A foreign trust is simply a trust that is governed by the laws of another country and generally speaking, affordable to almost anyone who has assets and a desire to protect those assets. Contacting a Foreign Trusts Attorney in Franklin, TN is advised to understand how a foreign trust works. Give us a call at (615) 628-7775 to talk to our Memphis Foreign Trusts Lawyer. Our Tennessee Foreign Trusts Attorney understands this area of law and can guide you in the right direction.
Under U.S. law, a trust is a foreign trust unless both of the following conditions are satisfied:
- A court within the U.S. exercises primary supervision over the administration of the trust.
- One or more U.S. persons have the authority to control all substantial decisions of the trust.
Foreign asset protection trusts are usually established solely for asset protection purposes, and almost never for tax purposes. Get in touch with a Murfreesboro Foreign Trusts Lawyer if you want to set up a foreign trust.
Generally, when contrasted with a domestic trust, a foreign trust offers the following benefits:
- Increased ability of the settlor to retain benefit and control
- Less likely to be pursued by a creditor
- Foreign jurisdictions usually are more beneficial to the debtor statute of limitations, burden of proof and other important provisions
- No full faith and credit, comity or supremacy clause issues
- Favorable to the debtor spendthrift provision laws
- Confidentiality and privacy
The rules which apply to foreign trusts are extremely complex; therefore, it is important to speak with an attorney about any questions or concerns you may have. The Law Offices of Justin M. Gilbert are happy to assist you. Whether you’re looking to get in touch with a Franklin Foreign Trusts Attorney, a Foreign Trusts Lawyer in Davidson County, a Brentwood Foreign Trusts Attorney, a Foreign Trusts Attorney in Rutherford County, a Foreign Trusts Lawyer in Shelby County, a Foreign Trusts Attorney in Williamson County, a Knoxville Foreign Trusts Lawyer or a Foreign Trusts Attorney in Knox County, just give us a call at (615) 628-7775 for legal assistance.