The Passport Trust is an asset protection vehicle that combines the flexibility and simplicity of a domestic asset protection trust (“DAPT”, also known as a Nevada On Shore Trust or “NOST”) with the advantages of an offshore jurisdiction’s additional protections against creditors, if the need arises.
Passport Trusts include “passport” provisions in the trust agreement that enable a NOST to be redomiciled in a foreign non-US jurisdiction such as Nevis or the Cook Islands if there is ever a distress event. Typically there will be no new waiting period for creditor claims in the new jurisdiction – the original transfer date of assets into the NOST will be used as the transfer date for purposes of the foreign jurisdiction’s rules regarding creditor claims.
Passport Trusts lower the entry cost to obtain the additional protection an offshore jurisdiction can provide by allowing you to begin with a NOST and ‘start the clock’ on the waiting period for protection from creditor claims and later convert to an offshore trust, if necessary, for the best of both worlds.
Again, the Passport Trust begins as a NOST with all the protections that Nevada’s self-settled spendthrift law provides, but includes a special passport provision that enables the Trustee to move the trust’s domicile to a foreign jurisdiction. In conjunction with adding this provision to your NOST, application will be made to a foreign trust company upon the creation of the NOST to pre-approve the NOST for re-domiciliation. The foreign trust company shares in the initial due diligence regarding the creation of the trust. As a result of their early involvement, the foreign trust company agrees to serve as a special trustee, dormant and waiting with ‘open arms’ to receive the trust assets if a distress event occurs.
To find out more about Passport Trusts and how it could help protect your family’s legacy, schedule a complimentary consultation with one of the knowledgeable attorneys at JEFFREY BURR, LTD. today.Download Passport Trust Brochure
Expedited this because I had an impending surgery…thanks! Derek explained everything very clearly. He was very patient and listened to all my concerns.
Timely responses to all of my questions. Knowledgeable and professional.
Service was wonderful by all employees. You can tell they care about the person in front of them.
The ease and convenience. Derek was excellent at explaining the details of our trust and the process.
Mr. Hunsaker was very knowledgeable. He listened to our request and was very good in his explanations.
Attentiveness, flexible meeting times, promptness.
Everyone was professional, friendly and helped us get our Will and Trust updated just as we needed.
Very professional, flexible scheduling, thorough, responded immediately to inquiries, excellent price for services rendered.
Extremely keen knowledge of probate and trust administration.
Rebecca Haines was very professional. We both felt our experience with her was in both of our interests.
Very professional manner in dealing with me. Thorough. Competent. They listened to my input and followed my wishes. Suggested excellent improvements to my previous Washington State will.
Friendly, courteous, helpful in answering questions and most importantly, trustworthy. Mr. Hatch and his paralegal are the nicest people I have ever dealt with. I would recommend them to anyone I know.
They were able to resolve my issue with the IRS completely that I had attempted to do many times prior.
"Very professional on preparing my trust"
"Not feeling rushed. Derek did a great job clearly explaining everything asked of him."
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"5-star rating in my book. I could never have done it without your office staff."
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"Handled with the best ease under the circumstances. Very compassionate, however, straightforward, thorough handling of paperwork."
"The staff at Jeffrey Burr were exceptional. They were outstanding and compassionate. I would recommend the firm to others. Thank you for all your help."
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"Revised documents as necessary and was thorough in explaining."
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"Early on discussion of what to expect. All questions immediately addressed as well as genuine care for my situation."