Find Out How Key Estate Planning Tools are Drafted and Implemented. Every client’s estate is unique in its assets composition, family dynamics and future needs, but all are ruled by the same principles and are subject to the same tax and legal limitations. In this comprehensive legal guide, experienced attorney faculty will guide you through […]
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.
It is often said that once a person has been sued nothing can be done to protect assets. This is usually true. The knowledgeable asset protection professional will, however, be able to recognize the few exceptions to that rule. The ability to recognize and utilize the exceptions will depend upon a thorough understanding of the relevant fraudulent transfer law.