Offshore Asset Protection TrustsOffshore Asset Protection Trusts
The death of the offshore asset protection trust has, by some, been greatly exaggerated.1 In recent years, attacks on a few such trusts under extreme circumstances have resulted in the incarceration of the debtor-settlor (settlor). But these results have been solely because of the settlor's abuse of the trust arrangement rather than the arrangement itself. With proper timing and expert advice, offshore
Alexander A. Bove, Jr.
The death of the offshore asset protection trust has, by some, been greatly exaggerated.1 In recent years, attacks on a few such trusts under extreme circumstances have resulted in the incarceration of the debtor-settlor (settlor). But these results have been solely because of the settlor's abuse of the trust arrangement rather than the arrangement itself. With proper timing and expert advice, offshore asset protection trusts can protect the settlor's assets without the risk of jail.
Trust Arrangement Abuse
In some of the more recent cases, abuse of the trust arrangement led to the settlor spending time in jail for contempt of court. For example, the January 2010 case of Securities and Exchange Commission v. Jamie Sol...
Unlock All Access Premium Subscription
Get Trusts & Estates articles, digital editions, and an optional print subscription. Choose your subscription now and dive into expert insights today!
Already Subscribed?
