The Bieber question: Onshore or Offshore?

So Justin Bieber gets into a confrontation with his bodyguard, and the next thing you know, he is slapped with a lawsuit seeking $420,000 in overtime wages, and an “unspecified amount” in damages on assault and battery charges. We suspect that the $420k is just the tip of the iceberg. It is no secret that the deeper the pockets, the greater the likelihood of getting sued.

But we hope for his sake, that Justin’s assets were properly protected, before he was sued. But if they weren’t, what were his alternatives? And the bigger question (which  comes up often) – is onshore or offshore better, when it comes to Asset protection?

The reality is that if you know who is going to sue you, domestic asset protection might work in a certain number of jurisdictions, for specific types of creditors. However, given the uncertainties of business, and life in general, we find that a well implemented offshore asset protection plan is much more effective, in most cases.

 

Considering his 55 million dollars in earnings, he may be able to easily settle this lawsuit. But what if you were faced with something of this sort? Something that you never expected?

The best way to ensure that your hard earned savings reach your loved ones after your death is only by means of estate planning. And to safeguard your assets from creditors and litigation, while you are alive, asset protection is what you need.

The attorneys at Kalara Law are specialized in the field of Estate Planning and Asset Protection laws. We have made the lives of our clients stress free from loss of assets due to litigation and a well drafted estate planning. Talk to us to develop plan to protect yours.