The Law Office of Thomas J. Swenson provides custom legal services for tax-efficient wealth building and preservation, international asset protection, business planning and intellectual property law. Clients benefit from careful attention to legal, business and financial matters.
Knowledge of offshore trusts and business entities (e.g., LLCs), U.S. tax laws and legal tax shelters enables innovative crafting of integrated wealth building and wealth preservation structures. For example, in full compliance with U.S. tax law, an international ILIT (irrevocable life insurance trust) holding private placement life insurance (PPLI) provides a life insurance benefit, offshore asset protection, tax free investment growth, tax free policy withdrawals and loans, and generational wealth transfer free of income, estate and generation skipping transfer (GST) taxes. With individual lifetime gift tax and GST tax exclusions currently set at $5+ million, now is the time to fund an ILIT dynasty trust. For U.S. business owners, a section 831(b) “captive insurance company” can eliminate up to $600,00 of income tax, improve business insurance coverage, and provide valuable asset protection. When a CIC lowers the owner’s tax bracket beneath threshold levels, the owner pays less tax on capital gains and investment income. A Belize LLC can provide asset protection like a trust, at a fraction of the cost, without being irrevocable.