When you are running a business, and you have potential creditors that might attach your assets, you have the option of transferring the assets to an LLC or a trust that is located offshore.
Typically, a person that sues you in New York has a high chance of getting awarded a certain amount of money, and they will force you to turn over the assets to them to get their money back.
However, when you go for offshore protection, the assets aren’t located in the country, and they are now a different entity – which means they aren’t in your name at all. No creditor will want to come after assets that aren’t directly linked to you.
Additionally, the courts in the US don’t have a jurisdiction in another country, which means the judgment that they pass will not affect the assets.
However, you need to work with an asset protection lawyer to set up the plan in the offshore location. Let us look at the steps.