Posted by DavidV on December 28, 1999 at 23:02:36:
No lawyer or tax man here either. There are some interesting things on trusts there as far as asset protection. Some countries don’t recognize US judgements (Isle of Man i think is one). Creditors would then have to go to the country where the trust is located and have a trial to determine the validity of the claim. Cook Islands gives a creditor two years statute of limitations after the cause of action. If the trust were kept private there would be lots of hoops for a creditor. I believe most don’t tax trusts as long as the beneficiaries aren’t residents. Personally the ownership entities we have suit me just fine.