Form An Asset Protection Trust Today
Learn about one of the easiest ways to protect your hard-earned assets from possible creditors.
Forming an Asset Protection Trust With Anderson
A Domestic Asset Protection Trust (DAPT) is a self-settled spendthrift trust designed to protect the assets of the grantor from future creditors. A DAPT can offer exceptional asset protection if an independent trustee controls the distributions, which can be made to the grantor or designated beneficiaries.
Those who benefit most from a DAPT include:
- Real estate developers with personal guarantees
- Business owners
- Investors
- Individuals who wish to protect an inheritance from creditors
- High-risk professionals, such as doctors and lawyers, who are exposed to personal liability
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A DAPT can function on it’s own, but it is best used in combination with an existing business structure. Anderson can create a DAPT for you as a stand-alone trust, in conjunction with your existing business(es), or we can create a new business structure for you to incorporate your DAPT. There are many rules and regulations to consider when forming a DAPT, such as the state it is formed in and that state’s exemptions and the length of time a creditor can bring a claim. These are all things your Anderson expert will discuss with you when forming your Domestic Asset Protection Trust. We can also discuss whether another trust, like an Irrevocable Life Insurance Trust, Dynasty Trust, or Qualified Personal Residence Trust might suit you better.
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What You Can Expect When Forming an Asset Protection Trust with Anderson
You will first be scheduled a private Strategy Session with an advisor to discuss your personal situation. Once you and your advisor have decided that a DAPT is the best solution for you, they will work with you to customize this solution to fit your specific needs. Anderson can incorporate your DAPT into your existing business structure, or form an LP or LLC (in a state that offers charging order protection) to supplement your DAPT, which greatly enhances the protections and privacy of the trust.
Again, not all states offer DAPTs and the protections in each state are not the same. It is important to speak with an experienced advisor to discuss this option as it suits your needs. Contact one of our representatives today to see if a DAPT is right for you.
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Anderson Advisors FAQ
What Trusts can Protect Assets?
Although a simple probate-avoidance trust can’t shield assets from creditors, there’s a whole industry devoted to asset protection. If you put money in an irrevocable trust—one you don’t control and can’t revoke—then the money probably won’t be considered yours any more, and it won’t be available to creditors. Wealthy people who are worried about lawsuits may create very complex trusts, often set up with an offshore trustee. They may also set up Limited Liability Company or entities called “family limited partnerships.”
Can Creditors get to Assets ?
Revocable living trusts don’t, however, protect your assets from people with legal claims against you. That’s because although the trust is a legal entity, for legal purposes you’re treated as the owner of the trust assets. Anderson Advisors will work on a plan to your specific needs. It will be an all-inclusive total protection plan.
What is a Revocable Living Trust?
A Living Trust is the kind of trust a lawyer might recommend when you’re writing your will and taking other estate planning steps. Its primary purpose is to save your family the expense and hassle of probate after your death.
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