Everything you ever wanted to know about Foreign Asset Protection Trusts (FAPT), from the Atlanta, Ga. based Law Firm of Riser Adkisson LLP, presents the most thorough resource I've seen on the web, related to this topic. Here's an excerpt from their website;
The Foreign Asset Protection Trust (FAPT) exists by virtue of spendthrift trust statutes in the offshore jurisdictions that specifically allow these trusts to be self-settled. Additionally, these trust statutes provide a variety of other statutory provisions meant to deter and defeat creditors, including shortened Statutes of Limitations that make proving fraudulent transfers nearly impossible, and flight clauses allowing the trustee to move the trust elsewhere if things get too hot in the original jurisdiction.
FAPTs are a very, very strong asset protection tool – so long as you are prepared to flee the U.S. to join your assets. For U.S. judges in several landmark cases have demonstrated that they despise FAPTs and will do whatever is in their power to unwind them so that U.S. creditors can see their judgments satisfied, including sending the settlor to jail for literally years for contempt.
To learn more about Riser Adkisson, LLP. and to read the Foreign Asset Protection Trust Cases, click here - www.risad.com
