Discussion of self-settled spendthrift trusts formed in a domicile outside of the United States, which trusts are known as "Foreign Asset Protection Trusts" or simply "Offshore Trusts"
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by Riser Adkisson LLP » Sun Oct 04, 2009 10:19 am
Bank of America v. Weese, 277 B.R. 241 (D.Md. 2002), involved debtors who in a brazen attempt to defraud their creditors established a Cook Islands trust and transferred their assets to it, and later were forced into an involuntary Chapter 7 liquidation after which a settlement of $12 millon was paid to the creditors.
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