What Is An Asset Protection Trust?As its name implies, an asset protection trust is a special type of trust designed to protect one’s assets from creditors in the future. When you placed funds or property in an asset protection trust, they cannot be reached by creditors, even in the case of litigation. As a result, asset protection trusts are some of the most powerful and secure types of trusts in estate planning.
Who Needs An Asset Protection Trust?Not everyone needs an asset protection trust account. In fact, these are complex estate planning tools that are only beneficial in a limited number of circumstances. They can be expensive to set up and are not fool-proof solutions to financial troubles.
However, if you own a large business or are in a high-risk profession, then an asset protection trust may be exactly what you need to protect your estate. It’s best to speak to a knowledgeable estate planning attorney in order to discuss the pros and cons of this unique type of trust. He or she will be able to help you decide if an asset protection trust is right for you.
Domestic Versus Offshore Asset Protection TrustsSome states in the United States allow asset protection trusts, and you can set up one of these domestic asset protection trusts even if you do not reside in that particular state. The alternative option is to use an offshore asset protection trust. These are the most secure types of trusts available as they are not subject to the judgments of U.S. courts. Offshore asset protection trusts can be more complex and expensive to establish, however. An experienced asset protection trust attorney can help you decide which type of trust is best for you and your individual circumstances.
How to Set Up An Asset Protection TrustNo matter what type of asset protection trust you choose, you need a skilled estate planning lawyer to help you set up the terms and conditions of your account. These kinds of trusts require many complex legal documents, so it is not recommended that you try to establish them on your own. The reliable estate planning attorneys at the Ensberg Law Group are available for consultation to help you decide whether an asset protection trust is right for you.
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