Here is a suggested list of tasks you for sure
should include on your to-do list:|
- Confirm your own understanding of what a Trust is and
why it should be "offshore". Please check
the relevant information on this site, particularly
- Check out the company you consider establishing your
Trust with. You should convince yourself
that you are about to deal with a genuine company that is not going
to disappear overnight:
- Get their web site address and check the site.
- Get their phone numbers and addresses - check that they are not phony!
- Make sure that your Trust, your Trustee, and your Protector are located in three different offshore countries, none of them your own! Preferably, your Trustee should have a representation in your own country, but this is less important.
- Check also with BBB or any other institution whose business register you have some faith in; look into any complaints or warnings they might have on record. (Please be careful with any source that cannot be verified as independent - the
"grapevine" can tell you all sorts of things - and never be held responsible for being truthful or not. Also be careful with references - they will, of course, always be positive!)
- Have a meeting with your attorney regarding these points:
- The possible legal implications of your transferring
your assets to a "DISCRETIONARY, IRREVOCABLE, PURE TRUST",
as the legal term is. (Please note that you do not need
to obtain any advice in regards to what happens to your
Trust... your attorney will have no way of having that
specific knowledge from law school, so just focus on your own
personal situation, particularly in regards to your current
creditors and the agreements you have with them).
- What taxes are payable by YOU in case of selling
and/or donating your main assets to the Trust. (Again,
don't bother about what happens to the Trust - the
answer is NOTHING!)
- What tax benefits you are entitled to by selling and/or
donating assets to your Trust. (Once again: your Trust
will pay NOTHING, regardless your losses and write-offs!
You should discuss the details and technicalities
of this later with
your accountant, but make sure you get
"the big picture" from your attorney.)
- What difference it would make for you, as a private
person, if you are the Grantor/Settlor or the Beneficiary of
- What support you can get in case of an audit, and how
you should deal with such a challenge in order to minimize
your risk of trouble. (Please note that your accountant
is a liability for you here - only your attorney can protect
you from divulging information you are not legally
obliged to report!)
- Get specific suggestions in regards to what you should
do additionally to protect yourself.
- Make up your mind about what exactly you need in terms
of "extras" for your Trust. You should seriously decide
about at least the following:
- Simple Trust or Foreign Grantor Trust?
- Death Benefit?
- Credit Card Account?
- Debit Card Account(s)?
- Settlor Account?
- Trading Account?
- Add an IBC? If so:
- Name(s) for your IBC?
- Nominee Directors for your IBC?
- Add a local Corporation?
- Nominee Director(s) for your local Corporation?
- Agent for your local Corporation?
- Business Licenses and other registrations for your local Corporation?
Make a list of your assets, at least those you have on some kind of public record.
Have a meeting with your accountant about the possible tax benefits you could generate for yourself by transferring ownership of those assets to your Trust, either as gifts/donations or as sales (at a price that give you the biggest possible personal loss...).
- Check with us that you understand what needs to be done! Use our on-line contact form to protect your privacy! We will also be happy to assist getting your offshore entities established - when you are ready for the commitment and know what you are doing...
Maybe you should print this list...?
Click here to get a printer friendly version - when it pops up, you right-click on it and select "Print" on the menu you get. When done, you simply close the browser window to get back to the site.