2020 – OUR 28th YEAR OF PUBLICATION! Volume XXVII • Number 2 • July / August 2020 INTRODUCTION. Parents and other relatives often establish financial accounts for minor children as a means of making a “controllable” gift to a minor. This is accomplished by establishing a custodial account at a financial institution for the benefit […]
Tag: asset protection news
What is a “trust protector”? Although our common law of trusts dates back almost 1,000 years, the concept of the trust protector is a 20th century development, primarily used in offshore asset protection trusts.
Potential clients often call us asking if we can set up an “offshore account” for them. Is this what they really mean, or are they (or should they be) asking about an offshore trust? In this issue we’ll compare the asset protection efficacy of an individual establishing an offshore account versus establishing an offshore trust which itself establishes an offshore account.
We have often stated that the only way for a creditor to “get at” the assets held in a properly structured Cook Islands asset protection trust is for the creditor to bring a case in the Cook Islands. Why? The Cook Islands court is the only court which has jurisdiction (power) over the trustee, which, under trust law, is the holder of legal title to trust assets.
Today, with the ongoing turmoil in Venezuela, asset protection planning has taken on a more important aspect: protecting assets from confiscation by Venezuela (and other governments of that type), regardless of whether one desires to immigrate to the US.
This newsletter discusses a new strategy to protect real estate when one does not have an offshore trust.
This newsletter discusses the major current U.S. tax reporting requirements for the asset protection trust.