It’s understandable to want your Illinois estate protected. One of the most well-known and effective ways to protect your assets is with a trust. A trust lets another party manage the assets placed inside it. However, not all trusts offer the same benefits. Many wealthy people, organizations and companies put their assets in Cook Islands trusts.
What is a Cook Islands trust?
The Cook Islands might not look impressive on a map. However, this hasn’t stopped the Cook Islands from gaining worldwide notoriety. But wealthy individuals aren’t concerned with visiting or living on this country’s 15 islands near New Zealand. Instead, some of the world’s richest people are establishing trusts in the Cook Islands.
Why are these trusts beneficial?
First, Cook Islands trusts are beneficial because they’re confidential. This privacy works well for everything from protecting your assets before a divorce to avoiding creditors. Keeping things confidential can also help your beneficiaries avoid unwanted financial-related stress.
Another benefit involves how the Cook Islands governs itself as a country. Some countries worldwide work together with each other’s court systems. However, the Cook Islands doesn’t recognize foreign judgments. This protection is helpful if another party wins a court case against you when seeking money. No law forces the Cook Islands to abide by any other country’s judgments.
Lastly, Cook Islands trusts also offer nearly unmatched flexibility. This type of freedom is great for people, companies or organizations who need to set up multiple trusts with flexible terms. Trusts established in the Cook Islands can also last forever.
Besides being a beautiful place to visit, the Cook Islands also offers paradise from an asset protection point of view. Best of all, establishing a Cook Islands trust is completely legal.