Can a person transfer assets offshore?

[Marthe48]

Or do you have to be a company? I want to protect what I have from the criminals in charge.
Thank you

[Lonestarblue]

1. I would also like to know about this

I depend on the 401k I contributed to over decades for my income. Much of it is invested in the US stock market. If I cash it out, I’ll have to pay a significant chunk of it in taxes. If I leave it invested, much of it could be wiped out in a stock market crash, which I see coming. Does anyone here have ideas?

[Joinfortmill]

3. I looked into this in 2016

It gets complicated. You might want to contact Charles Schwab for some advice. They have foreign offices/assets.

[Lonestarblue]

4. Thanks. My account is actually with them.

[lastlib]

6. Does your custodian offer short-term/fixed-income investment options?

Like a money-market option? If you can use those within your 401k, there wouldn't be any taxes on an exchange, and you may be more secure against a market downturn.

[Lonestarblue]

7. Good idea, and yes it does. I will move some assets to a money market.

Thank you! My brain is not working well today on too little sleep and too much stress!

[lastlib]

8. Glad to help!

I think I may be doing the same.

[Ilsa]

2. The IRS asks the question, Do you have any

offshore accounts?

[Colgate 64]

5. You can, but

You can, but you need to be very careful in reporting any foreign account you establish on your Federal tax form. Failure to do so carries heavy penalties.

[IbogaProject]

9. There is also a more serious reporting requirement to the Dept of Treasury every June

If you stay here you have to declare off shore stuff or have enough to have pros set up some kind of offshore trust but all that is for multimillionaires.