What are the differences between U.S. and international asset protection strategies?

When it comes to asset protection strategies, the U.S. and international strategies vary greatly. In the U.S., asset protection typically refers to strategies such as forming a limited liability company, forming a trust, or utilizing insurance to protect assets from potential creditors. On the other hand, international asset protection strategies involve taking advantage of laws in foreign countries that can provide safeguards from legal claims. For example, some countries, such as Nevada, offer strong creditor protection laws. Nevada law provides that creditors cannot transfer the assets of an LLC or trust to themselves. Furthermore, Nevada law also provides for “charging orders” and “asset protection trusts” which limit creditors’ ability to collect assets from limited partners and trustees respectively. In contrast, many foreign countries have far stricter asset protection laws than the U.S. For instance, some countries may require that assets be held in a foreign bank account that is only accessible through a court order or that assets be relocated outside of the country in order to be protected from creditors. Overall, asset protection is an important part of financial planning, and understanding the differences between U.S. and international asset protection strategies is key for anyone looking to protect their assets.

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What are the differences between U.S. and international asset protection strategies?

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