Options For Offshore Asset Protection With Trusts- Moominvoices.Com / Wed, 03 Jul 2019 15:24:09 +0000 en-US hourly 1 https://wordpress.org/?v=5.5.3 Why do you need the protection of offshore assets with trusts? /why-do-you-need-the-protection-of-offshore-assets/ Wed, 03 Jul 2019 15:24:09 +0000 /?p=298 Read More »]]> What is offshore asset protection with trusts?

Anyone with a moderate or large net worth should benefit from my site to protect assets. But this strategy will be of particular interest to those working in professions where there is a high risk of litigation – for example, doctors, dentists, chiropractors, veterinarians, lawyers, entrepreneurs, and investment managers, to name just a few!

There is a growing number of lawsuits (especially in the US, UK and Canada, but now it is becoming a worldwide phenomenon, also in Spain and Latin America), in which the defendant is used as a target not for his guilt, but for their ability to pay. People in this category of “deep pocket” risk losing everything if they do not put the appropriate protection measures.

A concrete example: a patient was prescribed drugs that can cause drowsiness, was warned not to drive, but he did anyway and crashed the vehicle, causing serious injuries to a third party. Guess who issued? That’s right, the doctor. Despite having warned the patient of the dangers, he should have known that the other could have driven under the influence and cause serious injuries. Therefore, I should not have prescribed those medications.

It is not about who is at fault, but who can pay more! If your assets are obvious and easily visible, you will be an easy target.

And it’s not just doctors who are exposed to this kind of thing. Anyone from the professions mentioned above, or simply someone with significant net worth, could find himself involved in a meaningless lawsuit.

Will a Civil Liability Insurance protect you? It is possible but at a cost. But it might not cover all the risk with the policy.

Asset protection strategies basically work by making a person’s assets not readily available or recoverable (unattractive) in case of a legal proceeding against them, by employees, clients, patients, relatives or others.

Asset protection can take several forms, and while there are many local alternatives, such as life partnerships, limited liability companies, and limited family businesses and associations, offshore resources tend to be more effective for this purpose. Trust is the backbone of offshore asset protection, although “offshore” bank accounts by themselves can provide improved private banking and confidentiality, they are usually an integral part of an asset protection strategy. Banking secrecy laws in offshore jurisdictions tend to be much stricter than national laws unless there is suspicion of money laundering or criminal activity.

Offshore companies and trusts can be used separately or in conjunction with asset protection purposes (usually in relation to the offshore bank account). In a trust agreement, the trustor (who transfers assets to the trust) legally gives control of their assets to a trustee (s), who manages and controls these in favor of a beneficiary or beneficiaries (among which may be the same trustor ). Although it is usually the trustor who accompanies a letter of intent that details how you want the money to be administered and distributed, it is the administrator who has the legal control over the assets.

Recent legislative developments in certain offshore jurisdictions have significantly enhanced trust in the original common law, offering effective defenses against forced inheritance provisions and imposing time limits on claims by creditors.

In order to ensure effective protection of offshore assets, then, it is necessary to establish the company in a jurisdiction with the effective privacy legislation of international companies, strong banking secrecy laws, and modern trust laws. The Caribbean island of Nevis, for example, has one of the best-designed asset protection structures in the world in its statutory codes.

Important note: asset protection is not something that can be put in place when there are imminent or ongoing legal actions. Any attempt to transfer the assets under these circumstances would be considered fraudulent. However, a well-designed asset protection structure can result in a very effective tool to protect wealth.

Samoa Offshore Trusts for Asset Protection /samoa-offshore-trusts-for-asset-protection/ /samoa-offshore-trusts-for-asset-protection/#respond Thu, 14 Mar 2019 14:30:47 +0000 /?p=26 Read More »]]> Offshore trust in Samoa: protect assets

We regularly report here on exotic – and less exotic – offshore locations worldwide. However, some of the “exotics” are more familiar and well-known in international entrepreneurship. This is likely to be different from our subject of contemplation today. Or can you immediately name a company or investor who does business through Samoa?

Some facts about Samoa

Samoa, which gained independence from New Zealand in 1962, consists essentially of two of the largest islands in Polynesia. The population is something of over 190,000 inhabitants. Even though Samoa used to be under German administration in its past before the First World War, the language of commerce and business is English. The legal system is based, as so often in offshore locations, on the UK common law system.

But why Samoa?

With short and straightforward flight paths Samoa can hardly attract European entrepreneurs. Flights arrive regularly via Honolulu or even New Zealand or Australia. 
For the company form of the International Company (“IC”) offers some of the “standard benefits” of many offshore locations: 
Possible, for example 
– Tax exemption for International Companies – 
– Company meetings can be carried out from anywhere in the world (which could make the difficult journey for many companies relatively relegated). 
– low and graduated company fees in case of advance payments for several years 
– Require only one shareholder and one managing director to found the IC 
– the names of the members of the IC are not entered in public. 
Unless the “offshore standard”. Then Samoa keeps under certain conditions but a special feature for IC founders ready: 
The International Company Law of Samoa allows a particularly wide range of options for asset protection for Samoa ICs. Thereafter, when a “certain event” occurs, shares in the company may automatically be transferred to specified persons. Such a “specific event” may be, for example, a judgment or a court order against the Samoa International Company. A designated person who then transfers the assets of the IC may, for example, be a family member. It may, therefore, be possible that judicial titles against the Samoa IC will ultimately go nowhere. For the individual design options and requirements in this regard, it is best to have your legal advisor sufficiently familiar with the subject matter.

Our view

In our opinion, Samoa is probably not as well established as the other offshore locations presented here. This may lead to problems in dealing with banks and the provision of credit. On the other hand, the possibilities of Offshore Asset Protection Trusts are particularly pronounced.

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The sphere of asset protection /the-sphere-of-asset-protection/ /the-sphere-of-asset-protection/#respond Tue, 12 Mar 2019 17:03:18 +0000 /?p=23 Read More »]]> The activity carried out by us in the field of asset protection has as its objective the rationalization and protection of customer assets; in essence, the service offered by us aims to protect the natural person or the company and foreign banks and financial companies.

With regard to the financial assets, the investments underway are first assessed in terms of risk and the adequacy of the same in relation to the customer profile. In this context, sometimes the protection of the saver passes through appropriate judicial actions that must be taken against banks or financial companies that have sold to the customer financial products not appropriate to their risk profile or stipulated contracts with oppressive clauses or hidden costs and in violation of the law o of the regulations of Consob, the Bank of Italy or other supervisory bodies.

Still in the sphere of asset protection, the Firm is responsible for assessing the overall debt exposure of the customer in terms of sustainability in relation to its income capacity so as to prepare, if necessary, a debt restructuring plan, possibly, using the procedure for the settlement of the over-indebtedness crisis envisaged by the legislator for the so-called “non-fallible” subjects (physical and small entrepreneurs).

With regard to real estate assets, then, the Firm is particularly active in the overall management of assets through, in particular, the performance of technical and administrative activities aimed at increasing the maintenance level of individual properties and their profitability with the management of royalties. leasing, with particular attention to the direct management of leases and accounting and real estate taxation. In addition, where necessary, the judicial litigation for the protection of property rights is managed by the firm in the interest of the client always with a view to effectiveness, efficiency, and economy.

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