Top Ten Wealth Building Myths
U.S. Person Wealth Building Myths are:
Myth No. 1
You can’t build wealth without a reduction of your spendable income.
Myth No. 2
There is no economic advantage to deferring income. Whether you get paid now or later, you end up with the same amount of money.
Myth No. 3
Deferrals must be structured as a fixed annuity.
Myth No. 4
Concluding that capital gain assets should not be placed in tax deferred accounts because they will be subject to ordinary income taxation on withdrawal
Myth No. 5
That the U.S. provides tax deferral on overseas businesses.
Myth No. 6
Establishing a foreign company determines residency for tax
Myth No. 7
There is a tax strategy in a Trust, a Foundation or a LLC Sandwich.
Myth No. 8
When you have a foreign company owned disguised by a BVI, Panama or Cayman Island company, then what you have is a tax strategy that avoids tax.
Myth No. 9
Offshore Life Insurance Policies are exempt on annual reporting of capital value and participation amount.
Myth No. 10
An alien individual retirement account is exempt from foreign residency annual tax reporting