Law Offices - Kenneth D. Sisco, Attorney - Personal Information
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Last Updated: July 1, 2007 E-Mail -- protect@action-assetprotection-services.com
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CLICK HERE for The Ultimate Asset Protection Tool The ultimate strategy for utilizing foreign trusts, foreign corporations, private annuities, limited partnerships and more.Reduced Fees for Foreign Planning -- If you are interested in Foreign Trusts, Foreign Corporations, or foreign planning and strategies in general, and you are in a position to take action before August 6, 2007 you will be pleased to note that I am prepared to offer substantial fee reductions for foreign planning prior to that date. Please see Announcement |
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The USA Patriot ActHow Does It Affect Our Foreign Strategies? Not long after being drawn into the War Against Terrorism, on September 11, 2001, Congress passed, and the President signed the USA Patriot Act (USAPA), a far reaching plan to free the hands of law enforcement to seek out and bring to justice, those that would destroy the American way of life. There is no question that the Act takes us further down the road to serfdom, See The Road to Serfdom. Indeed, one could very well argue that the Act goes too far, and that there are plenty of laws already on the books to deal with terrorism. However, in my view, especially with the current Administration, I feel comfortable erring on the side of giving law enforcement every tool it needs to thwart those who are willing to die, in order to destroy the very rights that we would otherwise so fervently seek to protect. Some of you might remember, James Madison, one of the founding fathers, saying "Those who would trade their liberty for security, deserve neither, and will lose both." However, Madison was talking about economic security; not homeland security. If we lose our homeland security, we will certainly lose both our economic security and our liberty. Having said all that, the purpose of this article is to respond to the many questions from clients and potential clients, as to the effect of The Patriot Act on what we do with respect to foreign strategies. In short, the answer is “Very Little!” The most important principle to grasp is that PRIVACY IS NOT ASSET PROTECTION. If you see no value in foreign planning, unless you can have total control over your assets, while remaining totally anonymous, then I have no answer for you; but that was the case long before the Patriot Act became law. Privacy is only the first line of defense. I have worked very hard to create a strategy that even if audited, or called on the carpet by a creditor, I could sit across the table with my client, lay out my whole program, and say “Here it is; try and break it.” For decades, if you have depended solely on privacy to protect your assets, you were on very shaky ground, indeed, and most likely breaking the law. If you have had a foreign bank account, or even a domestic bank account for that matter, and failed to report it, never mind failing to pay taxes on it, you have been an outlaw. For decades, it has been true that if a creditor obtains a judgment against you, he can bring you into court and ask you about your personal assets. If you stand on privacy alone and lie, and tell him you don’t have any; or if, as a matter of principle, you refuse to disclose the whereabouts of your assets, you will be in contempt of court. The purpose of asset protection is to give you the peace of mind that comes from knowing that your loved ones will not lose what you have worked so hard to achieve. If you have to lie awake nights worrying that somehow, some smart detective will find where your gold is buried, you haven’t accomplished very much. The key is to arrange your affairs so that even if your privacy is compromised, nothing is changed. The Patriot Act may compromise your privacy; it may someday even compromise your freedom. But unless and until that day comes, it will not compromise your asset protection plan. Copyright © 2002 |
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