The Law Office of Thomas J. Swenson provides custom legal services for tax-efficient wealth building and wealth preservation, domestic and international asset protection, estate planning, business planning and intellectual property law. Clients benefit from careful attention to their legal, business and financial matters.
Knowledge of domestic and offshore trusts and business entities (e.g., LLCs), U.S. tax laws and tax-efficient investments 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” improves business insurance coverage, as well as providing valuable asset protection and substantial tax savings. An international LLC can provide asset protection like an irrevocable trust, but at a fraction of the cost and without being irrevocable. Transfers of assets into domestic or offshore structures can protect businesses and family wealth against unjust court judgments.