Quote from traderstatus:
[B
Tip: If one wants simple asset protection... putting the assets in sue-proof spouse's name and then becoming a "kept man" works well as long as the marriage is strong and trustworthy.
Here's a link discussing an offshore promoter...
http://www.quatloos.com/terry_neal_arrested.htm [/B]
Ok this is the idea... The kind of advice that you are extending is more so what I was looking for... I actually tried to change the name of this thread after I had already written it... I see that you can't... It would have been one of my other two choices... Offshore Hedge fund... or International Business Corporations... My real point of posting this stuff was in hopes that I might have been fortunate enough to bump into someon like these two guys
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Dr. Zhivodka
Registered: Sep 2002
Posts: 457
10-06-05 04:21 PM
no worries mate....wasn't speaking to anyone in particular. Itâs just that I've played in this sandbox before. It can be done and there are substantial benefits to the Fund's Management/Advisory company...but it ain't easy nor cheap.
Cheers
BTW: congrats on the internet marketing thingâ¦.wish I had been smart enough to get in on it.
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Joetrader
Registered: Jun 2002
Posts: 94
10-06-05 05:00 PM
zhivodka is correct about the offshore hedge fund being the only loophole. Malaka, the reason that works and opening a company doesnt is two fold. First the company has to be greater than 50% foreign owned, which with a hedge fund means over 50% of the money has to be foreign owned, but for some guy opening a company it would mean he would have to sign over control off all the money to someone else (something more than a few slimy caribbean firms are more than happy to do). Second, even with foreign ownership of your hedge fund your management fee remains taxable. It is your inscentive fee that that can be paid out as shares of a foreign owned corporation directly into a deferred compensation plan allowing you to defer taxes for up to 10 years. This effectively allows you to compound your fee's exponentially as there is no tax up front and when tax finally is due it is a long term capital gain! Of course Congress is working dilligently to undue this loophole, but so far, to no avail. Offshore fund administration alone by any reputable firm is 50K/yr minimum and the audit is another 50K min. Now add in the tax work and ongoing legal fees and you can see why people are saying you need a good chunk of change to make it worthwile, oh, and you need to have pleanty of foreign investors in your rolodex!
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This is how I responded to the comment the good Doctor gave me
mrvizion
Registered: Oct 2005
Posts: 29
10-06-05 04:36 PM
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Quote from Dr. Zhivodka:
no worries mate....wasn't speaking to anyone in particular. Itâs just that I've played in this sandbox before. It can be done and there are substantial benefits to the Fund's Management/Advisory company...but it ain't easy nor cheap.
Cheers
BTW: congrats on the internet marketing thingâ¦.wish I had been smart enough to get in on it.
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My, God, thank you, someone that not only thinks before they speak, but really knows what they're talking about. The whole reason why I even posted a question like the one I did in the thread I had started was to hopefully meet someone like yourself... Although I've managed to accumulate a little money for myself... Guys like you will save you thousands of dollars in advisory fees (not to mention the load of crap someone might have to offer). Just because you liked what someone had to say one day...
Thanks for the congrats on my marketing biz... I probably still have one of your old email addy's. Now it's strictly opt-ins my friend... That is unless you live in the Dominican
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People like them will save you thousands of dollars and time if they extend their advice... For free
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