OAPTOhio Association for Pupil Transportation
OAPTOffshore Asset Protection Trust
OAPTOntario Association of Physics Teachers
OAPTOklahoma Association for Pupil Transportation
OAPTOhio Association of Public Treasurers (Parma, OH)
References in periodicals archive ?
creditors have been especially successful in pursuing OAPT debtor-settlors under the U.
In situations in which a domestic debtor-settlor has employed a large international bank as the trustee of an OAPT, there is less and less of a need to resort to bringing a foreign action.
32) Consequently, proceeding against domestic settlors and beneficiaries of the OAPT or the domestic subsidiaries and affiliates of foreign financial institutions is the most prudent method available at present for a creditor to enforce a domestic court's judgments and orders.
If, after a thoughtful consideration of the foregoing, the settlor or beneficiaries of an OAPT desire to repatriate their offshore trust, there are three specific methods of domestication.
By way of example, the penalty for failing to file a "notice of transfer in trust" or a "receipt of trust distribution" is the greater of $10,000 or 35 [percent] of the gross value of the property received or transferred to the OAPT.
Because the laws of the individual states were, until recently, uniformly hostile toward self-settled asset protection trusts, domestic settlors often considered OAPTs to be the only viable asset protection vehicle available to them.
Even though both DAPTs and OAPTs are considered grantor trusts under the code, their respective treatment by the Internal Revenue Service is substantially different, particularly in regard to the taxation of the trust's income and capital gains.
Although OAPTs have become subject to increasingly negative tax treatment and substantial, costly compliance and reporting requirements, domestic settlors still often prefer OAPTs over DAPTs largely due to historic predilections.
28) Affordable Media serves as a paradigmatic illustration of the distaste that domestic courts have for OAPTs.
Beyond the negative consequences of OAPTs discussed above, including heightened tax and reporting requirements and the tenacious pursuit of the trusts by domestic courts, there are two additional, independent benefits offered by many U.