What the heck are the Panama Papers? Lets hold off for moment and stress the fact that it is perfectly legal to establish an off shore company or an off shore trust for many countries including the United States. What is illegal, however, is using offshore trusts to hide assets from known creditors or for evading taxation: So I guess from this you can figure out what the Panama Papers are all about that have been leaked and already the Prime Minister of Iceland has resigned and President Putin of Russia has a lot to answer for as to his overseas fortune.

The following was posted by Kelly Phillips Erb, published by Forbes:

“But what, exactly, are the Panama Papers? Here’s what you need to know.”

“The Panama Papers are documents which were leaked from Mossack Fonseca, a Panama-based law firm which, according to its website, offers “comprehensive legal and…