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Do You Need a Trust to Protect your Assets?

Posted June 5, 2008

“One special kind of trust that I often recommend, the offshore asset protection trust (APT), can place your wealth well beyond the easy reach of claimants, creditors, an irate ex-spouse and even the government of your home country.” — Bob Bauman

by Bob Bauman

Baltimore – (TFN): If you watch late night American TV, you may encounter a local lawyer claiming that you’re in dire need of something you never even thought of - a trust.

These late night legal brains usually tout these trusts as the best way to protect your assets, cash and investments from claims and lawsuits. And indeed, I’ll grant them America is one of the most law-suit happy nations in the world.

So what’s a trust? And who really needs one anyway?

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Stripped to bare bones, a trust is a three-way legal device. It’s a contract of sorts, that allows one person (the trustee) to take title and possession of cash or property and hold, use or manage those assets for one or more other persons (the beneficiaries).

The person who creates the trust (the grantor) decides what it will do and donates the property to fund it. You actually create the trust by writing and signing a trust declaration, usually as part of an overall estate plan.

Before I go further, let me say: Setting up a trust requires expert advice and a careful review of existing arrangements that affect your estate.

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One special kind of trust that I often recommend, the offshore asset protection trust (APT), can place your wealth well beyond the easy reach of claimants, creditors, an irate ex-spouse and even the government of your home country. More about that in a moment.

Trusts, Like Governments,
Are All About Who Has the Power

Most offshore asset protection trusts are discretionary trusts, a form that allows lots of planning flexibility. Read on to learn more.

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Posted by Bob Bauman · Filed Under Investment Strategies 

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