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Offshore Asset Protection Trusts: Structuring Foreign Trusts as Part of an Integrated Estate Plan

Underlying Concepts, Selecting Situs and Trustee, Arbitraging Competing Legal Systems, Determining Asset Composition, Administration Considerations

Presented by Barry Engel, Esq.

Recording of a 90-minute CLE webinar with Q&A

This program is included with the Strafford CLE Pass. Click for more information.
This program is included with the Strafford All-Access Pass. Click for more information.

Conducted on Tuesday, October 25, 2016

Recorded event now available

or call 1-800-926-7926

This CLE course will provide estate planners with a comprehensive guide to drafting offshore asset protection trusts as part of an integrated estate plan. Barry Engel will discuss the key practical concerns of structuring offshore trusts, such as choice of trust situs, powers that rest with the trustee, the use of multiple trustees, the use of LLCs and other entity structures to hold assets within the trust, bankruptcy and non-bankruptcy challenges to offshore trusts. Mr. Engel will also offer specific drafting tools and suggestions for maximizing the asset protection function of the trust.

Description

While the tax avoidance features (and sometimes, abuses) of offshore accounts and offshore trusts capture the attention of both tax practitioners and the general public, these vehicles can play an important role in protecting assets as part of a fully compliant, tax-neutral integrated estate plan. Offshore trusts, in particular, can provide heightened asset protection from potential third-party challenges such as lawsuits, divorce or bankruptcy.

A popular misconception is that offshore vehicles are only available to the very wealthy; in fact, any U.S. person with assets to protect would be well-advised to explore the possibility of an offshore trust. There are a number of foreign jurisdictions that offer greater asset protection advantages than those provided by U.S. law.

The mechanics of setting up an offshore trust are similar to setting up a U.S. trust, but there are some important considerations specific to foreign trusts. Selecting the appropriate jurisdiction as the trust situs is critical to structuring an asset protection trust. Verifying that the offshore situs stable and efficient banking institutions, well-established asset protection laws, and reliable third-party fiduciary services industry are just a few important factors an adviser must take into account as part of the overall plan.

Listen as Mr. Engel provides practical guidance on leveraging the benefits and risks of establishing an offshore asset protection trust, including how to stay tax compliant and transparent from a regulatory point of view.

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Outline

  1. Structure of offshore trusts
  2. Trust protector provisions
  3. Choice of situs and jurisdiction considerations
  4. Risks in LLC structures held offshore

Benefits

The panelist will discuss these and other important topics:

  • What protections will offshore asset trusts provide that U.S. trusts will not?
  • What statutory and judicial protections should advisers look for in selecting a situs for an offshore asset protection trust?
  • What creditor protections will offshore trusts provide—and what protections won’t they provide?

Faculty

Barry S. Engel, Esq.
Barry S. Engel, Esq.
Shareholder
Greenspoon Marder

Mr. Engel’s areas of experience include estate planning with a view toward the lifetime protection of the estate...  |  Read More

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