How to Set Up a Cook Islands Trust, Why Choose Offshore Protection, and More | The Offshore Podcast
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- Опубліковано 5 вер 2024
- Matthew Smith is the Group General Manager at Southpac Group. Matthew has worked closely with many of Southpac’s clients and referrers during his time with the company. He is passionate about ensuring Southpac provides world-class fiduciary services to its clients to help them safeguard their assets and protect their legacies.
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DISCLAIMER: The information in this video should not be considered legal, tax, financial, investment, or any kind of professional advice. Only a personalized diagnosis of your specific situation can determine which strategies are appropriate for your needs. Blake Harris Law does not provide advice unless/until engaged by you.
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Thanks for the video. I have a question regarding the cook islands trust protection, if something happened to the Cook Islands as a country ( disaster or political ) how would the Trusts set up in the cook Islands be handled for their protection?
Does one need a Cook Island residency to open a trust there?
Does one have to have a bank there to keep your assets safer or can have bank accounts in USA or Europe?
You can open an account anywhere. We can change the location of the trust. You can set up a Cook Islands Trust without ever leaving home. Thanks for the questions, keep them coming!
Hi Blake. How much control is allowed for the trust not to become null and void? So if I had the power or the ability to spend or move money out of the trust and left the big item ($50K and up) purchasing to the trustee, would that be ok, you think? Thanks
Leave it all up to the trustee, but it all act by a request system.
@@blakeharrislaw Thanks for for you reply Blake, appreciate it, but Is a request system a complicated or tedious task?
@@lcmr123 No. as long as your answer isn’t “a court has forced me to do this” it won’t be a problem.
@@blakeharrislaw understand thanks. That should be the same for Australia law....yes? Thanks again.
Hi Blake. Is it possible to set up the Cook Island trust and import an LLC that would be connected to a swiss bank account, and be the manager or controller of that LLC (move cash), but have the legal team in Cook Island step in and take control over LLC in the case of duress, by my juristiction court? Hope that makes sense:) Thanks.
Yes! This is a common structure. I would recommend using an offshore LLC in this situation.
@@blakeharrislawThanks for your reply Blake. if you dont mine answering, but what would be an as average cost for such a structure? Again thanks for the information.
$20k-40k.
blakeharrislaw.com/blog/costs-of-establishing-a-cook-island-trust#:~:text=For%20the%20typical%20case%20the,%245%2C000%20and%20%2410%2C000%20per%20year.
Can you Cook Islands Trust own an LLC?
@@blakeharrislaw Thanks again mate. Hope to do business with you one day.