Many individuals attempt to implement asset protection on their own. Among the “do-it-yourself” methods commonly utilized is titling and re-titling assets among a spouse, children and others (friends & family members). Instead of accomplishing the desired protection, these “strategies” often expose the transferred asset to additional creditors, cause family conflicts, and raise gift and estate tax issues.
Most issues of the APN dealing with offshore trusts have focused on the use of such trusts for asset protection. Another, very important, use of a certain type of offshore trust is to effect an estate tax savings. This is accomplished by “freezing” the value of trust assets vis-a-vis the settlor’s estate at current values.