As an individual or corporate entity, you are located in a particular jurisdiction therefore, you are exposed to legal attacks within that jurisdiction but then, you can limit the exposure that your assets have by locating them in a different jurisdiction.
Moss offers you portable offshore asset management trusts which basically creates a situation where you can transfer your asset protection planning offshore if it becomes expedient to do so. The concept of portable offshore asset protection trusts is predicated on its initial existence as a domestic trust until such a time when the need to move offshore arises.
Understanding Portable Offshore Asset Protection Trusts
Whether you set up a Trust in Panama, Seychelles or any other part of the world, these factors must exist: One or more trustees, beneficiaries and assets held in trust. There also has to be a trust deed that stipulates the terms of the deed, the jurisdictional laws governing the trust as well as conditions determining a change in the jurisdiction.
Moving Your Asset Protection Plan Offshore
The question as to the right time to move your assets protection trust offshore usually arises but first, it must be noted that these plans must be in place first and should not commence when a judgment has been obtained against you. Proactivity is very important, thus, when facing a potentially damaging lawsuit, you may then opt to move your plan offshore.
The legality of moving asset protection plans offshore has also been questioned but it is in fact absolutely legal. However, timing is important and in cases where people have gotten into trouble, it was because they acted after a verdict had been returned and it did not favor them.
At Moss, when we create offshore asset protection trusts for clients, we ensure that we operate within the ambit of the laws and our clients are therefore acting in compliance with local laws.