{"id":46916,"date":"2022-11-18T14:45:55","date_gmt":"2022-11-18T19:45:55","guid":{"rendered":"https:\/\/www.escapeartist.com\/?p=46916"},"modified":"2022-12-02T12:39:23","modified_gmt":"2022-12-02T17:39:23","slug":"offshore-asset-protection-makes-sense","status":"publish","type":"post","link":"https:\/\/www.escapeartist.com\/blog\/offshore-asset-protection-makes-sense\/","title":{"rendered":"Offshore Asset Protection Makes Sense"},"content":{"rendered":"

Our expert senior associates develop and implement asset protection solutions<\/a> around the globe.\u00a0 Our experts look forward to discussing all options you have to make the right decision for your specific needs!\u00a0 Contact us today to arrange for a consultation<\/a>.<\/p>\n

Offshore asset protection trusts offer a way to place your assets beyond the reach of creditors. However, these trusts must be carefully established and managed to avoid difficulties with the Internal Revenue Service. Effective asset protection requires a comprehensive approach.
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\nGenerally offshore trusts are similar in nature and effect to their onshore counterparts. When you look at Offshore vs. Domestic trusts to shield yourself from lawsuits, offshore wins hands down.<\/p>\n

That is because your friendly neighborhood judge has the right to issue court orders to domestic trustees. The law does not grant that privilege to members of the local judiciary for offshore trusts. That is, the laws do not obligate the trustee in the foreign jurisdiction to comply.<\/p>\n

What is an Offshore Asset Protection Trust?<\/h3>\n

As the name indicates, an offshore asset protection trust is a trust located in an offshore country and designed for asset protection. Specifically, the purpose of setting up an offshore trust is to transfer assets into the trust and hold them for your own benefit. Once the assets are placed in the trust, they are under the management of a foreign trustee who has no affiliation with the U.S.<\/p>\n

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Different Types of Offshore Trusts<\/h3>\n

When it comes to the incorporation of trust, one has the flexibility to choose from the different types which involve:<\/p>\n