7) In 1997, seeing the opportunity to compete against offshore asset protection trusts by developing a competitive environment, Alaska became the first state to recognize self-settled discretionary spendthrift trusts (also known as self-settled asset protection trusts) (8) as a way to shield a settlor's assets from creditors.
Between homestead acts, ERISA, offshore asset protection trusts, and family limited partnerships, many if not all of the protections afforded by domestic asset protection trust laws are already attainable.
The use of offshore asset protection trusts to "keep chips out of the pot" has exploded in the last decade.
The use of offshore asset protection trusts is no longer limited to the ultra-rich.
Costs of setting up an offshore asset protection trust vary considerably, depending upon the jurisdiction and the complexity of the trust; they typically vary from $3,000 to $10,000.
In order to protect privacy, assets, and growth potential, both individuals and businesses need a financial plan that may include an offshore asset protection trust.
And it's not all offshore asset protection trusts
Prior to the passage of the Alaska and Delaware legislation, estate planners and asset protection experts generally agreed that offshore asset protection trusts provided optimum creditor protection.
Offshore asset protection trusts are created under the laws of foreign jurisdictions typically with the purpose of shielding assets from current or future creditors.
citizens sheltering significant portions of their wealth in offshore asset protection trusts
Establishing and drafting offshore asset protection trusts
679 generally requires that offshore asset protection trusts
be structured as grantor trusts for income tax purposes, an Alaskan trust can be drafted as either a grantor or a nongrantor trust.