The Olmstead decision allows Florida courts to order a judgment debtor to surrender all right, title and interest in the debtor’s single member Florida LLC to satisfy a judgment. Prior to the ruling many had believed that Florida law provided that the charging order was the exclusive creditor remedy.

            Not anymore.

Multi member Florida LLC owners should be very concerned by this decision. Writing a dissent in the 3-2 decision Justice Lewis warned that the Olmstead ruling means that the charging order is a non exclusive remedy for all LLCs, whether single or multi member.

Justice Lewis wrote: “The majority opinion now eliminates the charging order remedy for multi member LLCs under its theory of “nonexclusivity” which is a disaster for those entities.”

If you are using a Florida LLC to protect your assets you may want to reconsider your state of formation. Wyoming allows LLCs to easily reform themselves into Wyoming. The continuance process allows a Florida LLC to reorganize in Wyoming and keep the same formation date, EIN number and credit history. The advantage is that you now have a Wyoming LLC, which expressly recognizes the charging order as the exclusive remedy. Our office charges $750 plus filing fees to continue LLCs to the better asset protection state of Wyoming. Please call 1-800-600-1760 for more information.

And remember, asset protection is an ever changing area of the law. The Olmstead case was decided in a way that allowed another government agency – The Federal Trade Commission – to collect. Of course, the case now applies to the benefit of all creditors. In a dynamic field it is important to stay current on the latest cases, and move accordingly.



By using an LLC to hold title to your precious metals you have much greater protection. With precious metal assets in an LLC, if you are sued individually a judgment creditor (the person who won the lawsuit) has to fight through the LLC to get at the assets. This is a difficult process.

By using a Wyoming LLC, all the judgment creditor can get (after hiring a Wyoming attorney to go to court in Wyoming) is a charging order. The charging order is a court order directing the judgment creditor to receive any distributions made from the LLC. This means they can't force you to sell the metals and give the money to them. All it allows is for monies - when distributed - to go to the judgment creditor. In the case of precious metals what distributions will be made? You typically would not be distributing your gold, silver or platinum. Instead, you are holding them in the LLC for protection. You are free to hold them in the LLC until the judgment creditor goes away or settles for pennies on the dollar. More importantly, by holding valuable precious metals in an LLC the claim may never be brought in the first place. LLCs offer gold asset protection, silver asset protection and precious metals asset protection.

Another important feature of the LLC is privacy. Wyoming law allows for nominee managers, whereby another person is listed as the manager, thus keeping your name off the public records. (It is both incredible and disturbing what people can find out about you on the internet.) 

Our nominee manager is a professional living outside the United States. She won't know about or have access to your precious metals. That is between you and your gold and silver dealer. But by using a nominee your name stays private, which is an excellent strategy these days.

Title to your gold and silver must be in the name of the LLC for you to have protection in place. There are two ways to do this. First, you can form the LLC and buy the precious metals in the name of the LLC. (We have LLCs already formed for this purpose if you are in a hurry.) By purchasing metals in the name of the LLC the chain of title is clear. Or, if you already own the metals in your name or now buy them in your name, you can later transfer title to your LLC. The preferred way to do this is a transfer agreement signed before a notary.

Wyoming and Nevada have the most protective LLC laws. The difference is price in the form of annual fees. Nevada is $325 per year versus only $50 a year for Wyoming. With our resident agent fee of $125 for either Nevada or Wyoming, total annual cost is $450 for Nevada versus $175 per year for Wyoming. Setting up the LLC (a one time fee) is $1,210 for Nevada and $830 for Wyoming. The difference is, again, state filing fees.

But unlike other situations where protection is also required - rental real estate, for example - with precious metals, you don't need to qualify to do business in the state where the assets are located. With precious metals your LLC's business is protecting assets not operating a business. And a Wyoming (or Nevada if you want) LLC is all you need, no matter what state you are in. That said, California can present challenges, so be sure and speak with an account representative about your specific situation.

Tax wise you won't pay any extra taxes by using an LLC to hold gold and silver. Since the LLC is a flow through tax vehicle, taxes on gains will be taxed to you personally, just as if you held it in your individual name. The difference is with an LLC you have asset protection. By holding gold and silver in your individual name (or even in your living trust) you are exposed. 

Many people are using IRAs to hold their gold and silver. There is a misperception that IRAs offer complete asset protection. In actuality, it is much more complicated. Federal law protects IRAs up to only $1 million but state laws can reduce that amount. For example, in Nevada only $500,000 in IRA accounts is protected. 

Click here to read article on Double IRA Protection (PDF).

The better practice is to have your self directed IRA form an LLC to hold the gold and silver. A graphic example is as follows:

Self Directed IRA
(owns LLC)

In this structure, if you were to be sued individually, a judgment creditor (or bankruptcy trustee) could seek your IRA assets. If they can get past the IRA they still have to fight to get through the LLC. You have much better protection using an LLC to hold your IRA assets.

All told, gold, silver and other precious metals deserve asset protection. At just $175 per year to maintain a Wyoming LLC, you are buying the best asset protection insurance possible.

For more information please click here or call 800-700-1430.

Compliance costs for handling U.S. accounts are already so high that many banks are simply refusing to open new accounts for U.S. individuals. If HR 4213, which passed the House of Representatives in December 2009, is approved by the Senate in the coming weeks even more banks will terminate their U.S. clients. The bill, the Foreign Account Tax Compliance Reporting Act (or FATCAT), will essentially close the door to many foreign banks. There’s more…

Coming to a tax haven near you: The IRS Criminal Investigation Division is opening offices in a dozen foreign countries. The disgruntled banker in Switzerland or Panama who wants to provide offshore banking information to the IRS can now just walk into their local IRS office. The informant commission incentives are there – but they are to be questioned.

UBS banker Bradley Birkenfeld turned IRS informant and brought his Swiss bank to the brink with the IRS and U.S. Department of Justice. The case, which was recently featured on 60 Minutes, was egregious. UBS bankers were flying to America to recruit and assist U.S. citizens in evading their U.S. tax obligations. Did Birkenfeld get millions for his whistleblowing activities? No, the Department of Justice found fault in a related matter. So not only is Birkenfeld out his bounty but he is serving a 40-month prison sentence. No one else in the entire UBS scandal is serving one day of time. Just the informant. One wonders how many potential whistleblowers will actually show up at these new IRS offices.

Still, the IRS is expanding its reach. It has joined the Joint International Tax Shelter Information Centre. The U.S., Australia, Japan, Canada and Britain are coming together to conduct simultaneous tax audits of wealthy individuals. So not only will an audit mean your U.S. activities are questioned, but those activities in all the aforementioned countries may also be scrutinized. Now Americans will get to see how IRS audit agents stack up against their British and Japanese counterparts.

Is all of this a good thing?

We have been suspicious and even critical of offshore banking for years. But the one positive aspect of it all cannot be denied. These institutions place and manage a great deal of non-U.S. money into the U.S. stock market. They trade and hold U.S. dollars. But with compliance costs so high, and the challenge of greater regulations on the horizon, these banks are now and will be pulling their money out of the U.S. At a time when we need as much liquidity as possible, beating up on offshore banks may prove costly to America in the long run.



For Immediate Release: Local Attorney Featured Speaker at Robert Kiyosaki’s “Rich Dad Real Estate Summit” Also featured contributor in Kiyosaki’s “The Real Book of Real Estate” Reno, NV -- Local attorney and author, Garrett Sutton will be a featured speaker at Robert Kiyosaki’s “Rich Dad Real Estate Summit,” taking place in Scottsdale, September 12 and 13. He is also one of the featured contributors to Kiyosaki's newly released The Real Book of Real Estate, which is part of the Rich Dad series. "As one of the foremost experts in real estate investing, Garrett has helped thousands of people make money (and save money) in real estate,” said Kiyosaki. “And with five titles and more than 700,000 in book sales he is also one of the most successful authors in the law for the layman genre in publishing history. I’m very pleased that Garrett was able to contribute to The Real Book of Real Estate.”

"This book gives real estate investors - both novice and seasoned - the chance to learn from real, real estate investors and advisors - people who have been through the ups and the downs of the markets and who walk their talk,” Kiyosaki says. “These real estate experts share relevant stories and proven strategies.”

Robert Kiyosaki, while often viewed as a bit of a contrarian, has the reputation for delivering financial education principles that enable people to process the financial information we are bombarded with 24/7. That is one of the reason Rich Dad Poor Dad is the #1 Personal Finance book of all time and a long-running international bestseller.

In 1997 Robert wrote Rich Dad Poor Dad and said that your house is not an asset. Fast forward to 2005. In an interview on KTLA in Los Angeles he talked about the real estate market crash that was coming. Fast forward, again to 2008, when KTLA replayed that 2005 interview and marveled at Kiyosaki's vision and command of history and trends.

In The Real Book of Real Estate, Robert Kiyosaki and the 22 experts who have collaborated in the writing of the book (including Donald Trump, Garrett Sutton and Ken McElroy) deliver real strategies that every investor can use, regardless of market conditions or economic turbulence.

Sutton is the author of Own Your Own Corporation, How to Buy and Sell a Business, The ABC's of Getting Out Of Debt, The ABC's of Writing Winning Business Plans, and the co-author of Real Estate Advantages, all in the Rich Dad series. In The Real Book of Real Estate Sutton focuses on real estate asset protection. Sutton has more than 25 years experience assisting and advising entrepreneurs, families and businesses in selecting the appropriate corporate structures to limit their liability, protect their assets and advance their personal and financial goals through real estate investments and other means of wealth creation. The Real Book of Real Estate is available in bookstores everywhere and online at www.sutlaw.com and www.amazon.com. For more information on the seminar, click here!

Read this article:http://expert1031.com/1031facts/articles/crej021809.html

Using 1031 Exchanges to Shift Gain Recognition Between Years.
As we start to wind down towards the end of the year, now is a good time to point out that 1031 exchanges are a great vehicle to use in shifting gain between two tax years. For example, if Fred and Sue sell their purple duplex on December 1, 2008, their 45-day identification deadline for their exchange is January 14, 2009. Section 1031 of the Internal Revenue Code requires that they send a list of potential acquisition properties to their intermediary no later than, in this example, this date. Failure to do so will terminate their exchange, causing the gain from the sale of their purple duplex to be taxable.

Read this article: http://expert1031.com/1031facts/articles/crej101508.html

Purchase Gary Gorman's book: Exchanging Up at Successdna.com! Half price at $12.95

Your risk exposure goes through the roof when your child under 18 years old obtains a drivers license.

Are you surprised? Didn’t you read the fine print?

In most states, the application for an instruction permit or drivers license must be signed by a parent or custodian of the child. And by signing that simple form you agree to be responsible for the negligence or misconduct of the minor while they are driving.

So if your 16 year old son, god forbid, gets in a horrific car accident not only is he responsible for the resultant damages but equally so are you. Are you thinking about protecting your assets yet?

These laws can ensnare all sorts of innocent parties. For example, in Nevada, if neither parent has custody and there is no custodian, an employer may sign the drivers license application form. (N.R.S. 483.300) Of course, having a young employee who can drive may be a benefit to an employer. But what the employer may not realize is that he or she has just become personally responsible for any accident, and the resulting direct and consequential damages, the young driver may cause.

In addition to driving there are other areas where an unruly child can get a parent into trouble. In Arizona, for example, parents and custodians are responsible for their minor’s bad behavior:

“Any act of malicious or willful misconduct of a minor which results in any injury to the person or property of another, to include theft or shoplifting, shall be imputed to the parents or legal guardian having custody or control of the minor whether or not such parents or guardian could have anticipated the misconduct for all purposes of civil damages, and such parents or guardian having custody or control shall be jointly and severally liable with such minor for any actual damages resulting from such malicious or willful misconduct.” (A.R.S. §12-661 A)

While the law limits the parent’s responsibility to $10,000, that amount is for each wrong, which can quickly add up. As well, the law allows insurance companies “to exclude coverage for the acts of a minor imputed to his parent or legal guardian.” (A.R.S. §12-661 C) This means the parent will have to personally pay the $10,000 per infraction. In California the parent’s amount is $25,000 for each tort of the minor, which an insurance company does not have to pay. (Cal. Civ. Code §1714.1) In a sign of the times, the California law specifically holds parents responsible for a minor’s graffiti defacings.

What does all this risk mean for parents?

That asset protection is crucial for those whose children are coming of age. Be sure to work with your asset protection advisor to make sure all assets are protected. (If you need such an advisor feel free to call us at 1-800-700-1430.) Consider holding your brokerage account in a Wyoming or Nevada LLC. Otherwise, if that valuable account is in your name as an individual it will be the first place a judgment creditor will look to satisfy their claim.

So before you sign that form making you personally responsible for your minor child’s driving activities, double check and make sure your assets are protected. Your personal residence, your brokerage account and all of you other valuable assets must be protected before your children start driving, and increasing your risk profile.

Garrett Sutton, Esq. is a corporate attorney and is the author of "Own Your Own Corporation" and other titles in the Rich Dad Advisor series. His firm forms and maintains corporations, LLCs and other entities and may be reached at http://www.corporatedirect.com
To get a FREE copy of Garrett's book, "What to Know Before you Incorporate" log onto http://www.corporatedirect.com

When it comes to corporations, LLCs and LPs good standing is a legal requirement. And the consequences of not being in good standing, while unfortunately unappreciated by most, can be devastating.

Almost every state requires each corporation, LLC and LP formed there or qualified to do business there to file an annual report.

The purpose of these periodic filings is two-fold. First, it allows the state to collect their annual fee from the entity for the upcoming year. And make no mistake, these filing fees add up and are a very important and stable source of state revenue. Second, the reports confirm whether the entity is still active in the state.

The entity that fails to file its annual report (and also does not pay its fees to the state) can lose its good standing status.

What does this mean? A case helps explain the consequences.

Matt and Scott owned an auto repair shop. They were both busy and although they had formed a corporation for limited liability purposes they had failed to attend to the follow up paperwork. While the corporation had been formed in 2008, they had not filed any later reports or paid the fees for 2009 and on. As such, they were not in good standing.

Two events drove home the importance of maintaining a good standing.

Matt had signed a very favorable contract with a supplier on behalf of the corporation in the winter of 2009. The supplier soon realized they could not make any money on the contract and asked their attorney to look into how to get out of the deal. Their attorney first went to the Secretary of State’s website to see if the corporation was in good standing and thus had the capacity to enter into the contract.

It was very easy for the supplier to void the contract. The corporation, by not being in good standing, was legally unable to sign the contract. State law was very clear on the matter. If you were not current you couldn’t act as a corporation. As well, in many states you cannot bring or defend a lawsuit if you’re not current. Matt had no leverage against the supplier and lost the contract.

An even more serious consequence arose over a job Matt had performed. A brake job went horribly wrong resulting in significant injuries and damages. The attorney retained to bring an action for recovery against the corporation was quite pleased to learn the entity was not in good standing when the brakes were repaired.

When Scott learned of this he immediately attempted to bring the company current to avoid the personal liability. But it was too late. He had done the work when the corporation was not in good standing. The die was cast. This meant that Scott could be sued personally for the damages. By acting for a corporation not in good standing Scott was not protected by the entity and thus personally liable.

Scott and Matt learned the hard way the importance of keeping your corporation, LLC or LP current and in good standing.

It is very easy to see if someone’s entity is in good standing or not. Competitors, attorneys and even the curious can check the state’s online database for this information.

Don’t be the next victim of an innocent or unintentional failure to follow this important corporate formality. Make sure you are in good standing at all times so that the limited liability entity you set up continues to protect you in all your activities.

Garrett Sutton, Esq. is a corporate attorney and is the author of "Own Your Own Corporation" and other titles in the Rich Dad Advisor series. His firm forms and maintains corporations, LLCs and other entities and may be reached at http://www.corporatedirect.com
To get a FREE copy of Garrett's book, "What to Know Before you Incorporate" log onto http://www.corporatedirect.com

It is the welcoming event for what is claimed will be a powerful, eye opening three day seminar. Cocktails in hand, attendees are getting to know people from all over the United States. They have all flown in to learn secrets that only the rich have access to, secrets that must be communicated confidentially outside of America.

A new friend of mine, whom we’ll call Joe, is in attendance. He makes a decent amount of money and is upset with all of the taxes he pays. So Joe has paid $7,500 to hear what the experts have to say.
As the ice breaks, the sun sets and the liquor does its job, the party starts to click. People are having fun, voices get louder and connections are made. Joe does not drink and is a sober observer to the frivolity.
He notices people taking photos of each other with digital cameras. One man in particular is getting groups of people together and taking photos. The man’s wife (or girlfriend or friend?) is a very attractive blond in her mid 30’s wearing a mildly revealing outfit. She is easily able to chat up the predominately male group of attendees. Joe gets a closer look at parts the others aren’t focusing on. She is wired for sound.

Her male friend brings another group over for photos and shared fun. Joe notices the man’s shoes. They are black, heavy lace ups, almost government issue.

Joe wonders who the couple works for. Are they with the seminar group, a kidnapping ring, or the U.S. government? Whoever they are with, they are good at what they do.

The next morning the seminar begins. Larry, the tanned and well dressed promoter, gets up and gives a stirring speech. The man is seemingly very knowledgeable and is backed up by impressive testimonials and incredible color brochures. In his remarks he says people have made the right choice and that their lives will be positively changed by the information they are about to receive. He notes with great pride that he and his team are not lawyers, because lawyers don’t know/can’t appreciate/won’t give the advice this lucky group will be fortunate enough to take in over the next three days.

During the seminar Joe learns about offshore corporations and asset protection and offshore investing. He has made the very conscious decision not to buy anything or agree to any services while in Panama. As such, he was keenly able to observe both the overt and very subtle pressure being applied by the promoter and his attractive, well spoken minions to buy now. The special pricing was not available once the seminar was over. (Why not? Joe pondered.) Buying right now was the smartest and most important decision you could ever make. (More important than marrying the right person and bringing great kids into the world?) If you didn’t buy now you would regret it for the rest of your life. (I will? Joe wondered.)
Joe became friends with a man named Scott from Spokane. They both liked fishing and white water rafting and thus hit it off. They differed in one big respect: Scott was primed to buy.

Scott bought five of the offshore corporations and trusts they were promoting. The combination of the five entities was structured in such a way to provide maximum asset protection and tax savings. The structure cost $20,000 to set up, but Scott was assured he would save $50,000 a year in taxes for the rest of his life. Who wouldn’t spend that kind of money for the savings? Actually, Joe wouldn’t.

Scott heard Nigel, a distinguished of British gentleman, present a seminar on managed offshore investment accounts where returns over 25% per year were guaranteed. Nigel cogently explained that the U.S. government deliberately limited the amount of money its citizens could make, and that the best returns were made by smart, independent thinkers investing offshore. Scott could not wait to turn over $250,000 to Nigel, his new investment advisor located in Panama. Joe actually could wait, and did.
Joe and Scott met a third attendee at the seminar. Ron was from Cincinnati and made it a point to meet as many people as he could at the Panama Seminar. Ron just happened to be putting together a real estate deal in Belize. He needed asset protection advice, which is why he has spent $7,500 to attend the event (which was the best he’d ever seen). Ron and Scott had an involved conversation about Ron’s Belize project over lunch one day. Joe politely listened but did not rise to the bait, which was a 100% return in 18 months. Scott committed to an investment of $100,000, which Ron indicated had to be wired in the next 24 hours. The investment was almost full and Ron, Scott’s new friend, wanted to make sure he got in this incredible deal.

The Panama Seminar ended with a going away party. Once again, the liquor flowed and did its job. Some attendees talked of how much they learned and benefitted and fanned the fires of value and positive word of mouth. Joe, always the critical thinker, asked himself whether these hugely satisfied customers, who always seemed to be the first to jump up and buy the next product in the seminar, were well placed shills.

The attractive blonde was again dazzling to look at, and she held court with a large number of new friends she had made. They were eating out of her hand and talking freely. More photos were taken and more confidences revealed. Most attendees went to bed satisfied with the whole event and the money they spent.

Joe returned home and decided against buying any offshore structures and investments. It just didn’t feel right. After a while the promoter’s pressuring sales minions stopped calling.

But Joe did keep in touch with Scott. They spoke every month or so. At first, Scott was ecstatic with the results of the seminar. The offshore structures were in place and he was ready for tax saving. The managed offshore account was doing well. And Ron’s Belize project was funded and poised to provide a quick and significant return on investment.

But after three months Scott’s tone began to change. He told Joe his accountant couldn’t condone or wouldn’t deal with the offshore structures. Initially, Scott gave his CPA the party line he learned at the Panama Seminar: USA professionals do not and will not ever understand the complexities of beneficial offshore structures. But over time and into the next year his CPA’s objections took hold and were strengthened by a surprise IRS audit. Scott casually mentioned that two other seminar attendees he kept in touch with were suddenly being audited, but did not initially connect the dots.

Six months later Joe learned from Scott that Nigel, the offshore investment manager, had suddenly gone out of business. There was no forwarding number or address. Nigel was nowhere to be found. The country of Panama did not insure his investment account. Scott’s $250,000 had disappeared.
Then Scott received the news that the Belize project had failed. The story was that Ron from Cincinnati had not made the last $50,000 payment to the developer. The $750,000 non refundable deposit, including Scott’s $100,000 investment, would not be returned and was lost.

As Joe tried to console Scott he saw another side of his new friend. Just as Scott was quick to rise to the bait, he was dogged in fighting someone who took advantage of him.

Scott was on a mission and started digging. He soon learned that Larry, the promoter, had left Las Vegas after being charged for fraud in an online Ponzi scheme. Like so many criminals before him, Larry was able to easily reemerge without training or scruples as an offshore asset protection expert.

Scott learned from other investigators that there were very few barriers to entry to this scam. One could easily rent out a Panama hotel and lure attendees. Printing color brochures was not difficult. In fact, Scott learned a rule of thumb in the asset protection world: the more expensive the color brochures, the bigger the scam.

Joe continued talking with Scott and was amazed by what he dug up. Nigel was a convicted felon from London who had drifted down to the Caribbean. Hooking up with Larry, they created a fake investment firm out of Nevis and Panama. Together, through seminars and other means, they had taken in over $12 million in investment monies by promising huge returns. When it was time to pull the plug they each disappeared with $6 million.

Ron from Cincinnati was one of the many shills in the room at the Panama seminar. He was there to praise Larry’s knowledge and creativity. He was one of the first five people to jump up and buy each session. His enthusiasm was contagious and others followed him with credit cards in hand.

Scott learned, not surprisingly, the Belize project was a scam. The developer, Ron and Larry split the $750,000 non refundable deposit between themselves. While Larry had disappeared, Ron and the developer were in Scott’s sights. Using very unorthodox and highly aggressive tactics not condoned by this U.S. Civil Courts, Scott was able to get his $100,000 back.

Still, Scott was out $270,000 from his experience in Panama. As he and Joe continued to keep in touch, Scott always hailed Joe for his restraint amongst the purveyors of greed and fear at the Panama Seminar.

Garrett Sutton, Esq. is the author of “Own Your Own Corporation” and other books in Robert Kioysaki’s Rich Dad’s Advisor series. Garrett and his firm provide affordable and professional asset protection. For more information visit www.CorporateDirect.com.

But there is a wrinkle in all their chatter. Uncle Sam taxes U. S. citizens on their worldwide income. So in another one of those too good to be true scenarios, setting up offshore won't get you off the hook for federal income and capital gains taxes.

Of course, this is not enough of a deterrence for some. They will listen to the promoter and not to their U.S. advisors, who the promoters successfully argue don't "understand" the benefits of offshore strategies. The promoter will tell them once you are set up offshore there are no filing requirements ever again for U.S. taxation purposes.

This is not the case. And the failure to file the proper form has just gotten very expensive.

The form in question is I.R.S Form 5471. All U.S. citizens who have equity in, or a controlling interest in a Controlled Foreign Corporation ("CFC") must file one. Most offshore asset protection promoters put their U.S. clients into entities that are considered CFCs.
As of January 1, 2009, the IRS will now assess an automatic penalty of $10,000 for each CFC filing that is missed. That is $10,000 for each entity in each year that is not filed.

So let's review an example of what can and now does happen in the offshore world.

Joe listens to an offshore promoter in Nevis about the benefits of offshore asset protection. The promoter never mentions the need to file Form 5471 each year. Joe spends tens of thousands of dollars to set up five CFCs in 2009.

In 2012, the Nevis promoter's mistress realized the promoter won't leave his wife. She is spiteful and turns all of the promoter's files in to the IRS. Very quickly, the IRS is calling on Joe demanding $200,000 in penalties for the five entities for which no Form 5471 was filed for four years. And that's just the start. Joe will have penalties, interest and taxes due on all the income he made over those years.

If you think it is unlikely the IRS could ever receive information in such a way, think again. If it is not from the promoter's mistress, it may be from your own spouse or mistress or other aggrieved party. The IRS counts on domestic troubles as one of its best sources of information. But even if your life is trouble-free you can count on the authorities to be monitoring your wiring instructions and banking activities for offshore violations. And with this new $10,000 automatic penalty they have ever more incentive to do so.

You can complain about Big Brother and Big Government if you want (and you should; it's healthy and to be encouraged). But it is important to know that certain offshore promoters will never tell you about these crucial requirements, to your great financial detriment.