Insights

• Delaware’s strong asset protection laws have long made the U.S. state a destination of choice for individuals and entities worldwide looking to set up a trust.
• International creditors looking to recover assets may feel that pursuing a debtor in Delaware is insurmountable.
• However, it is indeed possible to crack Delaware’s notoriously tough trusts by adopting an aggressive multijurisdictional strategy.

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• Several features make Delaware’s trust law attractive for debtors to hold assets in the jurisdiction.
• This also means creditors often struggle when attempting to access the trusts to recover assets.
• By deploying aggressive, multijurisdictional strategies, creditors may be able to crack even Delaware’s notoriously tough trusts.

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• Debtor-friendly Delaware has strong asset protection laws that make it a destination of choice for global entities and individuals looking to hold their assets in a trust.
• This creates a headache for international creditors – recovering assets in a Delaware trust can seem like an insurmountable challenge.
• By adopting a creative, aggressive and multijurisdictional strategy, however, creditors can crack even Delaware’s notoriously tough trusts.

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• Cross-border disputes involving ultra-high-net-worth individuals (UHNWIs) can often turn personal.
• Commercial counterparties may try to make the UHNWI individually liable, putting their personal assets at risk.
• However, if there is a connection to Delaware, UHNWIs can leverage the favorable tools available in the jurisdiction to resolve disputes in their favor.

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• As global geopolitical tensions rise, Cypriot-held assets are increasingly under threat.
• Governments, competitors and other counterparties are increasingly launching aggressive and often unwarranted attacks against the Cyprus assets of ultra-high-net-worth individuals.
• At-risk individuals should work with a cross-border team and local counsel to take strategic steps to defend their assets.

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• Ultra-high-net-worth individuals embroiled in onshore government, commercial or family disputes may find their offshore trusts a vulnerable target.
• These often-aggressive attacks set up a complex clash of onshore and offshore law, and demand an equally aggressive and comprehensive response.
• There are steps UHNWIs and their advisors can take to reduce their risk exposure and respond to attacks on their wealth.

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• Governments have increased focus on third parties – including offshore trustees – as they look to enforce their sanctions regimes.
• This increases the risk trustees could become embroiled in an accusation of violating sanctions.
• Trustees should take proactive, globally comprehensive measures to reduce their risk and avoid a cross-border crisis.

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• Debtor-friendly Delaware has strong asset protection laws that make it a destination of choice for global entities and individuals looking to hold their assets in a trust.
• This creates a headache for international creditors – recovering assets in a Delaware trust can seem like an insurmountable challenge.
• By adopting a creative, aggressive and multijurisdictional strategy, however, creditors can crack even Delaware’s notoriously tough trusts.

Read More