Any trust that can help protect your assets from creditors requires that you surrender at least some control over those assets. This goes for an offshore trust; a so-called "domestic asset protection trust"; an irrevocable life insurance trust; and any other trust that gives you creditor protection. If you think about it, this is just common sense. If
July 2010
More and More Affluent Americans Facing Creditor Problems
By Ken Laino on
Posted in Benefits of Asset Protection Planning
The recent economic downturn has caused creditor problems for many wealthy Americans who never dreamed they would be in this kind of situation. A front page article in the July 9, 2010 New York Times reported that one in seven homeowners with loans in excess of $1 million is seriously delinquent. Foreclosures are occurring at shocking rates…
Best jurisdiction for an offshore trust?
By Ken Laino on
More than 30 foreign jurisdictions now have asset protection trust statutes. The Cook Islands was the first to adopt an International Trust Act for asset protection purposes in 1989, and many other jurisdictions have based their statutes in whole or in part on Cook Islands’ law. A number of other jurisdictions have traditionally relied on…