Tag: offshore trust

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.

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.

Review of Offshore Jurisdictions (Part 2)

Howard Rosen, Esq. • July 1, 1996

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

Review of Offshore Jurisdictions (Part 1)

Howard Rosen, Esq. • January 1, 1996

With this issue we begin a periodic review of selected offshore jurisdictions. These reviews will cover such factors as the legal system, the geographic location, communications facilities, availability of professional services, and other items we deem pertinent.

The Uses and Abuses of Offshore Trusts

Howard Rosen, Esq. • September 17, 1995

Trusts have been used since the Crusades to protect assets. The trust concept and case law are deeply embedded in English common law jurisdictions. Domestic trusts — e.g., those trusts established under the laws of a U.S. jurisdiction — provide very limited (if any) asset protection for the settlor if he is also a trust beneficiary or has retained a certain level of control over the trust.