Death and Taxes was: AGING: perhaps we are over the hump

From: Brian Phillips (deepbluehalo@earthlink.net)
Date: Mon Feb 18 2002 - 11:01:12 MST


From: "Barbara Lamar" <barbaralamar@sanmarcos.net>

- ----- Original Message -----
From: "Brian Phillips" <deepbluehalo@earthlink.net>

> The core funds should (IMHO) be placed in Swiss anuities,
> as this is a (effectively) a legal way to save funds and acrue
> interest on them, and not tell Uncle Sam about them without
> breaking the US tax code.

Better be careful how you do this. The Swiss banking industry is now
co-operating with Uncle S more than they did in the past. I've read articles
about this and observed it personally.

See, for example,...>>

Barbara,
  Obviously you're the expert in this area. I would point out,
and correct me if I'm wrong, that while one would have to be
scrupulous in reporting the contents of a foreign bank account
to the IRS, if one wished to be utterly "legit" this is not true
for life insurance. This is why I suggested a Swiss annuity.
 It is not reportable, and is only taxable upon withdrawal
(at one's normal income tax level for that year), it's safe from
things such as currency controls, bankruptcy, financial reversals,
judgements by litigatous vermin, deflation, hell even governmental
seizure for most purposes.
  The Swiss have obviously moved closer towards some cooperation
with American and EU authorities, these strictures primarily
apply to criminal activity (be it laudering the proceeds of
ill done deeds) or (of course) terrorism. They also apply
primarily to investment or bank accounts, but not really
to life insurance.
  Life insurance is covered by different rules than a standard
bank account. Much more difficult to attack.
  Also much less suspicous. How many criminals/terrorists
put their cash in life insurance???
  As long as one isn't making the odd donation to the Environmental
Liberation Front or Al-Quaeda, or paying the premiums on your
insurance with money you didn't report to the Feds...it seems
difficult to run into trouble.
  I'm not interested in playing chicken with the revenuers. :)

regards,
Brian

While we are on the subject of death and taxes
"U.S. Companies File in Bermuda to Slash Tax Bills"
http://www.nytimes.com/2002/02/18/business/18TAX.html?todaysheadlines



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