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Offshore Trust Planning
Selecting a Trustee
It should be apparent from the rigorous requirements for, and the intense responsibility placed upon, a trustee that the careful selection of the trustee is of paramount importance to the success of the trust. It’s security, viability, and ability to work for the beneficiaries are wholly dependent upon successful management of the trust by a diligent trustee. The trustee will have full, legal ownership of the trust, its property and assets, and as such, this position should be strictly limited to renown institutions or service providers with proven experience and track records in this area and that are renown for successfully managing trusts. There can be no compromises in this area.
Where to form an Offshore Trust
Offshore trusts are generally located in jurisdictions that either has a legal system founded upon the principles of English common law, or one which has adopted it as applicable to trusts with the express intent of providing a faithful offshore trust service (jurisdictions such as Switzerland and Luxembourg can be counted among these).
Jurisdictions generally accepted as solid bases for offshore trust formations are:
Australia, Britain, Bulgaria, Canada, Channel Islands, China & Hong Kong, Finland, Isle of Man, Luxembourg, Mauritius, Seychelles, Singapore, Switzerland
These are a representative sample and this is not necessarily an all-inclusive list.
Here are some offshore trust facts:
- The Cook Islands offshore trust is considered the strongest asset protection tool worldwide.
- Our trusts are US Grantor Trusts and, as such, the reporting requirements and legal compliance issues are simplified.
- The trust must have a licensed trust company serve as trustee, plus domestic or foreign individual and/or private IBC can additionally act as trustee.
- The trust can also have all of the US estate tax provisions, such as A and B trusts and beneficiaries that a domestic trust has.
- Since an offshore trust is in another jurisdiction, the foreign trustee can refuse to comply with US court orders to release trust assets.
- Your assets can remain safe and secure and out of harms way.
If your goal is to protect yourself from lawsuits and legal opponents, it is critical that your offshore plan be carefully constructed. Simply by forming an offshore trust in some jurisdictions, you immediately place a tested lawsuit protection shield between your legal enemy and your assets.
Its possible that your opposition would be forced with posting a $25,000 non-refundable bond to have the case put before a review board to justify if the case is suitable for court. There are many advantageous laws that help foreign investors in the recommended jurisdictions and OffshoreCompany.com can assist with your offshore trust planning.