Offshore Trustsfrom Maritime International Ltd.Offshore foreign asset protection trust structure and
formation for offshore asset protection planning and wealth management
preservation.
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OFFSHORE TRUSTS - FOREIGN ASSET PROTECTIONWHY ESTABLISH A TRUST?The use of offshore trusts for asset protection planning has increased significantly over recent years. This is due to the massive escalation of risk factors adversely affecting the preservation of wealth. These risk factors include civil litigation, expropriation or nationalization as a result of political instability, marital or family disputes, contingent creditors, mismanagement of investment or asset portfolios, and punitive estate or wealth taxes. The United States in particular, has witnessed the need for asset protection grow substantially in the last few years. This is primarily due to the litigious nature of United States society and the lack of legal reform. American business and professional individuals have witnessed a dramatic increase in their exposure to:
Business and professional individuals are often seen as "deep-pockets" by plaintiffs, and are frequently targets of frivolous and dubious lawsuits that are brought in the hope of an easy settlement. The United States legal system has dramatically expanded the theories of liability against potential defendants, which can place those defendants in a very precarious position, often exposing them to large legal expenses and possible adverse judgements, not to forget years of uncertainty and stress. The United States is the world's most litigious society. Statistics show that a law suit is filed every thirty seconds; and that ninety four percent of the world's law suits are filed in the United States. On average each and every professional or high net worth individual in the United States, be they a lawyer, owner, entrepreneur, doctor, company director, dentist or accountant, can expect to be sued every three years. Internet related law suits are also rising.The United States system has recently been implemented into the United Kingdom through legislative changes, and litigation there is increasing rapidly. OFFSHORE TRUST JURISDICTIONFor effective asset protection, the Trust must be offshore in a tax free jurisdiction and beyond the reach of the courts in the client's country of citizenship, residence and/or domicile. The Trust must be domiciled in an English common law jurisdiction which has enacted specific asset protection laws. (Normal common law provisions relating to Trusts, are inadequate for today's asset protection requirements). The Trust must also be in a jurisdiction which will not recognize the judgement of a foreign court. Maritime International Limited recommends the following offshore asset protection trust jurisdictions:
TRUST STRUCTUREThe structure of a Foreign Asset Protection Trust depends upon the requirements of the client. However, a typical structure will contain all the essential provisions detailed in our Offshore Trust Tutorial page. Maritime International Limited will prepare a Trust document for you or you may have your own attorney develop a Trust document to be registered by us. THE LEGACY TRUST - "My Legacy, My Way."Parents, now you can combine your personal values with your plans for wealth distribution. The Legacy Trust "My Legacy, My Way" structure allows clients to specify the distribution of trust assets to children and others, on the basis of meeting specified criteria. Learn more about the Legacy Trust and how you can make your legacy live on. |
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