Protecting financial investments: Fallout from Madoff
A former director of a Fortune 100 company found just how dramatically Madoff's Ponzi scheme has impacted so many people. He had invested some money with Madoff many years ago, and over time has generated a decent return. He was lucky enough to pull the bulk of his Madoff investments about before the collapse, and was quietly enjoying his retirement. He learned that there is a good chance the Madoff bankruptcy trustee would be able to reach most of his savings. He was 74 years old and in a complete state of panic.
To protect his investment account we set up an offshore trust-offshore LLC structure, with the money being moved to an investment account in Switzerland. Because funds were moved from one investment account to another, he did not need to sell any of his securities. He has complete access to his investments and fully discloses the offshore trust and bank account to the IRS. With this structure there is no need to hide, it simply works!