The Expense Account
The monetary cost depends on what you are willing to pay for the type of asset protection you wish to get. Cornez reports that the cost for an offshore asset protection trust may range from $200 (Belize) to a no-frills international business company that is prized at $875 (Bahamas) all the way to a trade-off study and fully running, turnkey structure consisting of an asset protection trust and an international business company, with all the bells and whistles, all nominees in place, bank account, brokerage account for the prize between $10,000 and
$15,000. The size of your estate will help you determine if the cost of going offshore are economically feasible. An international business company (IBC) is a corporation with all the corporate attributes that is in reality an exempt company. It is formed under a company act of a tax haven but not authorized to do business within that country where it was incorporated. An asset protection trust (APT) is a special form of irrevocable trust usually created offshore to preserve part of a person’s estate offshore against third party legal attacks. The trustee holds the title to the assets. Its ultimate objective is to provide for the needs of the beneficiaries.
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