Private Interest Foundations in Panama
are On ideal tool for succession planning and asset protection. They can be either inter vivos (active during your lifetime) or testamentary (activated upon death). The Foundation may, for example, serve as a substitute for a will, avoiding probate THEREBY legally. In this respect it is similar to a ?living will.?
It can isolate a portion of very Effectively your estate and succession dictating the management of specific assets. Needless to say this is very important for international assets that may not easily be brought within the scope of a traditional last will and testament. The key to making this work is the selection of beneficiaries. Let?s say you want to divide your assets equally between your two children ? you simply appoint these two persons as beneficiaries. You may choose to tell your heirs or not as you wish. Of course, secrecy can only exist up to a point. Although you could choose to keep the entire Foundation totally under wraps, from a practical point of view it is very important to leave some details that Sun after your death, someone wants to inform the beneficiaries. You could, for example, leave detailed instructions in a sealed envelope death with a trusted friend or lawyer. The best idea, however, is probably to appoint a trusted third party as a ?protector? of the Panama Foundation. Remember you can appoint more than one protector, or you could even appoint a Corporation as protector. What about using a simple offshore Panama Foundation for asset protection during your lifetime? Here too,
Provide a very attractive alternative foundations to the Trust for purposes of asset separation and protection. Compared to asset protection trusts, they are lower profile and less vulnerable to hostile interpretation by the courts. Panamanian law is unequivocal that Transferred assets to the Foundation can not be seized or attached and they can not be used to satisfy the obligations of either the founder or the beneficiaries.
As always, however, I do not recommend relying on purely legal protections. The ultimate protection is to make sure that even in Panama, the Foundation holds any assets are completely unknown and invisible to anyone searching the Foundation Council or as registered agent who could possibly be subpoenaed in a court case. What they do not know, they can not be forced to tell -. Even in the unlikely event that a Panamanian court tries to enforce a judgment contrary to Panamanian law
The only exception to this rule is that creditors have a right to challenge a Panamanian foundation within a period of 3 years from the date the assets being claimed are given to the foundation. It?s important to note that this period runs from the date that the assets went into the foundation, not from the date the Foundation was registered.
The Foundation?s financial affairs are nobody?s business but its own, and it should be up to you to decide who to tell about the existence of the Foundation. So for added security, I recommend Typically what I call ?strategic geographic diversification? when setting up a structure for long term estate planning.
Put simply, this means that you should open a bank account where most of the Foundation?s assets will be held outside Panama. European banks fit the bill perfectly here, and when forming a foundation you should seek introductions and recommendations of reputable European banks that understand Panamanian legal documents. Banking outside Panama, gives a strong extra level of protection. id=?article-resource?> Peter Macfarlane?s latest e-book is entitled ?Eight Important Things You Should Know About Going Offshore in Panama That Your Lawyer May Not Tell You!?
It is available for download free of charge at Going Offshore in Panama .
Englishman Peter Macfarlane is an author and lecturer on offshore finance, investment, due diligence and wealth creation matters. After fifteen years advising high net worth clients on offshore asset protection structures examined as companies, trusts and private interest foundations, he decided on a career change and now mentors individuals who are interested in creating, preserving and growing wealth in a secure offshore environment. Peter defines wealth in the broadest sense, believing that money is worthless if you do not have health and happiness. He is now joint editor of The Q Wealth Report, a publication dedicated to publishing freedom, wealth and privacy information for a select audience. You can obtain further details by following the above link
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