Fill Form 3520 Advisor 2023-2024

Hello, my name is Rocco Beatrice. I'm the managing director for Estate Street Partners, specializing in domestic trust versus foreign trust. We receive numerous calls from individuals interested in setting up offshore trusts. Many wonder about the benefits of an offshore trust. Well, an offshore trust is established in a foreign jurisdiction where judgments are not executable. If you want to sue someone within an offshore country, you must hire a local attorney who specializes in representing foreign individuals. However, in offshore jurisdictions, your home country, judges are often unwilling to entertain fraudulent conveyance issues or lawsuits originating from the United States. Offshore attorneys are not recognized, and you would have to file your case in that country, bringing in all the necessary witnesses and posting a bond. If you lose, you would also have to pay the opposing party. Unfortunately, the judge may have many other cases to handle and might not prioritize yours. Offshore jurisdictions are typically preferred by individuals with significant wealth or those involved in high-risk professions, such as neurosurgeons. While we still utilize offshore trusts, various factors, such as the Patriot Act, banking regulations, and transparency measures, have made it more challenging for US citizens to do business with foreign jurisdictions. Opening a bank account becomes complicated due to potential IRS involvement. Many cases have been lost by litigants due to the extended jurisdiction of the IRS. Nevertheless, if you are affluent enough and willing to accept the reporting requirements and risks associated with offshore jurisdictions, we can still assist you. However, for the average individual, the cost and reporting burden outweigh the benefits and make it an impractical option. Instead, we have alternative solutions available within the United States for similar offshore trust structures. If you are interested in learning more about these options, please feel free...