arihant magazine A Foreign Asset Protection Trust is like having a foreign bank account because your transactions will take place overseas. Your Trust will be out of the hands of U.S. jurisdiction. In other words, the U.S. courts cannot access your money in the event that you are sued and found responsible for a portion of the damages awarded to the plaintiff. With a little help and planning, you can protect yourself and your family from predatory lawsuits against you. arihant The above methods not only save you from losing your entire estate, but they are also strategic ways to set aside funds for your beneficiaries. It is easy to set up your Trusts wrong. Penalties for setting up your Trusts and bank accounts wrong range from your beneficiaries losing control of your assets to you being prosecuted for not recording your assets properly on your taxes. It is important that you speak with a qualified attorney when setting up your Trusts and Limited Partnership interests so that you never run into any unforeseen problems with your estate plan books for bank exams.
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