{"id":46775,"date":"2022-11-08T16:06:40","date_gmt":"2022-11-08T21:06:40","guid":{"rendered":"https:\/\/www.escapeartist.com\/?p=46775"},"modified":"2022-11-17T10:56:53","modified_gmt":"2022-11-17T15:56:53","slug":"asset-protection-trust","status":"publish","type":"post","link":"https:\/\/www.escapeartist.com\/blog\/protecting-your-assets-is-crucial\/","title":{"rendered":"Protecting Your Assets Is Crucial"},"content":{"rendered":"

Protect Your Assets with an Offshore Trust<\/strong><\/h1>\n

Protecting your assets is crucial when drawing up an estate plan. An asset protection trust can help you keep your assets from creditors, lawsuits and civil actions.\u00a0 These trusts must be carefully established and managed<\/a>.\u00a0 Properly structured<\/em>, in the right jurisdiction, the offshore trust eliminates the power of the U.S. judicial system to \u201cget at\u201d trust assets.<\/p>\n

Foreign asset protection trusts typically provide more security for your assets and are harder to locate, they are more expensive to establish than a domestic asset trust.<\/p>\n

There are a variety of types of trust but generally the two most important types are fixed trusts and discretionary trusts.<\/p>\n

Fixed Trusts<\/strong><\/p>\n

A fixed trust will set out in the trust deed precisely who will benefit from the settled assets and at what stage in the future. Such trusts have the advantage of certainty. However, they are normally unchangeable and can create real problems where, for example, the beneficiaries designated become unsuitable or taxation law changes adversely. On the other hand, here the risk of legal attack is great, especially for doctors and other professionals the asset protection aspect is greatest when the trust is irrevocable.<\/p>\n

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Receive $10 off your order when you spend $100 or more. Enter Coupon Code: AFF10 at checkout.<\/figcaption><\/figure>\n

Discretionary Trusts<\/strong><\/p>\n

The second main category of trusts are discretionary trusts, which define in the trust deed a class of beneficiaries who can benefit in the future but whose exact interest is not currently specified. Most modern trust deeds also have the power to add new beneficiaries into the deed in the future should this be desirable. Where a discretionary trust is set up, it is important that the trustee understands the settlor\u2019s situation and can advise him on the best course of action that he should follow from time to time.<\/p>\n

To protect assets from U.S. creditors, an Offshore Trust should include:<\/strong><\/p>\n