Just a quick one (offshore banking)

nrsql

Would be considered a gift to the sister and taxed as such I guess.
Also if sis got into trouble would be her asset so could be claimed against.
Not involving solicitors might be a good way to preserve wealth. I've seen money being sucked up for no good reason.

The bet type idea is interesting. A bet + hedge for an event 10 years hence. It's a guaranteed return (if done properly) but in isolation neither has a guaranteed value so I wonder if this needs to be declared. I suspect it has been considered. Would also get hit by inflation.

dqnet

rockitup wrote: »

If you wanted to go down the (naughty) route of depositing funds in your Sister's name and in the event of her demise, your funds would be returned to you then you can open a US Bank account and you can be named as Sole Beneficiary.

US bank accounts which are insured by FDIC have a guarantee of $250,000 (about £160,000) and with a couple of banks your funds can be held in Sterling, Euros, Swiss Francs, Aussie Dollars etc.

Can you explain in a little more detail how that works?
Excuse the ignorance here....

dqnet

nrsql wrote: »

Would be considered a gift to the sister and taxed as such I guess.
Also if sis got into trouble would be her asset so could be claimed against.
Not involving solicitors might be a good way to preserve wealth. I've seen money being sucked up for no good reason.

The bet type idea is interesting. A bet + hedge for an event 10 years hence. It's a guaranteed return (if done properly) but in isolation neither has a guaranteed value so I wonder if this needs to be declared. I suspect it has been considered. Would also get hit by inflation.

That's exactly my point, there should be a standard form or something that sort of scores... Just like credit scoring system. I mean their quick enough to say no to credit (i think, ive never needed but heard about it that way) but they are so fine cutting your money in half and giving the person with a lower score a 'get out of jail free card'

dqnet

I dont want to neccessary re-open this thread but I have a quick question to ask.. A scenario as such.

as any person would...let's say person X keeps all assets in he's name when they get married as any person would... then 5 years into the marriage he begins to see the marriage fall apart and so transfers he's money to someone else. then 9 months later he actually divorces and so to speak has only some of the money he originally had in he's account as he trasnsferred the bulk of it 9 months ago... is this possible?

how long back does the courts want to look at bank statements?
if they even do....?

dqnet

dqnet wrote: »

I dont want to neccessary re-open this thread but I have a quick question to ask.. A scenario as such.

as any person would...let's say person X keeps all assets in he's name when they get married as any person would... then 5 years into the marriage he begins to see the marriage fall apart and so transfers he's money to someone else. then 9 months later he actually divorces and so to speak has only some of the money he originally had in he's account as he trasnsferred the bulk of it 9 months ago... is this possible?

how long back does the courts want to look at bank statements?
if they even do....?

anyone...?

Loughton_Monkey

The two most expensive things in life are Divorces and Children. Take my advice and avoid both.

rockitup

dqnet wrote: »

Can you explain in a little more detail how that works?
Excuse the ignorance here....

Sorry for delay in replying dqnet....

I opened accounts with Citibank and Wachovia (avoid Wachovia, they are too restrictive to access for someone not residing in America)

The banks there mostly have a FDIC backed guarantee of $250K per person named as a beneficiary on the account. These beneficiaries do not have to be a relative anymore, they can be a trusted friend or any living person!

As the assets would be based in the USA, the money would under American law go automatically to the named beneficiary/ies on your demise. I don't know however if any search could be done to find the funds held in the account in America by a divorce lawyer from UK but it may be worth looking into if you are serious.

Beware as already posted the implications of fraud if you were caught out.

One USA Bank that does foreign currency accounts is Everbank and they will open accounts for UK residents if you have the necessary proofs of ID.

Hope you never get to lose half of everything, it's a big hit to take

dqnet

rockitup wrote: »

Sorry for delay in replying dqnet....

I opened accounts with Citibank and Wachovia (avoid Wachovia, they are too restrictive to access for someone not residing in America)

The banks there mostly have a FDIC backed guarantee of $250K per person named as a beneficiary on the account. These beneficiaries do not have to be a relative anymore, they can be a trusted friend or any living person!

As the assets would be based in the USA, the money would under American law go automatically to the named beneficiary/ies on your demise. I don't know however if any search could be done to find the funds held in the account in America by a divorce lawyer from UK but it may be worth looking into if you are serious.

Beware as already posted the implications of fraud if you were caught out.

One USA Bank that does foreign currency accounts is Everbank and they will open accounts for UK residents if you have the necessary proofs of ID.

Hope you never get to lose half of everything, it's a big hit to take

Thank you so much for your help.. Really apreciate it mate

dqnet

Loughton_Monkey wrote: »

The two most expensive things in life are Divorces and Children. Take my advice and avoid both.

Nothing I can do now

dqnet

dqnet wrote: »

I dont want to neccessary re-open this thread but I have a quick question to ask.. A scenario as such.

as any person would...let's say person X keeps all assets in he's name when they get married as any person would... then 5 years into the marriage he begins to see the marriage fall apart and so transfers he's money to someone else. then 9 months later he actually divorces and so to speak has only some of the money he originally had in he's account as he trasnsferred the bulk of it 9 months ago... is this possible?

how long back does the courts want to look at bank statements?
if they even do....?

What about the above then? Anyone know how it works?