- Estate Planning
- Asset Protection Lawyers
- Asset Protection Techniques
- Foreign Trusts and Offshore Entities
Wealthy individuals and others wishing to protect their assets should devise an asset protection plan that is diversified. Employing a variety of asset protection techniques can help ensure some of your worth is protected from creditors.
One tool commonly used by asset protection lawyers is an offshore foreign trust. Essentially, when you create a foreign trust, you are shifting ownership of the assets put in the offshore trust from yourself to the trust, which will be supervised by a foreign trustee. Common locations for offshore trusts include the following:
- The Cayman Islands
- Turks and Caicos
- The Cook Islands
- The Isle of Man
Because proper care and planning is required to set up and fund a trust so it does not appear to be part of a fraudulent scheme, individuals interested in putting their assets in a foreign trust should speak with an asset protection attorney. To receive a free initial legal consultation from an asset protection attorney, complete the form on the right.
Should a creditor search for your assets and discover the foreign trust, they will have to deal directly with the foreign trustees to reach the assets. If the trustees are stubborn and unhelpful, the creditor will have no remedy to collect the assets. The U.S. judicial system has no authority over foreign trustees, provided they do not have agents or offices in the States. Furthermore, the distance between the trustee and the creditor may also serve as an obstacle to the creditor.
Additionally, most individuals would be advised to not place all of their property into an offshore trust, but to keep a sufficient amount of assets in the United States and transfer the rest to the offshore trust for protection. Because it may be almost as difficult for you to recover your money as it would be for your creditors, you should speak with an asset protection attorney who can help guide you through the process. If you are interested in setting up an offshore foreign trust to protect your assets, fill out our free case review form on the right to contact a lawyer experienced in asset protection planning.