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Misconceptions About Offshore Trusts
Americans often have a negative picture of offshore trusts, associating them with criminals, money laundering, and shady dealings. Offshore trusts, also known as Foreign Asset Protection Trusts (FAPTs), are a legitimate tool for asset protection.
This is attorney Jim Daloisio of Torchlight Tax.
FAPTs are established in jurisdictions with strong trust laws which protect assets from creditors and lawsuits. Properly set up, these trusts are EXTREMELY effective.
Another common misconception is that Trust Assets and accounts must be in the offshore trust country. A trust is simply a legal agreement in the trust jurisdiction. Assets including bank accounts can be located around the world.
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