A 2019 Bankruptcy Court decision confirms the resilience of foreign trusts, particularly those established in Belize, when the trust grantor is made the subject of legal proceedings in the United States. The 2019 case of In re Rensin, 600 B.R. 870 (S.D. Fla. 2019), highlights the importance of appointing an independent trustee in a jurisdiction with strong asset protection trust …
New 2704(b) Regulations Open Door to Opportunities
At long last, the U.S. Treasury Department published the highly anticipated proposed regulations under IRC Sections 2703 and 2704. These regulations target the predominant estate tax planning technique of using family limited partnerships ( FLPs) and family limited liability companies (FLLCs), among other types of family-owned enterprises, to achieve transfer tax cost reductions. For example, a senior family member may transfer valuable assets …
Cayman Islands Underwhelms with New LLC Legislation
On December 18, 2015, the Cayman Islands advanced legislation providing for the formation and registration of limited liability companies. While the legislation has not yet been enacted into law, the text of the bill has been published, and our expert staff has now had a chance to review the proposal. About Our Staff Lawyers on our service team have contributed to …
Choosing the Right Entity for Asset Protection
We frequently encounter the same two questions posed to us by both lawyers and their clients: Which entity is best for asset protection? Which jurisdiction is best for an asset protection entity? Answering these two questions properly requires that we first define several key terms both to identify planning objectives and to define success. Asset Protection: “Asset protection” is a …
2015 Nevis Trust Law: Even Greater Asset Protection
Introduction In 1996, the Nevis Island Assembly enacted the Nevis International Exempt Trust Ordinance, Cap. 7.03 (“NIETO”), to bring certainty and clarity to international trust planning. A number of provisions in the NIETO catered to the needs of lawyers and their clients engaged in asset protection planning, including: Preclusion of the Statute of Elizabeth principles governing the determination of a …
Nevis LLCs: The Business Context for Asset Protection
“Asset protection” is a term used to describe legal planning that shields a client’s assets from the unanticipated claims of creditors. Asset protection planning employs any number of techniques in isolation or in conjunction to achieve this objective. A competent asset protection plan assumes that, at some point in the future, the client may be in some form of legal …
The OneTrust: The Complete Estate Planning & Asset Protection Solution
Over the past several years, Lighthouse Trust has worked with experienced estate planning lawyers in the United States to offer our “OneTrust” solution to U.S.-resident clients. The OneTrust provides a comprehensive set of benefits: An estate planning trust that is excludible for estate tax purposes while providing for the grantor during life A family limited partnership or family limited liability company to serve important …
Big Victory for Asset Protection Trusts in Switzerland
In what was billed by several newspapers last year as the “world’s most expensive divorce,” a local court in Geneva, Switzerland awarded a judgment of $4 billion in favor of Elena Rybolevlev against her husband, Dmitry. The court took issue with the fact that Dmitry had availed himself of an offshore asset protection trust to maintain ownership of $8 billion …
Official Text: The Nevis International Exempt Trust (Amendment) Ordinance, 2015
Lighthouse Trust is pleased to publish for the legal community the official text of the Nevis International Exempt Trust (Amendment) Ordinance, 2015. The Amendment was approved for enactment by the Nevis Island Assembly on May 27, 2015. Directors and staff of Lighthouse Trust participated in the research and preparation of the Amendment along with a committee of experienced estate and …
The 2015 Lighthouse Swiss Conference: September 17-18
September 17-18, 2015 Zürich, Switzerland & Vaduz, Liechtenstein We are pleased to announce the 2015 Lighthouse Swiss Conference to take place in the cities of Zürich, Switzerland, on September 17 and Vaduz, Liechtenstein on September 18. This year’s conference permits our clients and their advisors the opportunity to meet with Lighthouse staff and visit our banking partners in a distinctly …