We all have a tendency to put off thinking about our own demise. It usually takes some kind of prompt to get us to take the time – and pay the money – to have a will drafted. That prompt may come in the form of the birth of child or development of health issues. Those are common reasons people start thinking about their last will and testament, but are they the only reasons?
Offshore work has always been part of our practice. With recent changes in the law, though, we have been moving away from recommending offshore to our US clients in favor of using domestic trusts.
Our firm works with Europeans and South Americans, whose legal codes essentially disallow (or disregard) the concept of a trust. It is sometimes hard to explain to such clients the advantages of a trust because it just sounds too good to be true.
The will-trust combo is a standard technique in estate planning because it is an effective, convenient and cost-efficient means to your goals.
Once you have read Part II of this series, regarding the many advantages of having a trust, you are ready to learn how to actually transfer assets to your trust.
This is a continuation of the discussion in Part I of this series regarding the advantages and disadvantages of two common asset protection techniques: offshore entities/accounts, and the US asset protection trust.