If you want to protect your assets, you should look into an offshore asset protection trust Swiss banking. This trust agreement is established in a jurisdiction outside of the U.S. and can protect you against civil judgments. Your assets will be controlled by a trustee who isn’t a U.S. citizen.
How an Offshore Trust Works
An offshore trust works by giving the title of your assets to a trustee who lives outside of the U.S. If a person or company tries to pursue a civil lawsuit against you, they will have a difficult time. It costs a lot of money and time to go after an offshore trustee, so most won’t make the effort.
Common Assets Held in Offshore Trusts
Offshore trusts are typically most beneficial for movable assets, like business stocks, bank deposits and limited partnership interests. These trusts, on the other hand, are not so helpful at protecting real estate in the U.S. from civil judgments. Even if you put your real estate in the name of an offshore trust, the court can still control the property.
How to Establish an Offshore Trust
If you wish to create an offshore trust, you will be required to hire a company doing business in a foreign trust jurisdiction to serve as trustee. If you are unsure of how to locate the right trust company, it is in your best interest to work with a skilled asset protection lawyer. He or she will help you hire a reputable and trustworthy company.
How Offshore Trusts Are Treated with Bankruptcy
Some people decide to establish an offshore asset protection trust Swiss banking in hopes of getting out of bankruptcy. However, this likely will not work. The bankruptcy court may require a bankruptcy debtor to do whatever it takes to locate the debtors’ assets all around the world.
Common Myths About Offshore Trusts
One of the most common myths about offshore trusts is that they are only for the very wealthy. While many millionaires use offshore trusts, people who don’t have as much wealth can still establish them.
Another common myth about offshore trusts is that they’re illegal. The truth is that they’re not illegal at all since you’re just protecting your financial assets.
If you are interested to learn more about offshore asset protection trust Swiss banking, you should contact our reputable lawyer. At Wayne Patton JD, LLC, we are ready to help you. Contact us today.