By Jonathan Curshen -
Unfortunately, there are a limited number of qualified US and UK experts in the field of asset protection law, so proceed with great caution before choosing your personal advisor for such an important project. This is an area of financial activity where cutting corners can be very costly. Knowledgeable APT attorneys tend to be expensive but well worth the price, if qualified. We list some of the best attorneys at the end of this section.
The legal structure of a foreign asset protection trust is much like that of a domestic US or UK trust. The grantor creates the APT, transferring assets to it, to be administered according to the trust declaration by a managing trustee for individual named beneficiaries, or a class of beneficiaries, the trustee may determine in his discretion.
Foreign laws do impose differing requirements on APT trustees, but all mandate that a trustee must be located within the foreign country. Some foreign nations do not allow the APT grantor to serve in the capacity of trustee. In any case, because of possible litigation, that dual role should always be avoided by a grantor, since it would permit a domestic judge to order the grantor, acting as trustee, to hand over APT assets to a judgment creditor or even to disband the offshore trust.
Foreign trust law, unlike strict American "arm's length" requirements, allows a grantor to receive income and benefits from the trust as one of several beneficiaries. Other beneficiaries can vary according to the grantor's estate planning objectives.
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