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.
Choosing the Best Jurisdiction
For you to enjoy the benefits of an offshore protection trust, consider the country that you wish to set up a foreign account. This is because each country comes with unique investment benefits for you. Look at the condition of setting up the trust, the costs involved and the effort needed as well as the benefits.
To get the best out of the trust, try an irrevocable asset protection trust. This method is made in such a way that it cannot be changed after creation. You can become the trustee or choose an independent person to handle the trust.
Since the trust is an entity that is way separate from you, the assets that you place in the trust aren’t linked to you. If you fall into a situation where you are the target of litigation or a lawsuit, the assets won’t be touched at all.
Enjoy Special Provisions
The countries that offer offshore trusts rely on the business that comes from international customers to come up with special provisions for you as an investor.
These provisions include increased privacy, lower taxes, as well as specialized services that you cannot get with domestic trusts.
One of the pillars of an offshore asset protection program is the safety of assets. The countries have put in place measures to make sure your assets are well protected all the time. Even if the judge in New York issues a monetary judgment against you, the assets are safe due to the powerful asset protection program that these laws offer.
Even when given the ability to repossess your assets, the country won’t allow it to happen, unless in extraordinary circumstances.
Additionally, the foreign trustee isn’t subject to New York court rulings, so they aren’t required to release your assets to the creditor.
Are you looking for recommendations on how to start your offshore asset protection plan? Ask your New York asset protection lawyer for direction.
The trust comes with a way to control your financial accounts remotely. You can move money out or add money to it as you wish.
When an issue arises, and you need to be protected, the service provider designates a licensed, bonded trustee to step in and offer the much-needed legal wall between your assets and the creditors.
The trustee follows your recommendations to make sure you are shielded from any legal attack. The trustee doesn’t work for you all the time. Instead, he steps in only when something comes up.
Protect Your Assets Better
The asset protection attorneys at Trust and Estates have all the experience and tools to help you create a solid offshore plan to protect the assets that you love so much. We use various strategies to protect your assets, and give you advice when you are stuck. Call us today to discuss the options that you have.