White Paper

Using Foreign Trusts in Asset Protection Planning

 
“If a settlor of a domestic asset protection trust (“DAPT”) resides in the DAPT jurisdiction and all the assets of the trust are located in the DAPT jurisdiction, the efficacy of a DAPT may be challenged under the Supremacy clause of the U.S. Constitution, under the applicable fraudulent transfer statute, or because the settlor retained some prohibited control over the trust.

The only possible way of avoiding all this and other obstacles when planning with trusts, is through the means of a foreign trust. A foreign trust, per se, does not have any asset protection benefits. The benefits come from the jurisdiction which governs the trust. Several jurisdictions compete in the foreign trust arena and have drafted their trust laws to address all or most of the problems and issues discussed above.

The commonly understood meaning of the term “foreign trust” is a trust governed by the laws of a foreign jurisdiction. However, as discussed below, the term “foreign trust” has a very specific meaning under the Code. Whenever the term “foreign trust” appears in this text, it refers simply to a trust governed by the laws of a foreign jurisdiction.”

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Jacob Stein, Esq. is Managing Partner at Aliant, LLP. He specializes in structuring international business transactions, complex U.S. and international tax planning and asset protection planning.

Faculty

Jacob Stein, Esq.

Aliant, LLP

Agenda

Faculty

Jacob Stein, Esq.

Aliant, LLP

Jacob Stein, Esq. is Managing Partner at Aliant, LLP. He specializes in structuring international business transactions, complex U.S. and international tax planning and asset protection planning.

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