Below you'll find a list of all posts that have been tagged as “asset protection trust”
Stephen Speiser, Esq September 2024 When it comes to protecting assets from potential creditors, lawsuits, or other financial threats, establishing an offshore trust in a jurisdiction with strong asset protection laws can be a strategic move. Among the most popular jurisdictions for foreign asset protection trusts are the Cook Islands, Nevis, and Belize, and to a somewhat lesser degree the …
By Stephen Speiser, Esq. Sept 2024 In today’s increasingly litigious society, protecting one’s assets from potential creditors and legal claims has become a priority for many individuals. One effective strategy for safeguarding wealth is the use of Foreign Asset Protection Trusts (FAPTs). Here is an overview of what FAPTs are, their purpose, and how they differ from domestic trusts. What …
By Stephen Speiser, Esq. June 2024 The vehicle of choice for many high-net-worth families engaged in offshore asset protection planning is the international asset protection trust (“IAPT”). The principal reason IAPTs are popular is because the trust can lawfully hold assets outside the jurisdiction of the United States where they are beyond the reach of U.S. creditors. In addition, IAPTs …
By Stephen Speiser, Esq. We need to have a serious conversation about domestic asset protection trusts (DAPTs). By our last count, 20 states now have DAPT laws: Alabama, Alaska, Connecticut, Delaware, Hawaii, Indiana, Michigan, Mississippi, Missouri, Nevada, New Hampshire, Ohio, Oklahoma, Rhode Island, South Dakota, Tennessee, Utah, Virginia, West Virginia, and Wyoming. Yet, the rush to implement DAPT legislation – motivated by state bar …
Can Asset Protection Save His Fortune from Manslaughter Charges? By: Stephen Speiser, Esq. February 1, 2024 The once bright future of Alec Baldwin is now in serious peril. On Friday, January 19, 2024, a New Mexico grand jury indicted the Emmy-award winning actor and director on involuntary manslaughter charges stemming from the October 2021 fatal shooting on the film set …
From time to time, we are asked about using foundations as a substitute for asset protection trusts. In our judgment, there is no substitute for a competent, well crafted trust. This does not mean, however, that foundations should not be used in asset protection planning. For clients with charitable goals and objectives, foundations provide an excellent vehicle to satisfy those …
There are three basic elements of a true “offshore” asset protection plan: (i) the legal structure (trust or business entity) must be formed outside the U.S. in a safe jurisdiction; (ii) the assets have been successfully migrated to the offshore legal structure; and (iii) legal control of the structure must be vested in persons or trustees who are not subject to U.S. jurisdiction.
The Court of Appeal of the Eastern Caribbean Supreme Court has recently issued a ruling expanding the power of the courts in the British Virgin Islands to issue injunctions in support of foreign proceedings, including injunctions directed at third parties who are not subject to any substantive claims (known as “Chabra” orders). Notably, this relief may be granted even if …
