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Asset Protection Trusts

An asset protection trust is created to protect legally earned money that is transferred into the trust from different claims against it. An asset protection trust is a special kind of irrevocable trust that transfers the deposits to the trustee who maintains the assets on behalf of the beneficiaries. Given below are a few questions answered by the Experts on asset protection trust issues.

What are the asset protection trust states?

As of 2012 there are only a select few states in the United States that recognize an asset protection trust. These states include: Alaska, Delaware, Rhode Island, Nevada and South Dakota. With that being said, an individual can create an asset protection trust within any of the above stated states without living in that state.

In the State of Nevada, if an individual has created an irrevocable asset protection trust, do they have the right to transfer the property from the trust?

Since this is an irrevocable asset protection trust, the individual will not be able to move any property that has already been placed within the trust. Irrevocable trusts have certain protections that safeguard them from creditor seizures precisely because of the irrevocable nature of the trust.

If an individual has created an asset protection trust to place their extra acres, can they sell the acres with the trust document?

When placing property into a trust, the individual will no longer be considered the owner of that property. In other words, when the property is placed in the trust, the trust will have ownership over this property. Since the trust owns the property the trustee will only have the right to sell the property. Earnings from the sale can then replace the property in the trust.

If an individual has received a large amount of money from a deceased grandparent, what can they do in order to protect this money without making their spouse sign a pre-nup?

In this case, the individual will have the right to create a domestic asset protection trust. An asset protection trust is a trust that will protect all possessions from any creditors which can often include a person’s spouse. Also, a domestic asset protection trust will allow the individual to name themselves as the beneficiary. When creating the asset protection trust there is no requirement that says the owner of the trust must state what their plan was on creating the trust, or disclose the assets that they will place within the trust.

Very often, individuals receive a large amount of money, or inherited land, that they are not quite sure what to do with but still want to protect from either creditors or their own spouse. This is why many individuals create an asset protection trust. However, they may not be familiar with basic rules regarding the trust such as what an asset protection trust may cover, which states recognize an asset protection trust and so on. In these cases, they should put their queries to Experts who can offer them insightful information specific to their own case.

Ask an Estate Lawyer

Thomas McJD
Thomas McJD, Attorney
Category: General
Satisfied Customers: 3170
Experience:  Wills, Trusts, Probate & other Estate Matters
19305272
Type Your Estate Law Question Here...
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Estate Lawyers are Online Now

How JustAnswer Works:

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Estate Lawyers are online & ready to help you now

Thomas McJD
Attorney
Satisfied Customers: 3076
Wills, Trusts, Probate & other Estate Matters
Infolawyer
Attorney
Satisfied Customers: 3781
Licensed attorney helping individuals and businesses.
Barrister
Attorney
Satisfied Customers: 2188
13 yrs estate law, real estate. Wills/Trusts/Probate

Recent Asset Protection Questions

  • My friends brother is executer of her fathers estates her

    My friends brother is executed of her fathers estates her father has been dead since October 2009. He still has not emptied the house or put it up for sale. The house was valued at 120,000.00 at death. Now it has dropped to 75,000.00. She has not received an accounting, and he is paying , all utilities and taxes. What can she do besides go to court!
  • After my Dad died, my Mom quit-claimed deed a property to me

    After my Dad died, my Mom quit-claimed deed a property to me without going through the trust (not on purpose). Both parents are deceased now, and I need to go to probate court to get it handled. My sister and I were executors of the trust and both had power of attorneys, so there is no conflict there. It should be a simple procedure. What can I expect to pay to have it corrected? And how long should this take?
  • Can an executor of a will purchase property, idenitfied in

    Can an executor of a will purchase property, idenitfied in the will, that he is charged to administer?
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