Blake Harris, an asset protection attorney specializing in offshore trusts, shares invaluable insights on safeguarding wealth from lawsuits and divorce. He discusses the advantages of offshore trusts over domestic options, highlighting their legality and protective power against legal claims. Blake emphasizes the Cook Islands as a prime jurisdiction for these trusts, which allow clients to maintain control while offering robust asset safety. He also addresses compliance with IRS regulations, debunking myths about offshore practices, making it clear these trusts are about protection, not evasion.
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volunteer_activism ADVICE
Asset Protection
Rearrange your financial affairs to retain assets in case of lawsuits.
Create structures allowing investment control but preventing court seizures.
insights INSIGHT
Trust Usage
Lawsuits and divorce are primary drivers for offshore trusts.
These trusts offer access to foreign investments and diversification.
insights INSIGHT
Tax Evasion vs. Asset Protection
Offshore trusts are no longer used for tax evasion.
Swiss banks now comply with IRS reporting requirements for American clients.
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Blake Harris shares tips for how to improve your asset protection! The conversation delves into how offshore trusts differ from domestic ones. Blake also dispels misconceptions about offshore trusts, emphasizing their legality and utility for asset protection rather than tax evasion. We explore how these trusts work, the best jurisdictions for establishing them, and the practical benefits for individuals seeking robust asset protection.
Today we discuss...
Offshore trusts help protect assets from lawsuits and divorces while allowing clients to retain control over their investments. Asset protection trusts are designed to prevent courts from easily seizing assets. Offshore trusts offer stronger protection compared to domestic trusts by shifting control to foreign trustees in jurisdictions like the Cook Islands. Offshore trusts provide access to foreign investments and international diversification opportunities. Unlike older practices of hiding money offshore, these trusts comply with IRS reporting requirements and are not used for tax evasion. Countries like the Cook Islands, Nevis, and Belize offer asset protection laws, but the Cook Islands are regarded as the strongest jurisdiction. Domestic trusts are weaker because U.S. courts can compel trustees to hand over assets. Offshore trusts can help clients negotiate favorable settlements or avoid lawsuits altogether. Compliance with offshore trust regulations involves some reporting but is manageable with expert guidance. Asset protection trusts primarily safeguard cash, stocks, bonds, crypto, gold, and silver in Swiss bank accounts. Cryptocurrency can be held under a Cook Islands trust via self-custody, third-party vaults, or Swiss bank accounts. Real estate is typically held in LLCs tied to the trust, with options for further protection through equity stripping. Divorces are treated as "super creditor" cases, but Cook Islands trustees can refuse to release funds under duress. Clients comply with court orders but trustees protect assets by requiring sworn statements of no duress. U.S. courts cannot force clients to perjure themselves, further securing trust assets. Over 10 million lawsuits are filed annually in the U.S., creating a need for robust asset protection strategies.
Money Tree Investing