Why Establish a Property Protection Trust?
Establishing a property protection trust helps protect your assets from potential lawsuits and/or unwanted creditors. Under the new law you can fund an irrevocable trust with your assets and remain as the beneficiary and the co-trustee. As long as the trust is drafted to meet the requirements of the new statute, your future creditors should not be able to reach your trust assets. However, asset protection planning is not achieved by any one specific strategy.
The strategies that are right for protecting your assets can be achieved once we assess the type of assets you own, your specific risk factors, and the level of protection you desire. If your planning is completed correctly, you should be able to avoid any unwarranted claims on your Estate.
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Asset protection trusts are irrevocable, which means that the transfer of assets needs to be managed correctly to remain compliant and protected. With roughly 20 million people involved in lawsuits each year, we know a lot is at stake. We will consider insurance, prenuptial agreements, asset segregation, choice of jurisdiction, gifting, LLCs, partnerships, corporations, and asset protection trusts. Customized combinations are used depending on the needs of the client and as appropriate.
There are many different strategies to accomplish the protection of your assets while you are alive and after you are gone. To find out which strategies may be right for you, contact us for a Legacy Planning Session. And if you have a business, your very first step is to ensure that your business is set up correctly. For additional information about our asset protection plans, please contact us and one of our team members will be happy to assist you
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