By Aliant, Special for USDR
Aliant, LLP®, a Los Angeles-based international law firm, has observed a significant spike in the number of clients moving wealth outside the United States following the presidential election.
Donald Trump’s successful campaign clinched him the presidency, but his ‘America First’ foreign policy has raised concerns in the global community and among the affluent Americans. It is not unusual for governments with a nationalist bend to restrict the outflow of wealth.
Jacob Stein, one of Aliant’s partners in Los Angeles, chairs the firm’s private wealth and asset protection practice and represents a significant number of ultra-high net worth families, including Forbes 400 families. Stein states, “A lot of our wealthy U.S. clients have contacted us about moving wealth offshore. Some have expressed concerns about the uncertainty of the Trump presidency, the future of the U.S. economy, possible currency controls, prohibitions against foreign investment and currency risks. These clients are looking to diversify their wealth out of the U.S., access foreign markets, diversify their currency portfolios and set aside a secure box of wealth beyond the reach of the U.S. government.”
Analysts speculate that trade and investment will drop sharply because Trump’s proposed foreign policy will place a strain on alliances and trade agreements, leading to instability. An unstable economy makes investors fearful.
Stein confirms that the fear of economic and financial instability is the primary reason for the flight of capital out of the U.S. The firm is representing these clients to establish offshore wealth holding structures like foreign trusts and private foundations, to set up offshore bank and investment accounts and to ensure that all offshore structures are protected from creditors and anonymous to the greatest extent possible, without running afoul of the tax laws and government mandated disclosures.
About Aliant, LLP®
Aliant, LLP® is an international law firm that combines cross-border transactional and litigation expertise with the knowledge of local law and with local connections, to provide clients the best legal advice possible. The firm, and particularly Jacob Stein, represent a number of Forbes 400 families and a great many ultra-high net worth families with holdings both in the U.S. and overseas. To learn more about Aliant, LLP® and Jacob Stein please visit our website at www.aliantlaw.com
SOURCE Aliant, LLP