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Asset protection planning requires a working knowledge of federal and state exemption laws, federal and state bankruptcy laws, federal and state tax laws, the comparative laws of many jurisdictions (onshore and offshore), choice of law principles, in addition to the laws of trusts, estates, corporations and business entities.
A number of offshore jurisdictions have enacted modern asset protection legislation based on the Cayman Island's Fraudulent Dispositions Law 1989 (the "FDL"). [4] The Cayman Islands FDL states "Every disposition of property made with an intention to defraud, and at undervalue, shall be voidable at the insistence of an eligible creditor thereby ...
Sometimes called an offshore trust, a foreign asset protection trust is established outside the United States. Not all countries will help you establish one, but popular options include the Cayman ...
An offshore trust is a conventional trust that is formed under the laws of an offshore jurisdiction.. Generally offshore trusts are similar in nature and effect to their onshore counterparts; they involve a settlor transferring (or 'settling') assets (the 'trust property') on the trustees to manage for the benefit of a person, class or persons (the 'beneficiaries') or, occasionally, an ...
IBCs are offshore companies that are most commonly used for international business such as trade and non-local services, offshore banking, investment, as a special purpose entity, as well as for asset protection. Offshore companies can be used for virtually any type of transactional activity (some requiring a special license) such as buying and ...
Setting up a business as a limited liability company (LLC) can protect the business owner's personal assets from being claimed by business creditors. An LLC creates a shield between business ...
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