Via the World Wide Web!
OAPT's are irrevocable trusts created under and governed by the laws of foreign jurisdictions. The settlor is the person setting up the trust. The trustee is generally a foreign trust company or a foreign financial institution. The beneficiaries are typically members of the settlor's family or even the settlor himself. The trust may terminate in a short period of time, perhaps 10 years. The settlor will normally be able to retain a certain amount of control over the funds during the life of the trust. The trustee will normally have discretion over matters such as distribution of income. Although there are some tax benefits, normally the purpose of the trust is to protect the funds from creditors.*
Getting to the heart of the matter....
This is the official home page of the Library of Congress. It is a great starting point for any type of research, not only law or, more specifically, OAPT's. From here you can jump to other databases, search the web, view research and reference materials, and find the location of many other helpful resources.
Library
of Congress - LC Online Catalog
This is the best place to go to learn how to search the Library of Congress database. It offers Quick Search Guides and instructions for using the service.
Law
Library of Congress Home Page
This is a subsection of the Library of Congress that will narrow your search down to specifically law related topics. From here you can reach even more narrow search databases that are relevant to OAPT's.
This site makes available a database of national laws from countries throughout the world. Many are available in both English and the home language of the contributing countries. Youc can find information within the database using the search engine provided at the site.
From here you can jump to web sites relating to all branches of the U.S. Government at federal, state and local levels. Additionally there are links to military, international and foreign government information.
THOMAS:
Legislative Information on the Internet
This site is sponsored by the U.S. Congress through its library. This is an excellent source for some of the most useful, up-to-date information about activities taking place in Congress. It offers information such as floor activities, current bill information, committee information, etc.
Official Tax Information...
The
United States Department of TreasuryThis is the official home page of the U.S. Department of the Treasury. From here you can jump to the Treasury Electronic Library, visit the IRS, or for our purposes, find up-to-the-minute sanctions and embargo information by jumping to the Foreign Assets Control site.
File
Manager For Regulations - IRS
This was one of fastest ways I found to retrieve the actual text of IRS regulations on the Internet. Simply select the files you need and they will be sent to your terminal. You can then save them or print them and use them at a later time.
The
Internal Revenue ServiceThis is the location of the official homepage for the IRS on the Internet. Some helpful links are available that will take you to forms and specific tax information, as well a link to a useful search engine for the IRS Database.
This will take you directly to the search engine for the IRS database.
If you don't know what terms to use in the search engine, this link provides an alternative search method for the IRS database. Here, instead of coming up with terms yourself, you choose specific topics from a list provided on the screen.
This page provides links to the IRS and other tax related bulletins. You can find information on topics such as what one must do to file their taxes, and information on specific publications put out by the IRS for individuals. You can even find out how to file your taxes electronically.
Tax
Information For Business - IRS
This page contains generally the same information as above, but it is tailored to businesses and their needs.
This location gives you access to the various IRS publications that may be necessary to understand how OAPT's are treated for tax purposes. It can also lead you to the necessary forms for reporting income or distributions from such accounts.
Nerd
World : TAXES This page will send you to other helpful tax related sites throughout the World Wide Web, several of which may be helpful in researching OAPT's, their usage, and their tax ramifications.
U.S.
House of Representatives - Trusts and Estates Law This an excellent source of additional links to information that can impact OAPT's. It is sponsored by the U.S. House of Representatives Internet Law Library.
Treaties...
The
United Nations I found this to be a good starting point for treaty information. This particular page gives access to narrower, more closely tailored pages available at the UN Website.
United
Nations Treaty Database
After registering and receiving a password, you will be able to gain access to the actual texts of treaties. This database, however, is limited to the text of those treaties that have been deposited with the UN.
United
Nations Information Resources
I found this site to be invaluable when trying to locate hard copies of documents and reports. The links on this page will direct you to Official U.N. Depositories such as the Law Library located at Nova Southeastern University, Shepard Broad Law Center in Fort Lauderdale, Florida. It also gives addresses and contacts from which information can be requested at the United Nations.
This will eventually lead you to home pages for the various departments within the United Nations. This can be very helpful because it allows you access to documents or persons with information relating to OAPT's, at the United Nations.
United
Nations Publications and Sales
If you need to order information or publications directly from the United Nations, this site will assist you in locating it on the Internet and will show you how to get it sent to you.
U.
S. Treaties - The U. S. House of Representatives This is another page located within the U.S. House of Representatives Internet Law Library. Here you will find links dealing specifically with U.S. Treaties and international law. From here you can jump to the treaty texts, reports about treaties, etc. This is a good way to find primary sources relating to OAPT's on the Internet.
Ward's
Tax Treaties, 1994-95 Edition This is one example (but in no way a recommendation) of a commercial source of treaty compilations available for purchase over the internet. This particular one deals only with Canadian treaties.
Here is one example of a newsletter service that analyzes and compiles information on matters related to international tax strategies.
Offshore
Trusts and Offshore Corporations Another example of a bulletin located on the Internet. This particular example gives very pertinent information on the topic of asset protection through the implementation of trusts.
State Laws...
As an example I chose my home state, Florida. This link will take you to the home page of the State of Florida Department of Banking and Finance. Some helpful information concerning OAPT's may be found here, especially the link to the Bureau of International Banking.
These are some examples of the ever present entrepreneurs located on the World Wide Web. Most of these sites will give explanations of the laws in the particular jurisdictions where these specific companies are licensed and able to set up OAPT's for you. They will also give you a practical idea of the steps and procedures one must go through to set up such in these jurisdictions.
OFFSHOREWORLD
The
Offshore Entrepreneur Goldtrust
International Lloyds
Bank Offshore
Tax Haven - The Bahamas This is a few of the thousands of general legal resource links that I found when I was trying to put together this pathfinder. I chose these particular links because I believe they would be of assistance to someone who is researching OAPT's as well as any other legal issue. Each of these web pages will send you to a multitude of additional law related sites located throughout the World Wide Web.
NSU's
Legal Resource Links Law
Info Links The
World Wide Web Virtual Library: LAW International
Law The
Foreign and International Law Web Site Legallist
- Legal Resources on the Internet and Elsewhere
LawLinks:
The Internet Legal Resource Center Hieros
Gamos III - Internet Law Library *This definition is derived from a law review article written by Professor Elena Marty-Nelson of Nova Southeastern University Shepard Broad Law Center, and published in the Fall 1994 edition of the Rutgers Law Review. The article is entitled Offshore Asset Protection Trusts: Having Your Cake and Eating It Too. (47 Rutgers L. Rev. 11)
If you have comments or suggestions that you feel may be helpful to others, please email me at malkaj@law.nova.edu
This page created with Netscape Navigator Gold
and maintained by Joseph W. Malka.
Joseph is a second year law student at Nova Southeastern University Shepard
Broad Law Center located in Fort Lauderdale, FL.
© 1996 Joseph W. Malka