3 Ways Offshore Trusts Guard Your Personal Life

Do you see impending financial doom in your close future?

Are your assets unprotected?

Placing your assets in offshore trusts can help protect you and offer you increased protection from lawsuits.

Find out how to use offshore accounts to protect your assets and guard your personal life.

What Are Offshore Trusts?

Offshore trusts are also referred to as asset protections in foreign trust accounts. Settlors deposit the assets into the trust and transfer the management of the assets to the trustee.

If you’re located in the United States, this trust account must be outside of the U.S. An administrator that is not of U.S. citizenship would run the trust. Frequently, a single trust account can have multiple advisors to ensure the assets protection.

Many different types of assets can be transferred into the account. These assets could include but are not limited to real estate, gold, silver, art, businesses, cash, securities and boats/cars.

Why Have an Offshore Account?

What is the purpose of having an offshore account? How can it protect your assets more than an onshore account?

It protects your assets. When they are in offshore trusts, if something were to happen that is detrimental to your finances, the trust is not affected. They are not considered a part of the individual’s personal assets.

What Are Three Ways Offshore Trusts Guard Your Personal Life?

1. Most Creditors Cannot Come After Your Money

Placing your assets in an offshore location means that when creditors come calling, it is extremely difficult to access to your inheritance. They cost money up front to set up, but often save money in the long run.

In the event of a dirty divorce or a lawsuit, the trust fund must be set up prior to this event happening, or the courts can use the trust fund as part of the divorce settlement.

2. Trustees Can Work For Your Benefit

When you set up an account of this nature, you’re allowing the trustee to have full control over your assets. Once you relinquish control, it is up to them to make decisions.

You can determine how much access you want to your assets versus how much you want your assets protected. If you allow them full control, this means you or anyone else can’t go transferring funds.

3. Estate Taxes Can Decrease

Trusts are set up for a variety of reasons. One of these is the lowering of estate taxes

After the death of a family member the family is often burdened by the stress and considerable taxes associated with transferring the estate to the surviving family member. Using an offshore trust can result in major tax savings and more efficient transfer of assets. Speak to your local tax advisor for more on the benefits of using offshore trusts.

As you can see, trusts are a great way to protect you and your families assets. Make sure you have a reputable trustee who is flexible to work with will ensure your accounts are in good hands. If you’re looking for a good place to start, contact us here to help you on your journey.

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