What You Should Know About Offshore TrustsShare this post
As you make plans for your estate, you may be considering an offshore trust for your family and loved ones. An offshore trust operates just as an onshore trust where the ownership of an asset is passed from one person to another. Though they have the same basic foundation, offshore trusts differ in a number of ways, and the reasons people choose to use them vary, too. The rules pertaining to how offshore trusts function are intricate and require an in-depth understanding of this matter. When you work with Chicago IL estate plan lawyers, they can advise which offshore trusts are best for you.
When clients seek our services for this option of estate planning, the attorneys at Anthony J. Madonia & Associates will explain the different types of offshore trusts, including:
-Revocable Offshore Trust
-Irrevocable Offshore Trust
-Discretionary Offshore Trust
A few of the reasons people opt to use these arrangements are:
Confidentiality: Though the trusts are registered with the government, the people involved, assets, and terms of the trust are not.
Tax-exempt status: As the trust is being passed to offshore accounts and to beneficiaries, it is not taxed.
Asset protection: The assets are only distributed to who the trust owner selects. This means that assets can’t be given to anyone in the event of bankruptcy, divorce, or inheritance.
Reliability: The assets are protected from any economic, financial, or political event that occurs in the world.
The concept of offshore trusts is very detailed and complex, so all questions should be discussed with Chicago IL estate plan lawyers. Let Anthony J. Madonia & Associates help you make the decision to set up a trust offshore. Our attorneys have worked with many clients to help them understand the process and the many benefits associated with it. Contact our office to schedule an appointment for a consultation.