Lawsuits Can Destroy Your Wealth: How Offshore Asset Protection Shields Law Firm Owners with Blake Harris (Ep. 103)
Protecting Your Wealth: Why Offshore Asset Protection Matters
On the latest episode of The Lawyer Millionaire Podcast, hosted by Darren Wurz, we explore the critical subject of protecting your hard-earned wealth through offshore asset protection. Joined by expert asset protection attorney Blake Harris, this episode offers a deep dive into why safeguarding your assets is not just for the ultra-wealthy but crucial for all law firm owners.
Beyond the Myths: Offshore Trusts for All
A common misconception about offshore asset protection is that it’s reserved for individuals with staggering net worths. Blake Harris sets the record straight, explaining that even law firm owners with assets ranging from $1 million to $10 million can greatly benefit from offshore trusts. This protection isn't about hiding assets—it’s about preserving them against potential lawsuits and personal liabilities.
How Offshore Asset Protection Works
Offshore asset protection is about more than just setting up an account in a different jurisdiction; it’s about creating a robust legal structure that can withstand the tests of legal scrutiny. The Cook Islands, renowned for its protective trust laws, offers a viable haven for such assets. When paired with banking in countries like Switzerland, these structures provide an unparalleled level of security against creditors.
High-Risk Profession, High-Protection Needs
Law firm owners are particularly at risk due to their dual nature as business proprietors and professional license holders. With potential lawsuits looming from dissatisfied clients, vendors, or even internal disputes, the need for a solid protection plan is paramount. The strategy that Blake Harris identifies ensures you're shielded, allowing you to focus on growing your firm without constant fear.
Real-Life Applications: Success and Strategy
Blake Harris shares real-world outcomes demonstrating the efficacy of offshore trusts. In one illustrative story, a client faced litigation shortly after the acquisition of his business, yet his offshore trust deterred the plaintiff from pursuing what could have been a devastating claim.
The Steps to Setting Up Your Trust
Setting up an offshore trust begins with understanding your specific needs and potential risks. Blake outlines a clear process—starting from an in-depth consultation to the establishment of the trust and ongoing maintenance. The key takeaway is clear: ensure your trust is well-structured from the outset, just as you would meticulously prepare a legal case.
Tax Neutral and Secure
There’s a common concern about the tax implications of offshore trusts. However, these structures are designed to be tax neutral, meaning they don’t increase your tax liability. Full compliance with IRS and FinCEN is a priority, ensuring the process remains transparent and legal.
Building the Future of Your Firm
The message is clear: offshore asset protection isn't merely about safeguarding wealth—it's about ensuring your firm’s longevity and success. With meticulous planning and expert guidance, law firm owners can navigate the complexities of asset protection, allowing them to focus on what truly matters: growing and maintaining a prosperous business.
Connect with Darren:
Connect with Blake Harris:
Instagram: blakeharrislaw
Tiktok: blakeharrislaw
Linkedin: Blake Harris
Website: Blake Harris Law
Book: Don’t Let a Lawsuit Take Away Everything: Strategies for Guarding Your Wealth Against Legal Threats
About our guest:
Blake Harris is the founding principal at Blake Harris Law, where he assists clients throughout the world with Offshore Asset Protection. Having traveled to over 40 countries, Blake has built an extensive global network by meeting with trust companies, protectors, and bankers worldwide.
An accomplished author and international speaker, Blake has educated countless professionals through his continuing legal education lectures on asset protection and offshore planning. He has been quoted in numerous national publications, including Forbes, The Epoch Times, ABC, NBC, CBS, Fox News, and MarketWatch. Beyond these accolades, Blake boasts a significant social media presence with hundreds of thousands of followers, further solidifying his influence in the field.
With a seasoned background in wealth management, Blake Harris previously worked with one of America’s premier wealth management firms, advising high and ultra-high-net-worth clients on strategies to safeguard their assets. His passion for helping families cultivate and preserve their legacy inspired him to establish Blake Harris Law, a firm deeply committed to providing tailored solutions and peace of mind for its clients.
Blake’s commitment to the field doesn’t stop at his firm. He has consistently been recognized as a “Rising Star” by Super Lawyers Magazine for the past 5 years and is an AV®️ Preeminent™️ Attorney.
A proud alumnus of the University of Florida, Blake obtained a degree in finance in 2007 and went on to earn his Juris Doctorate from the University of Florida Levin College of Law in 2010, a top-tier law school.
Blake is an active member of the American Bar Association, International Bar Association, the Florida Bar since 2010 (Florida Bar number: 86486), and the Colorado Bar since 2013 (Colorado Bar number: 45942). Blake resides in Miami Beach, in his limited free time, he enjoys traveling internationally, swimming in the ocean, and Muay Thai training.
