04/10/2008 05:12 am ET Updated May 25, 2011

Move Over, Caymans: World's Top Tax Havens

When people think of tax havens, they usually picture the Swiss Alps or Caribbean islands.

But traditional venues like Switzerland, the duchies of Lichtenstein and Luxembourg and Caribbean paradises like the British Virgin Islands are finding competition from the U.S., where lawyers in seven states, such as Nevada and Alaska, are muscling in, looking to grab business from the world's wealthy.

They're peddling the concept of a "self-settled spendthrift trust," an irrevocable trust that is created by its beneficiary and is designed to preserve wealth. A consequence of that is that these trusts can help shield assets from lawsuits or creditors.

Read more on ABC News