Offshore work has always been part of our practice. With recent changes in the law, though, we have been moving away from recommending offshore to our US clients in favor of using domestic trusts.
Our firm works with Europeans and South Americans, whose legal codes essentially disallow (or disregard) the concept of a trust. It is sometimes hard to explain to such clients the advantages of a trust because it just sounds too good to be true.
This is a continuation of the discussion in Part I of this series regarding the advantages and disadvantages of two common asset protection techniques: offshore entities/accounts, and the US asset protection trust.