Do you have kids? Do you have plans for your kids to go to college one day? Have you looked at how much college is going to cost you for just one kid? College is a big investment, but it is a good one. If you begin planning for this huge expense when your kids are young, you won't take much of a hit when the day comes that your teen packs his or her bags and heads off to start a new life at school. This blog will provide you with several ideas and tips that can help you find ways to plan for your kids' college tuition.
W.C. Fields, at the time of his death, reportedly had numerous financial accounts all over the U.S. and around the world. It was his habit to place money in several accounts after finding himself stranded in a city with no money. While spreading money around and stashing in multiple accounts the world over is actually a good approach to wealth management, you need to know how to do it correctly. That is where private wealth management advisors can help.
Placing Money in Offshore Accounts
Offshore accounts, often located in the Cayman Islands or other territories, have multiple benefits. If you are thinking about putting money into an offshore account, a wealth management advisor can find an account for you that yields a better interest rate, higher privacy rate and significantly lower taxes than those you currently pay on any accounts you have within the boundaries of the U.S. Placing some of your money in an offshore account also makes it easier to access when you travel and protects it against inflation and government instability.
In the event that the U.S. government changes any laws with regards to inheritance or taxation, your money in an offshore account is protected against these new laws. A wealth management advisor can set up the account, monitor activity, and make transactions for you. Your advisor can also transfer money into other investments upon your request.
Foreign Accounts
The most well-known foreign accounts for wealthy investors and high-profile owners of wealth are Swiss bank accounts. They have been the providers of the best foreign account holdings for decades. The level of security and privacy afforded account holders in Switzerland cannot be matched in any other country in the world, and bank representatives in Switzerland who violate privacy laws there are prosecuted to the fullest extent of Swiss law. If the American dollar tanks here in the states, your deposits are covered or you can convert your funds into Swiss francs or Euros and not lose money.
Your wealth management advisor can notify you of possible issues with the funds you have placed in Swiss accounts. Your advisor can place your money into a Swiss trust for your heirs as well, and because your name and your heirs' names are the only ones on the accounts, no one else can access them. When your heirs come of age, or when you pass away, your advisor can present the Swiss account pass books to your heirs.
Share14 October 2015
