For every 60 minutes you spend making money, spend 60 seconds thinking about how to protect it!
Boca Raton, Florida (PRWEB) October 27, 2016
The traditional international protective entity is the international asset protection trust. Other names may be used − creditor protection trust, international trust, international trust, asset conservation trust, foreign trust, or foreign grantor trust. Individuals can use an international trust for reasons other than lawsuit protection. Individuals can avoid forced heirship laws, protect premarital assets, be useful for estate planning, and also for international business planning.
1. Recognize the International Asset Protection Trust
An international trust is a trust that has a “domicile” outside of the United States. A trust is a legal document created by a settlor or grantor, which places certain assets under the control of a trustee. The assets are placed into the trust by a process called funding. The trustee distributes such funded assets to, or for, the use of specified beneficiaries within the parameters contained in the trust document. The laws of the country where the trust operates governs the international trust.
2. Reasons to use the International Trust in your Asset Protection Planning
The international trust has uniquely protective features. First, the debtor-friendly laws of the international jurisdiction govern the enforcement of the international trust. Second, if a United States court orders you to repatriate the trust assets, the international trustee must refuse your demand and your trust funds will not be turned over to your creditor. Third, in the event of a creditor threat, your trustee can relocate the trust assets to another jurisdiction. Finally, your trustee can, if necessary, withhold distributions to a beneficiary who has a creditor.
3. Using a Trust Protector with your International Asset Protection Trust
Unlike most U.S.-based trusts, the international asset protection trust has a protector who oversees the trustee. The protector has the power to replace the trustee and must approve major trustee actions. The settlor/grantor appoints the initial protector (who should not be an American resident subject to U.S. court directives).
4. Choosing the Settlor/Grantor (or Creator) of the International Trust
Any adult or legal entity can be the trust settlor/grantor and create and fund the trust. Parents or grandparents oftentimes create an international asset protection trust to protect their wealth for their families. Spouses can be the co-grantors and combine their wealth into one trust or each spouse may each establish separate trusts.
5. Optimizing the Confidentiality of the International Asset Protection Trust
For confidentiality purposes, an international corporation or foreign LLC may be imposed as the trust’s nominee grantor. Further, international trusts in some international financial centers do not require you to name the settlor/grantor or require that you publicly record the trust. This also helps protect the grantor’s identity.
The Presser Law Firm P.A., Asset Protection Attorneys, represents individuals and businesses in connection with the establishment of comprehensive Asset Protection plans that incorporate both domestic and international components.
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“For every 60 minutes you spend making money, spend 60 seconds thinking about how to protect it!” states attorney Hillel L. Presser, Esq., MBA regarding the importance of protecting your assets proactively.