Patricia Donlevy-Rosen and Howard Rosen, partners of the law firm of Donlevy-Rosen & Rosen, P.A., whose practice focuses on offshore asset protection planning, just returned from their 15th trip to the Cook Islands,the premier asset protection trust jurisdiction. The country’s connection with New Zealand results in a high degree of economic, political and social stability that cannot be claimed by many other competitor offshore jurisdictions.
During their stay, Patricia and Howard engaged in discussions with trustee companies regarding suggested amendments to the International Trusts Act (the Cook Islands asset protection trust law). In addition, Howard and Patricia presented a continuing legal education program on offshore trusts and asset protection to the attorneys at Southpac Trust Company, the oldest and largest trust company in the Cook Islands.
“We feel that is very important to visit the Cook Islands regularly,” stated Mr. Rosen. “As this country is integral to our business, we like to stay personally connected and update ourselves on the country’s latest developments so that we can best serve our clients.”
The International Trusts Act 1984 (ITA) is the cornerstone of the Cook Islands offshore industry. Highly regarded amongst attorneys, the ITA has been tested many times before the High Court of the Cook Islands in some very challenging cases. The ITA’s strength lies in the balance it strikes between the rights of creditors to challenge the establishment of an international trust based on a fraudulent transfer allegation on one hand, against the asset protection qualities provided by the ITA on the other.
Earlier this month, Patricia and Howard authored an article in the Daily Business Review surrounding the right of individuals and businesses to engage in asset protection planning without the fear of being incarcerated for contempt. The Daily Business Review is the primary tool, information source and communication forum for South Florida lawyers and business professionals who routinely engage in deal making, client development and business negotiations.