Since the limited liability company first came into being in the State of Wyoming in the late 1970s, the LLC has become ubiquitous throughout the United States and major offshore business centers. The flexibility that LLCs offer, similar to partnerships, makes them convenient for conducting business with minimal formalities. Also, the formidable barriers to liability make them just as effective as more …
In re Rensin: Foreign Trust Assets Beyond the Reach of US Federal Court
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 …