If you want to become lawsuit-proof, then the offshore asset protection trust provides the strongest legal protection available. “It has been our experience that the Cook Islands provide the strongest offshore asset protection trust structure available anywhere in the world. We have established many of our clients with offshore asset protection trusts in these locations,” states Mr. Wessell . He added that Belize and Nevis are also offering asset protection trusts, but the Cook Islands has the strongest asset protection laws and strongest protection cases.
“Offshore trusts are designed for those with liquid assets or assets that can be quickly liquidated. The offshore trust is for legally vulnerable individuals with substantial assets of one hundred thousand dollars or more. These trusts work best with assets that can be quickly liquidated and for example, in a strong, safe and secure Swiss bank account. A foreign trust, especially in the Cook Islands, puts assets out of reach of US creditors,” says Mr. Wessell.
The Kevin Wessell Law Firm has served many professionals, from celebrities to businessmen, physicians, attorneys, and sports figures. One of Offshore Company’s clients included a Los Angeles surgeon who was in the midst of eight breast implant lawsuits after silicone was found to have leaked due to the manufacturers design, and this manufacturer filed for bankruptcy. They couldn’t go after the manufacturer of the silicone implants… so guess who they went to?… the doctor, who was not at fault.
The doctor had to file for bankruptcy to clear the claims. Once this was done, his assets were under the jurisdiction of a licensed and bonded foreign trustee outside the jurisdiction of the United States court. The trustee refused to release the funds to the doctor’s legal enemies. Once the bankruptcy liquidated his debts and liabilities… the foreign trustee turned the funds over to the doctor.
“Time is a key element in the creation of offshore trusts. Once a person decides that an offshore trust is right for them, the sooner they act on it, the better,” said Mr Wessell. “There is a statute of limitations of one to two years for fraudulent transfer. In the Cook Islands, for example, the statute of limitations for fraudulent transfer is one to two years after the underlying cause of action…is complete in U.S. courts, the statute of limitations in the foreign jurisdiction prohibits suit.This means that once a trust is established and the assets, such as real estate, stocks, and other holdings, are liquidated and placed in the trust, the lawsuit followed by possible bankruptcy takes up the allotted time and then the statute of limitations prevents the lawsuit from proceeding in the Cook Islands.
Another barrier for creditors is that filing a claim in the Cook Islands is an extremely expensive proposition. This hurdle may be enough to keep potential creditors at bay. While we would not intentionally establish asset protection against a government agency, even the United States government, with its financial resources, has not been able to overcome the protection these trusts provide in cases where they have called the Cook Islands trust into question. “, concluded Mr. Wessell.