Category: off shore trust

off shore trust

What is an Off Shore Trust? – PART 1

An offshore trust is a primary legal tool involved in offshore planning.  The offshore trust is generally a “self-settled trust.” This is a trust where the settlor and the beneficiary are both one and the same.  The trustee is a person who is nominated by the settlor and is either an individual who is not a U.S. citizen or a business having no U.S. offices or affiliation.  An offshore trust has additional people who serve as trust advisors or trust protectors.  These individuals are not under the settlor’s control, but they have certain powers in the administration and protection of the trust and its assets. Offshore trusts provide a method of transferring assets between generations, probate free.  The trust will usually provide that assets will automatically pass to named successor beneficiaries upon the settlor’s death.

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