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URL:  https://boards.fool.com/my-65-year-old-mother-has-lost-almost-all-of-her-10520568.aspx

Subject:  Re: off shore Date:  1/13/1999  8:15 PM
Author:  TMFTaxes Number:  8356 of 132685

[[My 65 year old mother has lost almost all of her retirement savings to either con
artists or get rich schemes. She has 13k left, 5k of which I recently sent her from
my paltry earnings. She promptly deposited this money is some type of offshore
account in the Bahamas. She is planning to funnel all her remaining "corporation
earnings" from her self employment into this account as a tax shelter. Some of
her friends have hundreds of thousands in this Bank of the Bahamas and use it to
avoid paying taxes. She believes this is safe and she only pays taxes on the
money her own registered "corporation" pays her from this offshore account.
Are these offshore banks for real, or only is it just another scheme to drive the
unsuspecting into a pennyless old age?]]

There are many different "off shore" schemes and scams out there. Since I don't know what your Grannie has gotten herself into, I certainly can't comment on her program. My guess is that in her zeal to avoid taxes, she has gotten herself into another "scheme" that may do nothing but cost her money after all is said and done. But again, that's just a guess.

TMF Taxes
Roy

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