UBS Off Shore Numbered Accounts

Passed down Nest Egg, becomes albatross
random snips full article at
http://www.bloomberg.com/apps/news?pid=20601087&sid=aLCTGxffHGGo&refer=home

clipped from www.bloomberg.com “We’re starting to get phone calls from U.S. citizens who say, ‘When these names get handed over, I’m in trouble,’ The defense lawyers noted that some of their UBS clients inherited accounts from relatives, including Holocaust survivors or Europeans who fled the continent during World War II “They eventually made their way to the U.S., but they had a nest egg in Switzerland,” The survivors passed their money onto children who often were unaware Such accounts “become an albatross around the neck of the owners,” Filing tax forms each year is like “returning to the scene of the crime.” Wealthy U.S. clients of UBS AG are offering to settle their tax liabilities Those coming forward include descendants of Holocaust survivors “Taxpayers who voluntarily disclose in most cases avoid criminal prosecution.” “God help you if you disclose 15 minutes after they start looking for you.” If the various levels of heat become too intense, UBS will turn it over to the Swiss authorities and say, ‘Here is the list