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.”
People usually choose an offshore trust because the trust laws in another country are better than the ones they have at home. If you are looking for asset protection, Nevis and the Cook Islands are regarded as offering the best laws and protection.
A cool thing about offshore trusts is that a Settlor (see above) can also be a Trustee and Beneficiary.
Colin Ley is an asset protection attorney and the creator of the PREP Trust® and Better LLC™. He is also the co-founder of LayRoots (along with with partner in life & business – Shreya Ley)
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