Island of Nevis Substantially Amends LLC Ordinance

Jon Alper Offshore Planning

The Nevis limited liability company is an effective and efficient offshore asset protection tool. In May, 2015, the Nevis Assembly enacted an important revisions of the Nevis LLC Ordinance. The new law significantly improved asset protection benefits of forming a Nevis LLC. The new law is called the “Nevis Limited Liability Company (Amendment) Ordinance, 2015,”.

Florida Court Finds Jurisdiction Over Offshore LLC Membership Interest

Jon Alper Offshore Planning

An important rationale for offshore asset protection is effecting the removal of the debtor’s asset beyond the jurisdiction of U.S. courts. For example, people choose to form LLCs outside the U.S. because they believe a U.S. court would not have jurisdiction over the debtor’s membership interest in order to impose a charging lien. That theory was rejected in a recent …

Court Issues Charging Lien Against Interest in Foreign LLC

Jon Alper Offshore Planning

Debtors set up LLCs in foreign countries to protect against creditor charging liens against their membership interest and distributions. During legal research this past week I came across a  Connecticut case where the creditor found a way to effectively attach a debtor’s distributions from LLCs formed outside the U.S.

State Court Finds Personal Jurisdiction Over Offshore Trustee

Jon Alper Offshore Planning

Proponents of offshore trust suggest that a U.S. creditor could not obtain jurisdiction over the offshore trust or its trustees. Many of my own clients believe that because a U.S. court has not jurisdiction over the offshore trust the court has no way to either discover trust assets or to obtain a judgment against the offshore trust compelling the repatriation …

Debtor Relying On Offshore Trust Is Held In Contempt

Jon Alper Offshore Planning

Most offshore asset protection plans, and similarly complicated domestic plans, do not hold up if a motivated creditor pursues its attacks through a vigorous legal challenge including appellate review. Most appellate courts will not sustain the promised protection of offshore planning.

Wall Street Journal Article on Offshore Accounts

Jon Alper Offshore Planning

Offshore asset protection, and specifically offshore bank accounts, are often topics of law journals and financial press. On Saturday, June 30, 2013, the Wall Street Journal published an article about offshore bank accounts. The Journal discussed wealthy investors trying to protect their estate from lawsuits by “stashing money” in offshore accounts in “exotic locales.”

Offshore Bank Accounts: Forbes Explains Aversion To U.S. Clients

Jon Alper Offshore Planning

It is difficult for creditors to garnish an offshore bank account because U.S state courts do not have jurisdiction to issue a writ of garnishment against a foreign bank with no U.S. branches. Keeping cash out of creditors’ reach would not be difficult if all one had to do was open a foreign bank account while making required IRS disclosures.