Author Archive: Howard Rosen, Esq.

IRS Investigates Abusive Trusts

Howard Rosen, Esq. • April 1, 1997

For years we have been writing that offshore asset protection trusts do not offer any income tax advantages for United States citizens or residents. We have been constantly concerned about unfavorable “fallout” and/or (typical) legislative overreaction when one or more of these schemes backfired

Review of Offshore Jurisdictions (Part 3)

Howard Rosen, Esq. • March 1, 1997

With this issue we continue our periodic review of selected offshore jurisdictions. As indicated by the above subtitle, in this issue we will review Barbados.

Poorhouse Prevention

Howard Rosen, Esq. • January 17, 1997

Litigation in our society is a popular tool for the accumulation of wealth – by plaintiffs and their attorneys, who often take cases on a contingency basis. Attorneys handle lawsuits if there is any basis for a claim, and, most importantly, if there is a source of funds from which they will be paid. Asset protection planning makes the source of such funds minimal at best. If you think you do not need to secure your wealth, ask yourself: Am I absolutely certain that I will never be sued? And, if by some chance I am sued, that I will be fairly treated by our justice system? Most will answer “No!”, and wonder what they can do. Asset protection planning is the answer.

Married Couples Face Major Setback in Shielding Assets from Creditors

Howard Rosen, Esq. • December 13, 1996

Juan E. Planas, a recent Florida bankruptcy case, changed the rules of the game for married individuals hoping to save their assets if one spouse declared bankruptcy. Before that case was decided, if you owned properties with your mate in what is termed “tenants by the entirety”, you could be reasonably comfortable that those properties would be safe from your spouse’s creditors if he or she ever declared bankruptcy.

New Cook Islands Legislation: Fine Tuning the Law

Howard Rosen, Esq. • November 15, 1996

The new law abolishes the common law “rule against perpetuities”. This means that a “dynasty” trust can now be established in the Cook Islands. Thus, you can establish a trust in the Cook Islands which will continue indefinitely.

Offshore Trusts Can Create Legal Obstacle Course for Claimants

Howard Rosen, Esq. • October 17, 1996

Consider the thought processes of your claimant’s attorney contemplating an action to recover assets from a trust in a foreign country. He knows nothing of the country’s geography, laws, procedures, costs, or even its currency. These factors become immediate hurdles in a legal obstacle course upon which he is about to embark.