In New York, no law protects assets that you have placed in a trust that you have created to give you benefits as a trustee. In such a case, the assets can be attached by creditors and be used to cover your debts just as if they were directly in your name.
However, we have a few nations that provide you with better asset protection. These counters allow you to establish a trust to keep your assets safe. The nations allow you to establish the trust, become the trustee and the beneficiary of the trust while at the same time protecting the assets from creditors.
These countries include Belize, Cook Islands and the Isle of Man.
Additionally, these countries don’t honor a judgment by the US or a lien to attach the trusts in the country.
Before the creditor can go ahead and attach any assets, the county requires a trial to be done on their soil. This means the process is costly for the creditor, and most of the petitions that creditors come up with in such countries doesn’t go through.
Additionally, the costs of sending witnesses to the country and the legal fees can be delimiting.
For more information on how to handle a case in a foreign land, talk to an expert asset protection lawyer to explain the process for you.
These countries limit the time that a creditor s allowed to lodge a legal complaint on the trust. Depending on the circumstances, this can be a year, maximum two, making the period too short for successful petitions.