. Rather, you should consider all of your options, consult with your business partners and determine what situation is best for you based on your individual situation. Since moving assets offshore is incredibly complex, since you must ensure that all of your paperwork is done properly and since you must be able to prove that you’re not moving your assets offshore just to avoid taxes, the vast majority of people choose to hire an offshore tax attorney.
Offshore tax attorneys are highly trained professionals that understand everything there is to know about a variety of tax systems. They will understand the tax systems of the countries you’re considering setting up shop in, they understand the U.S. tax code backward and forth, they can help you ensure that moving your assets offshore is the best decision you’ve made in years and they can even set up an offshore asset protection trust. If you are in need of an offshore tax attorney, you probably won’t be surprised that there are hundreds of them throughout the country. However, not all of them are equally good at their job. Here are five qualities your offshore tax attorney should have.
1. Experience. Tax laws are constantly changing, and you need to make sure that everything you’re doing is by the letter of the law. For that reason, you must find an offshore tax attorney(s) that have decades of experience in their field. The more years they have worked in the industry the more up-to-date and thorough they will be. This isn’t the field of law where you can start working with a young lawyer fresh out of school.
2. Dedication to legality. As was just mentioned above, the laws surrounding taxes and what you can do with your money are changing on an almost daily basis. You must make sure that the offshore tax attorneys you work with are dedicated to ensuring that everything you’re doing is legal. There is simply no way for you to keep up with the tax code on your own, so you must make sure your lawyers are doing it for you.
3. Reputation. Narrow your search to offshore tax attorneys that have built a strong reputation in their field.
4. Strong testimonials. Make sure they have various testimonials on their website from past customers.
5. Variety of services. The lawyers you hire should understand a variety of aspects of offshore asset protection.
Matsen Voorhees Mintz is one of the few offshore tax and asset protection firms that offers each item in the above list.