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Overview
The topic of Offshore Trusts conjures up alluring images of secret bank accounts in exotic locations – far from the prying eyes of the IRS. We will discuss the Real World of the International Asset Protection Trust (IAPT). We will show what can and cannot be accomplished and the legitimate strategies available for asset protection and privacy planning through IAPTs.
The Asset Protection Havens exist because of a powerful demand by individuals in many countries to shelter their wealth from a variety of perceived threats.
- In the U.S. These threats are often
the product of a contingency fee system, which unfairly target those
. with wealth.
- In Other Countries. Asset protection and
privacy issues are related to the political and economic
climate . which poses risks such as kidnapping, confiscation,
exchange controls, etc.
To the average person, IAPTs and International Business Corporations (IBC) are all alike. To many professionals, an IAPT is simply a discretionary irrevocable trust set up in a country other than the United States. However, there are numerous drafting and tax choices to be made when forming a foreign trust:
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Knowlegable drafting endows the IAPT with the ability to take
advantage of choices offered by using
the law of various countries, always with an eye on
emerging international standards.
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