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There are several reasons why someone would undertake the formation of an asset protection trust offshore instead of using a trust based in the U.S. First, most states do not allow “self-settled” trusts to protect assets. A “self-settled” trust is a trust where the Grantor is also a Beneficiary of the Trust. A few states have “Domestic Asset Protection Trust” (DAPT) statutes (Alaska, Nevada, and Delaware are the best known pro-DAPT states), which allow self-settled trusts to protect assets. However, DAPTs have not been tested in court, nor are they looked upon favorably for a number of other reasons. For example, depending on what state you are in, you are looking at two to four years of the asset being in the trust before it’s protected by law. Up until that point, trust assets are vulnerable to creditors. Furthermore, it is unlikely a court in a state that does not respect DAPT legislation will respect a DAPT set up in a state with DAPT laws. Accordingly, most people form their Asset Protection Trust offshore. And when they go offshore, they go to a jurisdiction that allows very complete and substantial protection for their trust.
During the formation process, you’ll need to choose a foreign trustee, and you don’t want to use just anyone. Trustees have control over your assets, so they need to be someone you can trust. I recommend using a very established trust company. The companies I use usually have 20 years or more experience. They should have a very strong track record and be well-regulated. Furthermore, in most situations while creditor seas are calm, you should not have to pay an offshore Trustee more than $2,000 annually. Of course, trustee fees will be higher if you are under duress and the Trustee has to do a lot of work for you, like paying your bills because you don’t have available funds onshore.
That’s all for now. I hope this information on offshore asset protection trust formation has been helpful. If so, visit my link and you can subscribe to my Offshore Asset Protection and Investing Secrets Video Series of videos and emails. You’ll also get a copy of my book, Asset Protection in Financially Unsafe Times in pdf format and a 20-minute consultation with me. All at no cost or obligation.
Thanks!
Ryan Fowler
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