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What happens when you work hard to build your dream life for you and your family, and you start to worry that some evening, someone will show up on your porch. They ask, “is your name…?”  And when you say yes, they shove a pile of papers in your hands: “you’ve been served” they exclaim. 

Concerned about protecting your assets from bogus lawsuits, you look into doing some real asset protection planning. Along the way you learn that in order to have an effective plan, you have to rely on an independent party to help you. This is typically a trustee who would manage your trust.

An offshore trust works as an agreement to safeguard assets from future potential creditors. The agreement is between a person with assets (the Settlor) and a person or company to look after the assets (the Trustee) for the benefit of another person or people (the Beneficiaries).

It’s an “offshore” trust because you are selecting the laws and jurisdiction of another country other than the one you live in. If you were using your home country laws, for example in the USA, the trust would be “onshore” or “domestic.”

Thinking of setting up an asset protection plan? Or just wanting to be sure your hard-earned assets are safe? You’re not alone. Being successful in America makes you a target for bogus lawsuits from shameless lawyers.

Putting some effort into making yourself less of a target just makes sense. 

Here are five tips for building up the barriers between you and a potential creditor.