Wealth Management Expert Puai Wichman Highlights the Benefits of Setting Up a Cook Islands Trust

Protecting wealth has never been more crucial than it is today, and one effective way to do so is by setting up a Cook Islands Trust. Puai Wichman, who has extensive expertise in wealth management and particularly in wealth protection, says this trust has gained a reputation as one of the most reliable ways to safeguard your assets against creditors and litigation. Although often used by individuals in high-risk professions such as doctors and attorneys, anyone can benefit from establishing such a trust. Since its inception in 1984, the Cook Islands Trust has set the gold standard for wealth protection, making it a formidable addition to any estate planning strategy. Establishing one can provide peace of mind for years to come.

Offshore trusts have often been associated with shady dealings and a way to keep assets hidden away from the prying eyes of authorities. However, that is not entirely true. Cook Islands Trusts, for example, come with regulatory safeguards that make them stand out from other offshore trusts. According to Puai Wichman, the Financial Supervisory Commission (FSC) takes the responsibility of regulating financial services in the Cook Islands, while the Cook Islands Financial Intelligence Unit (CIFIU) is in charge of anti-money laundering and anti-terrorism finance operations. It means that any Cook Islands Trust opened is legal, ethical, and regulated. With extensive anti-money laundering legislation passed by the Cook Islands government, Cook Islands Trusts offers a way to protect assets securely and legitimately.

The Cook Islands Trust is the perfect asset protection tool for those looking to safeguard their assets against foreign judgments. A Cook Islands Trust does not accept judgments from foreign courts, meaning that any attempt by a plaintiff to acquire assets protected by a trust would need to be litigated in the Cook Islands. Puai Wichman mentions one of the most powerful benefits of a Cook Islands Trust is that it offers a level of protection that other asset protection tools cannot match. While Cook Islands Trusts have been around for quite some time and have proven to protect assets effectively, they remain widely unknown and misunderstood. Therefore, it’s worth doing your research to fully understand the benefits that a Cook Islands Trust can offer.

Cook Islands Trusts are a powerful tool for protecting your assets in a variety of ways. These trusts go beyond just safeguarding your tangible assets, such as real estate or art, and extend to intangible assets like securities, cryptocurrency, and patents. But the benefits of a Cook Islands Trust don’t end there. Because there’s no perpetuity period for these trusts, they offer multigenerational wealth protection, adds Puai Wichman. Any assets held within the trust are not subject to probate or intestacy laws, meaning that your beneficiaries can access them immediately and with minimal hassle.

Puai Wichman is the founder and CEO of Ora Partners, an international trust provider and wealth management firm dedicated to helping families and individuals protect personal and corporate wealth.