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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
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Recent Asset Protection Questions

  • I am joint owner of stock with my mother who is 89. She wants

    I am joint owner of stock with my mother who is 89. She wants
  • Can our brothers estate be closed without the consent of all

    Can our brothers estate be closed without the consent of all his heirs? We are 4 sisters, one is the executrix of his will and she also has a lawyer taking care of distributing the estate.
    Three of us do not agree to the way they have distributed the will. The lawyer is aware of this problem, but today we received a letter from the lawyer stating that the estate is being distributed and closed in 2 weeks. Whether we agree or not. Do we have any legal right to stop the closing of the will, since the distribution is NOT in accordance with my brothers will?
    The lawyer sent us a copy of her distribution etc. and we returned it unsigned because of this discrepancy...do we have any rights??
  • As far as the financial lawsuit, is that I'm now worth $14,500,000,

    As far as the financial lawsuit, is that I'm now worth $14,500,000, when I was worth in value $15,000,000 a few weeks ago. I believe they were rescued by the Bank of America years back before they were closed. It seems now that the Bank of America is being fined against the Govt., by doing-what it says by Merril Lynch-my current bank-that the Govt. requested buying houses after depression. I'm curious if my trustee, that my irrevocable trust judge stated that I need one to handle my trust supposedly not picked with the bank, that my guardians picked, was necessary. I lost 40 percent during that last depression, when I had a different bank, Nat'l City, who supplied the employee's of the current bank. We now have a new trust. I recovered with them, quickly, with proper investments, and came back to that current value before the trust did a great job. Now, all of a sudden, they can't even keep me at the plus level. They're being negative with their investors. I don't know how to find out if the Bank of America is using the same trusts. I tried to get advice from a financial advisor, but they wouldn't answer my message. I receive a little allowance, out of those millions. So I need to know how to get advice, if possible to issue a financial lawsuit, without using guardians-to I can't advise.
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