Typically, a trust is established for the benefit of the client, along with a limited liability company ("LLC"). ?The trust's situs (similar to domicile) is in a country with favorable asset protection laws, so that the assets in the trust are governed by that country's laws. ?A trust needs a trustee, so the trustee must be located in that country. ?However, the trustee does not have actual possession of the underlying financial assets.
The underlying financial assets are owned by an LLC. ?The LLC is owned by the trust. ?The LLC is managed by its Manager, who has control over the LLC assets. ?Generally, the manager is the client, so the client retains control over the assets. ?In this manner, we can separate control over the assets in the hands of the manager, (the client), from ownership in the trustee who is domiciled in a country with favorable asset protection laws. ?Therefore, the client can continue to manage and invest the assets, but actual ownership of the LLC belongs to the offshore trustee.
Excerpt from The Complete Guide to Estate and Financial Planning in Turbulent Times (Collaborative Press, 2011) - Walt Dallas, Contributing Author
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