Establishing and drafting offshore asset protection trusts
Article Abstract:
Asset protection trusts created in favorable jurisdictions can provide the settlor with protection from potential creditors. While transferring assets beyond the reach of existing creditors is fraudulent, preparing for unknown future creditors can reduce litigation risks and improve bargaining power. Choosing the proper jurisdiction is essential because secrecy alone cannot be used to successfully protect assets. Spendthrift trusts and the use of trust protectors and anti-duress clauses can be helpful in drafting both US and offshore trusts.
Publication Name: Estate Planning
Subject: Law
ISSN: 0094-1794
Year: 1996
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Drafting flexible irrevocable trusts - whom do you trust?
Article Abstract:
The constantly changing tax laws and the irrevocability of many trusts suggest that drafting flexible trusts is very important for large estates, especially those for which trusts are multi-generational. The best ways to draft for flexibility involve the attribution of powers. Giving one or more beneficiaries testamentary power is one option. Another option involves the use of a nontaxable lifetime power of appointment. Very narrow powers to modify or amend trusts may also be granted to someone as a means of ensuring future flexibility.
Publication Name: Estate Planning
Subject: Law
ISSN: 0094-1794
Year: 1996
User Contributions:
Comment about this article or add new information about this topic:
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