TITLE

Asset Protection Strategies Du Jour: An Interview With Barry Engel

AUTHOR(S)
Duff, Richard W.
PUB. DATE
December 1996
SOURCE
Journal of Financial Planning;Dec1996, Vol. 9 Issue 6, p32
SOURCE TYPE
Academic Journal
DOC. TYPE
Article
ABSTRACT
The article presents information about an interview with Barry Engel. Engel is a Denver attorney whose international practice is limited to tax and asset protection planning. Barry's common sense contributes to his worldwide perspective when it comes to legal and financial planning. When asked that what did he meant by "looking at in perspective," he said that a good analogy is inflation. If inflation is ticking along at 12 percent and then drops to 7 percent, one is inclined to feel better because the rate has dropped. On asking that what did he meant by asset protection he said that it is the process of planning to protect against those risks that threaten accumulated wealth. To be effective, it must be implemented in advance of a particular risk materializing rather than after it has occurred. Answering to a question that whether a U.S. court ever forced the repatriation of asset protection trust, he said that he was unaware of any such case. Moreover, he said that, for a court to compel repatriation, it must have jurisdiction over the person who has power and authority to return the assets, or otherwise have some access to the assets themselves. Thus, the selection of a proper foreign trustee and the strategic placement of assets are both important.
ACCESSION #
5560290

 

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