Story here reminds us that OJ Simpson is suspected of squirreling away millions in offshore accounts. (One of OJ Simpson’s pals seems to have spilled the beans in a recording seconds after Simpson’s ill-fated robbery in Vegas.
Cook believes it is possible to prove Simpson has an offshore bank account but he will need to keep a ‘close eye’ on his spending to track his assets.
‘Money offshore only has value if you have access to it, so frequently what you do is trace the money upstream.
‘How’s he paying for his utilities, how’s he paying for his credit cards, so you end up tracking the money. We can subpoena utility companies for their records.’
When Simpson is released Cook said he will first figure out where he’s living.
‘If he’s going to Florida then you want to figure out if he is going to buy a home and what’s the source of the money, if he’s renting, then what’s the source of income for the rent.
‘You start to go backward. Where is he getting the money to pay for his daily expenses?’
Sometimes offshore planning is best, sometimes asset protection works better stateside, with hybrid (third party settled) asset protection trusts. In particular, we often recommend Nevada for our clients.
We’ll see how the offshore asset protection planning works for OJ Simpson. To have all that money and not be able to use it, that hurts.