Los Angeles, CA (PRWEB) July 25, 2005
Kevin Wessell, a renowned and highly respected expert in the field of asset protection and estate planning, and who heads Los Angeles-based Companies Incorporated, said today that The Cook Islands (South of Hawaii) provides what he believes to be the best offshore asset protection trusts available today. Information on CIÂs offshore trust services can be accessed via the companyÂs offshore trusts web site at http://www.offshorecorporation.com
Said Mr. Wessell, ÂThe offshore asset protection trust provides the strongest legal protection available. It has been our experience that The Cook Islands provides the best offshore asset protection trusts available the world over. We have set-up many, many of our clients with OSTs in these locations,Â emphasized Mr. Wessell. He added that Belize and Nevis are also offering OSTs, but the Cook Islands have the strongest asset protection laws and the strongest case histories of protection.
Offshore trusts are designed for those with liquid assets, or assets that can be quickly liquidated. The offshore trust is for the legally vulnerable with substantial assets of one hundred thousands dollars or more. These trusts, says Mr. Wessell, work best with assets that can be quickly liquidated and held in a strong, safe, secure bank Swiss account. ÂA foreign trust,Â said Mr. Wessell,Â puts assets beyond the reach of the U.S. courts.Â
Mr. WessellÂs firm has served many professionals from celebrities, to businesspersons to medical doctors to attorneys to sports figures. One of CIÂs clients included a Los Angeles surgeon who was in the midst of eight breast-implant lawsuits after it was found that silicone had leaked, due to the manufacturerÂs design, and this manufacturer had filed bankruptcy. ÂThey could not go after the manufacturer of the silicone implantsÂ so guess who they went after?Â the doctor, who was not at faultÂ.
ÂThe doctor had to file bankruptcy to clear away the lawsuits. Once done, his assets were under the jurisdiction of a licensed and bonded foreign trustee outside of the United States courts jurisdiction. The trustee refused to release the funds to the legal enemies of the doctor. Once bankruptcy wiped out his debts and liabilitiesÂ . the foreign trustee released the funds to the physician.Â
Timing is a key element in setting up offshore trusts. ÂOnce a person decides an offshore trust is right for him or herself, the sooner he or she acts on it the better,Â said Mr. Wessell. ÂThere is a one to two year statute of limitations on fraudulent transfer. In the Cooks Islands for example, the statute of limitations for fraudulent transfer is one year or two years after the underlying cause of actionÂ so by the time a lawsuit is brought to completion in the United States courts, the statute of limitations in the foreign jurisdiction bars the suit. This means once a trust is set up, and the assets, such as real estate, stock and other holdings are liquidated and placed in the trust, the lawsuit followed by potential bankruptcy takes up the allotted time and then the statute of limitations bars the suit.Â
ÂIt is also an extremely expensive proposition to transfer a lawsuit to the Cook Islands. The barriers alone can be a roadblock. Even the United States government, with their financial resources, has not been able to overcome the protection these trusts provide,Â concluded Mr. Wessell.
About Companies Incorporated
Established in 1977, privately-held Companies Incorporated serves both large and small businesses throughout the USA and in some foreign locales with incorporating services, establishing LLCs (limited liability companies) to creating offshore companies aimed at protecting assets to legally reducing annual taxes. CI also provides services to establish S corporations and non-profit organizations as well. CI holds national seminars on its various services, most recently to a sell-out gathering of professionals in a prestigious Las Vegas hotel.
CI is based in the Los Angeles area at 27200 Tourney Road, Santa Clarita, CA 91355. Telephone is 800-959-8819. The CI web site is http://www.companiesinc.com. For more information on CIÂs offshore trusts those interested can visit CIÂs web site at http://www.offshorecorporation.com.
The Barrett Company Public Relations,
Los Angeles, 310-471-5764