You can opt to have it treated as a partnership,you have great deal of flexibility, and indeed under this LLC you can put hundreds of otherentities. you can have corporations, which might be controlled for in corporations, you can have partnerships; you can have any offshore entity that you want all owned under this offshore LLC or under this trust. It’s a great way to keep you, in control of the assets because when you put the LLC in place you no longer use the asset protection trust to protect these assets.
Assets are held down here, owned by the apt but whereare the asset’s controls? control happens to be with this little guy who happens to be you. You are in effect the manager of the offshore LLC and this is the best way to keep you completely in control of an offshore investment; now, what you normally do with this offshore LLC is simple, you add and offshore bank account. it does not have to be in the jurisdiction of the apt or the LLC and as many of you know, most banks are stopping accepting accounts from US citizens. There are many banks: Barkley’s… just almost any bank you name is no longer wanting US citizens and it’s in large part because of the legislation that becomes effective in 2013 forcing these banks to be transparent to the irs and basically account to the IRS for your deposits and if the bank is not transparent there is a 30% tax, that may be challenged and that may be thrown out but by putting this LLC in place you overcome those objections, you’ll find that the same banks who won’t take you when you’re trying to go there as an individual or as a trustee of your own trust.
Somehow seem to be able to be comfortable that, that’s enough removal that they will accept the account; at leastright now, it’s working well with an LLC, you have control; you’ve reestablished yourself as control not by virtue of your status as settlor; but by virtue of your statusas being the manager of this LLC and when this LLC goes and opens bank accounts et cetera or engages in investments or buys stocks and bonds in any currency it wants, the management and controls of those assets is with this person; the offshore manager of the LLC.now that’s all most people will ever need. The only other thing you could ever need is…boom! a domestic family limited partnership, notice this partnership is right here in the United States.