September 10, 2009
Gideon Rothschild is quoted about reporting offshore assets to the IRS in the September 9, 2009 issue of Investment News in the article "Foreign-Account Holders May Face Double Trouble". See below for Gideon's comments and click here to view the entire article.
"An insurance policy inside an insurance trust will also require the beneficiary to file," said Gideon Rothschild, a partner at Moses & Singer LLP who specializes in domestic and international estate planning. He has been working on several dozen late FBAR filings that are in the voluntary disclosure program.
"Although it seems the IRS isn't looking to prosecute people unless there's a lot of unreported income involved or they're promoters of tax evasion strategies, people have to write out big checks," Mr. Rothschild said. "It's going to cost about 40% of the account balance for most people by the time you're done with taxes and penalties."
Gideon Rothschild, a well-respected name in the field of trusts and estates, is co-chair of Moses & Singer's Trusts and Estates and Wealth Preservation practice. Gideon's practice is focused in the areas of domestic and international estate planning and asset protection, including the use of sophisticated estate planning techniques in the representation of high-net-worth individuals. He distinguishes himself from his peers by educating his clients on the non-tax benefits available with trusts and other vehicles to achieve both tax savings and wealth preservation. A frequent lecturer and author on asset protection and estate planning for the multi-national client, Gideon is the recipient of several honors and awards, including Chambers USA and Best Lawyers in America.