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- AssetProtector, on 07/21/2008, -0/+0Read this, taken from blogger...
Said Mr. Wessell, The offshore asset protection trust provides the strongest legal protection available. It has been our experience that The Cook Islands provides the best offshore asset protection trusts available the world over. We have set-up many of our clients with OSTs in these locations," emphasized Mr. Wessell. He added that Belize and Nevis are also offering OSTs, but the Cook Islands have the strongest asset protection laws and the strongest case histories of protection.
Offshore trusts are designed for those with liquid assets, or assets that can be quickly liquidated. The offshore trust is for the legally vulnerable with substantial assets of one hundred thousand dollars or more. These trusts, says Mr. Wessell, work best with assets that can be quickly liquidated and held in a strong, safe, secure Swiss bank account. A foreign trust," said Mr. Wessell, puts assets beyond the reach of the U.S. courts."
Mr. Wessell’s firm has served many professionals from celebrities, to businesspersons to medical doctors to attorneys to sports figures. One of CIs clients included a Los Angeles surgeon who was in the midst of eight breast-implant lawsuits after it was found that silicone had leaked, due to the manufacturers design, and this manufacturer had filed bankruptcy. They could not go after the manufacturer of the silicone implants…so guess who they went after?…the doctor, who was not at fault".
The doctor had to file bankruptcy to clear away the lawsuits. Once done, his assets were under the jurisdiction of a licensed and bonded foreign trustee outside of the United States court’s jurisdiction. The trustee refused to release the funds to the legal enemies of the doctor. Once bankruptcy wiped out his debts and liabilities…. the foreign trustee released the funds to the physician."
Timing is a key element in setting up offshore trusts. Once a person decides an offshore trust is right for him or herself, the sooner he or she acts on it the better," said Mr. Wessell. There is a one to two year statute of limitations on fraudulent transfer. In the Cooks Islands for example, the statute of limitations for fraudulent transfer is one year or two years after the underlying cause of action…so by the time a lawsuit is brought to completion in the United States courts, the statute of limitations in the foreign jurisdiction bars the suit. This means once a trust is set up, and the assets, such as real estate, stock and other holdings are liquidated and placed in the trust, the lawsuit followed by potential bankruptcy takes up the allotted time and then the statute of limitations bars the suit."
It is also an extremely expensive proposition to bring a lawsuit to the Cook Islands. The barriers alone can be a roadblock. Even the United States government, with their financial resources, has not been able to overcome the protection these trusts provide," concluded Mr. Wessell.
For more information about the Cook Islands trust or other asset protection techniques,
call 1-800-COMPANY (1-800-266-7269)
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