Cook IslandsWealth Management
WHAT IS AN ASSET PROTECTION TRUST?
An Asset Protection Trust is legally no different than any other form of trust formed under Common Law and the Rules of Equity. One of the common objectives however of any asset protection trust is essentially to protect the assets of the settlor against the claims by future unknown creditors, expropriation of hostile governments, or from excessive estate or death duties.
IS ASSET PROTECTION PLANNING A NEW CONCEPT?
The concept of using trusts to protect assets has been established for several centuries. As the litigation and theories of civil liability have expanded however, particularly in the United States, the need for trusts to protect assets from future creditors has created an increased demand for the trust to be used for asset protection purposes.
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