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The IRS subpoened this information from the credit card companies.

There is no such thing as an anonymous credit card or a private offshore account… PERIOD.

Use good solid technology and you will be solidly protected; however, don’t count on stealth alone. Always assume your creditors find out everything about you…. and make sure you are protected anyway.

How will the IRS know? Because now there are a lot of treaties out there by which the offshore jurisdictions have agreed to cooperate with the U.S. in tax evasion prosecutions. Then, the IRS has issued subpoenas to MasterCharge, Visa, American Express, and lately PayPal for information which link transactions to offshore accounts.

Then, of course, if you don’t use one of the larger and more reputable offshore banks, the most likely thing to happen to your money is that you will lose it; see, e.g., First International Bank of Grenada, various Latvian banks, Crozier, and many other smallish offshore banks that have gone bust over the years.

First, don’t think that you can somehow frustrate the IRS by hiding your money. You can’t. Start from the presumption that the IRS either does, or will, know about all of your income and expect its due. And the IRS has such little sense of humor about people that it figures are trying to evade taxes. There are much better ways to make and safeguard your fortune than trying to cheat the taxman out of his share. Pay your taxes. All of them. On time. No funny business. You’ll sleep better at night.

Second, don’t rely on secrecy as the foundation for your asset protection plan. While there’s obviously no reason to flaunt what you have, you are best served by presuming that a diligent creditor or plaintiff’s lawyer will be able to find every dime you have everywhere. A good asset protection plan allows you to “open the kimono” with regard to what you have and where and why, and still survive.

I feel sorry for most people seeking asset protection. So many scammers or incompetent folks out there and so few planners who really know their stuff. And it’s such a complex topic, how could you figure out the truth without doing 50+ hours of independent research.

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