Where is the defining law of trusts, What is the best trust state, Where is the situs and controlling state law, J Jay Lashlee

Where is the defining law of trusts, Where is the situs and controlling law

BACK; Where is the defining law of trusts, Where is the situs and controlling law

WHERE IS THE DEFINING TRUST LAW?

Jurisdiction of Law and Trust Situs

The law that is defined as jurisdiction is usually the same place as the asset owned by the trust.

Sometimes there is an opportunity to use a more favorable jurisdiction (situs for law) to manage taxes or to manage legal affairs. The benefits may be similar to registering ships in Liberia or in having a Nevada corporation.

Resisting a lawsuit sometimes might be easier by using special jurisdictions too.

Normally, there is little reason to consider changing jurisdiction.

The use of private Swiss bank accounts or tax havens has been discouraged or legally eliminated for Americans. The privacy, safety, and legality of those tactics are risky and in turmoil. Participating Americans may be declared in criminal violation as well as exposed to remote risk. We cannot recommend these tactics.

On the other hand, there is privacy available within the United States by proper planning and legal structuring. It is not necessary to break the law to get privacy and safety.

Where is the defining law of trusts, Where is the situs and controlling law, J Jay Lashlee