Asset Protection Trust

To help protect your assets in the event of a financial downturn, governmental collapse, forced forfeiture, or civil litigation, diversifying a portion of your assets with an Offshore Trust can help. Offshore Asset Protection Trusts can be set up while planning for estate taxes or transfer of assets to heirs where safeguards can be put in place as to how beneficiaries are to obtain funds. As with a Domestic Trust, the fiduciary appointed to manage your Offshore Asset Protection Trust acts solely for the benefit of the trust, and not to their personal benefit. A Global Capital Protection Specialist can refer you to a trusted IFSC licensed associate to handle all of your Offshore Asset Protection Trust needs.

Questions & Answers

Frequently Asked Questions about Asset Protection Trusts:

How does an Asset Protection Trust protect my assets?

The assets contained in an Asset Protection Trust are technically no longer in your name, although you as the beneficial owner of the Trust retain the ability to fully direct those assets through the appointed Trustee insulating creditors and potential litigants from accessing these funds.

What is the function of the Trustee?

The ‘Trustee’ is a person appointed to hold the assets of the Trust and act on the behalf and interest of the Beneficiary and only that of the Beneficiary.

Can I trust the Trustee?

In the US, Trustees are required to adhere to a strict code of ethics and responsibility outlined in the Uniform Prudent Investor Act. In the case of Offshore Trusts, we recommend Belize as the jurisdiction of choice. Belize Trust law is very secure, a Belizean Trust has never been compromised primarily due to the fact that a local court cannot set aside a Belizean Trust or change it in any way. Belize Trusts are the most attractive asset protection trust structure in the Caribbean.

Can an Asset Protection Trust have a US Dollar bank account?

Yes, and the bank account can be held in your choice of currency: US or Canadian Dollars, Euro’s or Pound Sterling.

How do Asset Protection Trusts make money?

This requires a multiple part answer. An Asset Protection Trust can make money two ways, actively and passively:

A Trust makes money ‘Passively’ on interest accrual and dividends through a bank account, or the proceeds of a securities and commodities brokerage account. A Trust can make money from the net gains on the sale of real property as well.

For a Trust to make money ‘Actively’ it will need to be the beneficial owner of either an International Business Company (IBC), Offshore Limited Liability Company (LLC), or a Local Corporation which is not incorporated in the same jurisdiction as your Trust. Any business activity occurs in the incorporated entity of which the proceeds will be to the benefit of the Trust.

How are Asset Protection Trusts beneficial for Estate Planning?

Estate planning is a major function of Asset Protection Trusts. Trusts allow you to outline how your assets are to be distributed rather than how they may be prescribed by law. This is helpful in the event there are heirs who you are not comfortable disbursing a lump sum to, you may wish to set forth a series of conditions by which they must abide in order to receive funds.

Trusts can also serve as an alternative vehicle for transferring assets after death outside of a will and free of the legal encumbrances which accompany a will.

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