Due to its asset protection features, offshore trusts are often used as part of an overall estate plan for executives and professionals who may be subject to personal liability for their professional negligence, such as doctors, lawyers or architects.
Often, the cost of establishing and administering an offshore trust is a cost-effective complement to the professional’s liability or “errors and omissions” insurance. The creation of an offshore corporation is often used in conjunction with an offshore trust when tax advantages and asset protection are essential.