GlobalWealth
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No need to be shady in offshore trusts, that's just to beat taxes and take unnecessary criminal risk, the strategy is tax free already.
Typical American ignorance.
There is nothing shady about offshore trusts. Actually as trust grantor you still must report income from trust assets regardless of where the trust is domiciled. There is no way to safely shield taxes in an offshore trust with financial or business assets.
Be careful, your lack of knowledge in the field and your preconceived notions can derail your credibility.
There are a multitude of other reasons to use offshore trusts. Asset protection is a key reason for use of offshore trusts. By having ownership of your assets in another jurisdiction, you remove your assets from the US court system making them virtually untouchable by frivolous litigation.
And while you may say that concept is no longer valid due to the Anderson case, in reality it is very valid since the case in question was a result of a poorly structured trust.
You may also say that a US irrevocable trust like a DE APT or NV PIT will do the same thing, that is not really the case either since there are many issues with placing 100% of your assets in a US based trust, not to mention the problems with your trustee also being subject to US law if trust assets are brought into question.
These things are not an issue when you have an asset protection trust in a jurisdiction like Cook Island.
Hang in there kiddo, you may learn something.
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