Corb7 International August 22, 2018 Newsletter

International Business

Feature

Gain Asset Protection & Privacy

The advances of modern society have caused our lives to move at a faster pace than ever before, mostly due to the computer age and instinct access to information via the Internet.  For many, this may not only be disheartening but precarious. Wealth, fame and business success are just a few factors that can make an individual a target for unwarranted probes by those who are less than scrupulous.

“Suing for damages has become both a huge industry and a tremendous drag on American industry’s ability to compete.” 
—– Forbes Magazine

“Plastic surgeons are being named in numerous lawsuits. One Texas malpractice insurer states that current premiums are running between US $20,000 – 80,000 and will likely jump 20% again.”
—– The Economist   

“Every year in America, individuals and businesses spend more than $80 billion on direct litigation costs and higher insurance premiums. When indirect costs are included, the costs may add up to a figure in excess of $300 billion.”
—– President’s Council on Competitiveness  

Reaching epidemic proportions, statistics now show that US citizens have a one in four chance of being sued during their lifetime. This trend extends far beyond the United States, and successful individuals are being targeted in any number of jurisdictions. Business owners and professionals are the most likely to be sued; moreover, included in that grouping are physicians, plastic surgeons, stockbrokers, law enforcement officials and real estate developers. Governing rules of civil procedures have been liberalized; consequentially, legislators have made the process of taking legal action much easier than ever before. Results can be devastating, and products such as liability insurance are rarely enough to cover all eventualities. Traditional approaches to asset protection, such as utilizing a corporate veil to limit shareholder liability, is, likewise, seldom good enough. For instance, most liability insurance policies do not cover some of the most common reasons for civil litigation. Frequently excluded are: sexual harassment, wrongful termination, negligence or any type of punitive damages. In addition, policy limits are often severely under the multi million dollar judgments being handed down. As a result, the use of offshore vehicles has been brought into the forefront of asset protection and financial planning.

Not too long ago a fascinating piece of writing appeared in Forbes Magazine with the premise being that litigation is actually a much greater threat to American wealth than taxes. According to the article, this is due to American citizens being exposed to an infinite amount of liability through an overworked system of litigation. Thus, high-net worth individuals are putting “unlimited assets” at risk. This article goes on to state that “contrary to the popular vision of offshore banking, the true purpose of offshore accounts and corporate structures for many wealthy clients is to protect a lifetime of earnings and savings not from being taxed, but from being wiped out in a major lawsuit, say, a medical malpractice or a class-action securities litigation against an executive.”

Often, the measure of an attorney’s skill is their ability to construct a theory of liability, which will connect a remote and seemingly innocent deep pocket to a particular case. Consequently, an individual’s innocence has little to do with whether or not they will be targeted. Early on and during the normal course of business, an attorney will do a financial investigation directed at the potential target of the litigation. Information that you might rightfully consider confidential can easily be found during this discovery period. To that end, numerous investigative services are in the litigator’s toolkit. For a nominal investment, your future adversary will have obtained a profile of your financial well being. This comprehensive sketch will likely include: your bank accounts, brokerage accounts, property ownership, collectibles, credit rating, business holdings, etc.
Working on behalf of their plaintiff, most attorneys file civil judgments on a contingency basis. For that reason, these lawyers will only get paid if they can get a settlement or win the suit. As such, they are not interested in pursuing “judgment proof” defendants. Regarding asset protection, therefore, the old saying still rings true … “an ounce of prevention is worth a pound of cure.” The key is to lower your discoverable financial profile ahead of time or to place expensive and time consuming hurdles in the path of frivolous filings.

US civil litigation is not readily recognized in Switzerland, which makes moving your assets offshore a strong strategy. Accordingly, by transferring a portion of your assets to a privately held Swiss Trust Company, you have effectively made yourself a much smaller target. Once put into place these steps may place your assets well out of harm’s way.
In the rare event, a plaintiff should wish to follow you, they may find it a very expensive and distasteful experience. For example, the plaintiff would first need to know where the assets are being held. Then they would need to retain a local attorney within that specific country – in this case Switzerland. This would be at a considerable expense inasmuch pro-business jurisdictions like Switzerland tend to have an absence of barristers willing to work on a contingency fee. Furthermore, since frivolous lawsuits are not looked upon favorably, it would be incumbent upon that attorney to convince a local court to hear the case. Even if that can be accomplished, the case will likely be dismissed should it be proven that assets were transferred prior to the suit being filed. The wicked battle awaiting a plaintiff offshore often results in either a settlement on the defendant’s terms or the suit being dropped altogether.  We call that a win!

The best and safest time to create an asset protection strategy is before there are any potential creditors. If you wait until a lawsuit is pending there is a substantial risk that a court will find any transfer of assets an attempt to defraud. At that point, there are serious consequences. A perceived attempt to defraud a creditor would likely result in the setting aside of any transfer. Important side note: please keep in mind that you will probably still have tax obligations from your country of citizenship. For the most part, offshore planning has become a “tax neutral” event. This is especially true as we have seen an increase in jurisdictions moving toward the world income tax model.

The occurrence of frivolous lawsuits is at an all-time high and most likely will only continue to grow. Now more than ever, it is essential to protect your assets from the risk of being wiped out in a potential lawsuit. As litigation is at this time considered a greater threat to wealth than taxes, it is your responsibility to protect yourself. No one else will. For nearly two decades, the use of the Swiss Trust Company vehicle has become a significant aspect of modern asset protection planning tactics for wealthy individuals and their families. Done legally and ethically, transferring your assets to an offshore entity has the ability to dramatically “tip the scales” in your favor.

International Business

Business Tools

What is Zapier?

Safe Time and Money.

Get Your Business & Social Media Apps Talking to Each Other!

International Business

Business Psychology

How to Be More Successful with a Psychological Trick!
The US Marines use this approach in boot camp.
Why don’t you give it a try?
(Click on the above video for an informative two minutes.)

Lifestyle

Executive Fitness

The Truth About Protein Shakes

Protein powder shakes once were consumed almost exclusively by professional body builders or gym rats looking to increase their muscle mass. But long gone are the days of finding protein shake supplies in specialty fitness stores. Nowadays protein shakes are mainstream and big business for the fitness and diet industry.

Although protein shakes are not a magic solution for six-pack abs or overnight weight loss, they can – when used correctly – make a healthy addition to a fitness and nutrition regimen. With that said, they may not be right for everyone. But it’s important for individuals to weigh the pros and cons of protein products and work with their physicians to find the right regimen for their age, gender, body type, and desired goals.

Protein shakes have a lot of positive attributes. Convenient and portable, protein shakes are formulated with readily available, highly digestible protein to fuel the body post-workout. Protein is essential for building muscle and overall body strength and is an important building block of bones, muscles, cartilage, skin, and blood. It also helps make hormones, enzymes and other body chemicals. Protein shakes deliver whey or casein protein in a convenient way. And because protein shakes tend to be concentrated, many people can consume the recommended level of protein for their activity type without having to eat many calorie-laden meals.

Shakes also can be filling and help people feel satiated longer. Some people substitute protein shakes for meals once per day, eliminating a potentially calorie-laden meal in favor of a low-calorie shake.

While protein shakes can be beneficial, the International Society of Sports Nutrition recommends that those who exercise should try to reach their protein requirements via whole foods. Protein shakes are not complete meals; therefore, they may create nutritional deficits if they are routinely used as meal substitutes. The Mayo Clinic offers that protein shakes often fall short of supplying significant amounts of carbohydrates, vitamins, minerals and healthy fats. They’re also generally missing naturally occurring fiber, antioxidants and phytochemicals. Protein shakes may be flavored with artificial ingredients or sweeteners which can be fine when consumed occasionally, but may not be recommended as a long-term meal replacement.

Too much protein may not be a good thing, either. The U.S. Department of Health recommends that adults should not consume more than twice the recommended daily intake of protein, which is 55.5 g for men and 45 g for women. Protein shakes often have 20 to 40 g of protein per serving. So it’s easy to see how consumers of protein shakes may consume more than their recommended amount of protein. According to the U.S. Centers for Disease Control and Prevention, consistently exceeding daily protein requirements can lead to weight gain, high blood cholesterol, an elevated risk for heart disease, and kidney complications. Also, The Physicians Committee for Responsible Medicine states that consuming too much protein can raise a person’s risk of developing cancer, osteoporosis and kidney stones.

Protein shakes are convenient forms of a nutrient that active bodies need. When used in moderation and as part of an overall healthy eating plan, they should be safe. But it’s important to discuss any dietary and exercise concerns with a doctor before making drastic lifestyle changes.

Lifestyle

Spirits & Cuisine

Avocado & Egg in Bacon Wrap!

Do you want an impressive breakfast presentation for stay over guests this summer?  Well, if you do not mind a little work and attention to detail this meal will likely impress any visitor and make you look like a rather sophisticated chef.  I have made it several times and with practice, it comes out great.

Lifestyle

 Living & Traveling Offshore

How To Survive an International Flight!

International travel is more widespread and popular than ever before.  Being on a plane; however, for 14 hours or more certainly has its downside and potential health risks. That is why when we came across this short video, it seemed very useful in an entertaining presentation.

Perhaps just surviving the flight is not a high enough bar.  Every passenger can do his or her part to help make flying friendlier and more enjoyable. Airline etiquette, therefore, seems a worthwhile review.

Since the advent of commercial airline travel, travelers have been able to visit parts of the world that would have been nearly impossible to see in eras past. According to the International Air Transport Association, more than 8 million people will board flights around the world each day.

From the moment, they enter an airport to the time they land at their destination; travelers can expect to share intimate quarters with strangers, and responsible jetsetters know they must be on their best behavior to make the trip. For those unaccustomed to flying, the following are a few airline etiquette guidelines that can make your trip go more smoothly.

· Know what to do at security checkpoints. Airlines employ personnel to protect the public. X-ray machines will scan carry-on luggage, and you may be subject to an inspection. Listen to Transportation Security Administration employees about how to go through security checkpoints quickly and properly, and expect to remove your shoes, belts and jewelry.

· Check large baggage. Many airlines have strict size limitations for carry-on bags. Airlines also restrict how many personal bags anyone can bring into the cabin. Attempting to squeeze large bags into overhead compartments can add to the amount of time required to board the flight. When stowing bags, do so in the general bin closest to your seat rather than trying for a spot by the front of the plane for a quick exit.

· Don’t rush the boarding gate. Airlines frequently give boarding privileges to premier passengers and other fliers with special needs. Remain seated until your seating group is called. Passengers with young children or elderly and disabled passengers may need additional time boarding, so allow them to board first.

· Be considerate of personal space. Personal space is at a premium on an airplane. You very well may be rubbing elbows with a complete stranger. Attempt to keep arms and legs in your seat area. Also, avoid grabbing or jostling the seat in front of you. Recline only if necessary and give the passenger behind you due warning.

· Keep conversation to a minimum. If you must converse on a flight, be considerate of your fellow passengers when doing so. Avoid speaking loudly and try to keep a conversation at a minimum, as your fellow passengers may want to sleep or quietly read a book or watch a movie while the plane is in the air.

· Have a plan when traveling with children. Children can add a different dimension to a flight. Parents should do their best to ensure kids behave. But a long flight coupled with close quarters can make that difficult. Be sure to bring along plenty of activities and some snacks to keep kids occupied on the flight.

· Get up at convenient times. Bathroom breaks may be unavoidable, but try to time them when the flight attendants are not doing meal or drink service. Avoid having too many beverages, as that will only lead to more trips to the restroom.

Most of all enjoy!  For many, traveling internationally is still the thrill of a lifetime.

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