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Asset protection
- Thread starter tortoise
- Start date
If you don't know jack about statutory exemptions (in and out of bankruptcy), basic procedures in creditor-debtor relations, the concept of fraudulent transfers, and spendthrift protections within trust law (that is, when does it apply and when does it not); I would suggest picking up a simple book written by an attorney practicing in your country.
For US residents, I would suggest the Jay Adkisson book.
For US residents, I would suggest the Jay Adkisson book.
I just wonder how the hell you ever get the accounts open. It took me 20 personal trips to 5 banks just to open one business account for an irrevocable trust. From what I can see, the establishment's answer to these asset protection schemes, will be to continue to allow the connected elite to use them of course, but to shut them down for smaller players through the use of red tape and regulations.
It is not rocket science. Clearly, you need to have your KYC paperwork in order, and your banker/broker needs to have experience opening institutional accounts. There is going to be a learning curve for both you and your banker/broker.
Interactive Brokers, Fidelity, and PenFed, for instance, have no problems with the most convoluted account titles. Don't dream of opening an account at Schwab where you and someone else need to cosign as officers of a corporation, which serves as the general partner of a limited partnership, which in turn serves as the trustee of an irrevocable trust... much less if one or all of the entities are chartered offshore.
Interactive Brokers, Fidelity, and PenFed, for instance, have no problems with the most convoluted account titles. Don't dream of opening an account at Schwab where you and someone else need to cosign as officers of a corporation, which serves as the general partner of a limited partnership, which in turn serves as the trustee of an irrevocable trust... much less if one or all of the entities are chartered offshore.