Cook Islands Trust w/ Nevis LLC

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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Cook Islands Trust w/ Nevis LLC

Postby BRoads » Wed Nov 24, 2010 12:26 pm

I have been reading a website with stout claims behind the mechanics of the Cook Island Trust and would like some input and guidance from people in the know. Asset Protection Planners, Inc (OMITTED) showcases their Cook Island Trust service here: [OMITTED]

The feedback that I have is that the Cook Island Trust is such a strong barrier that 99% of the time it simply wards off a lawsuit; possibly why I can't find recent case information about how a Cook Islands Trust fairs in a courtroom (?) - my other interests include the outcome for the beneficiaries of the trust during/after the courtroom.

I am well-read (online) on the subject and understand that aside from choosing an entity and jurisdiction that proper conveyance is key to any protection strategy. I'm hoping that an expert can shed some light on this subject - there's a lot of information out there.

Thanks in Advance

B. Roads
BRoads
 
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Re: Cook Islands Trust w/ Nevis LLC

Postby Jay » Thu Nov 25, 2010 9:28 am

Whoever published that is seriously misrepresenting facts.

First, nobody keeps statistics on how often cases involving Cook Islands Trusts are challenged or settled before they go to a reported opinion. So, claims like "creditors hear about offshore trusts and then decide not to bring their cases 99% of the time" are not based on any hard information. I was able to get a good settlement against a beneficiary of a Cook Islands Trust in early 2010 and nobody asked me about it.

Second, the Cook Islands are probably the WORST place to form an offshore trust because that jurisdiction has such a sordid reputation as a debtor haven, with the best example being in infamous Anderson case: http://www.assetprotectionbook.com/foru ... f=8&t=1080
Jay
Riser Adkisson LLP
 
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