ASSET PROTECTION TRUSTS - Executive Summary
In answer to the havoc wreaked on individuals and corporations due to the litigation explosion in the United States, the book, ASSET PROTECTION TRUSTS, has become the newest permanent contribution to the legal reference series, DEBTOR CREDITOR LAW. This set of books, published quarterly by Times Mirror Corporation's law and legal analysis publishing arm, Matthew Bender & Company, Inc., is the comprehensive reference for legal professionals and scholars on the rights and remedies of those who provide capital and those who use it.
Primarily lawyers, accountants, and financial planners will avail themselves of the technical information outlined in ASSET PROTECTION TRUSTS, the first book of its kind to be published in the United States. Nonetheless, the book is ultimately written for entrepreneurs, executives, and investors who, paradoxically, because of their own diligent work and hard-earned success, are excruciatingly vulnerable to opportunists abusing the contingent fee system unique to the U.S. legal industry.
This Executive Summary treats briefly the following questions, which are discussed at length and with extensive references, in the book itself:
- What is an Asset Protection Trust?
- How Does an Asset Protection Trust Work?
- Who Needs an Asset Protection Trust? Why?
- Are Asset Protection Trusts Ethical?
- Where Do You Locate an Asset Protection Trust?
- United States Taxation of Asset Protection Trusts.
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|About the Author|
This book is written by Robert W. Lambert. Mr. Lambert has a Bachelor of Arts in International Economics (summa cum laude) from Claremont McKenna College (1972); a Doctor of Jurisprudence from the University of California (1975) where he was Editor of the Law Review and President of the Moot Court Honor Board; and a Masters of Law (taxation and international) from New York University School of Law (1976), where he received the Schwid award and Hertzfeld fellowship.
He was an Assistant Professor in the Masters of Taxation program at the University of Southern California (1978-1984). He has been invited to become a Permanent Contributing Author to DEBTOR CREDITOR LAW.
He currently is President of Asset Protection Corporation and is completing his Doctor of Juridical Science dissertation at New York University School of Law emphasizing asset protection techniques.
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ASSET PROTECTION TRUSTS will be updated quarterly to reflect changes in domestic and international asset protection laws, and the updates will appear in DEBTOR CREDITOR LAW. Summaries of the updates are available from the author.
What is an Asset Protection Trust?
An asset protection trust is any trust utilized to insulate assets from creditor attack. An asset protection trust is normally established in an offshore jurisdiction, although the assets will, more often than not, remain in the United States under the indirect control of the person establishing the trust (the "settlor").
These trusts are normally structured so that they are irrevocable for a term of years and so that the settlor is not a current beneficiary. In this way the creditors of the settlor cannot reach the assets of the trust. An asset protection trust is also normally structured so that the undistributed assets of the trust are returned to the settlor upon termination of the trust provided there is no current risk of creditor attack, thus permitting the settlor to regain complete control over the formerly protected assets.
An asset protection trust is demonstrated to be:
- An excellent supplement to, or replacement for, insurance
- A means to keep the ownership of assets absolutely confidential
- An alternative to traditional pre-nuptial agreements
- A hedge against potential exchange controls
- A device to protect otherwise unprotectable pension assets
- A means to give an insolvent debtor a fresh start
- The preferred technique to avoid forced heirship laws (common in Europe)
- A way to internationalize investment and hedge against governmental instability
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