Earning money is not enough. You have to keep it well secured to have it handy during times of need. One of the best ways to ensure this is to hire one of the most reputed Cook Islands Trust Companies and set up a trust that is known for the protection of assets. Sure, you have to be convinced about the efficacy of such a plan. You must first be well aware of this process. It helps to know that a Cook Islands Trust refers to an asset protection trust that is set up under the jurisdiction of the Cook Islands. This provision was introduced way back in 1984 along with the “Cook Islands International Trusts Act.”
While many people wonder why setting up a trust away from the United States of America can be beneficial. However, this type of trust has emerged as a winner amongst all offshore trusts. An individual who may have multiple assets feels the need to safeguard them for various reasons.
Benefits Of Using The Best Of Cook Islands Trust Companies
Setting up such an offshore trust fund is a unique method of protecting all your assets and preserving the finances for the future. The advantages of setting up the trust fund include the following reasons:-
- Restriction of Judgments– A creditor hoping to get his/her hands on your money will be thwarted by the trust administrators. It stands to reason that no legality or judgment pronounced by a US court of law is binding for the offshore trust. Sure, the creditors can pursue legal action but the proceedings should take place in Cook Islands. Most of the US creditors find the process too long-winded and expensive. The trust owner can thus feel safe from creditors once the Cook Islands Trust is opened.
- Protection For Multiple Assets– This kind of trust offers perfect protection for all types of assets both tangible and intangible. The trust may be used to safeguard everything including intellectual property, real estate, stocks & bonds, and retirement accounts. Fortunately, the assets do not have to be located or held in the Cook Islands either. Professional advisors are likely to provide the right advice to their clients before adding additional assets to the trust fund. Corporate executives, physicians, lawyers, and/or real estate developers often have an increased risk of losing their hard-earned money/assets to lawsuits and liability claims. Holding an offshore trust preferably in the Cook Islands can be the right tool for protecting the finances and other assets.
- Tax Benefits– You cannot get rid of your obligation to the USA by not paying taxes to the IRS. However, the Trust fund set up in the Cook Islands will help you to grab the opportunity of its tax-neutral structure. You may thus benefit hugely from your assets accrued over time as the assets will not be taxed according to the local tax law. Any income that you may gain from the trust will not be taxed by the Cook Islands law either.
Using the services of one of the highly reputed Cook Islands Trust Companies can help you to safely keep your assets for the next generation