Asset Protection Trusts
Secure Your Assets: Discover the Power of Asset Protection Trusts
Explore Asset Protection Trusts. Safeguard your assets from financial risks with tailored trust solutions.
What is an Asset Protection Trust?
An Asset Protection Trust is a valuable tool for managing your estate and ensuring that your assets are distributed according to your wishes after your passing.
It involves setting up an Asset Protection Trust during your lifetime, which allows for a swift and efficient distribution of assets to your chosen beneficiaries upon your demise. Asset Protection Trusts serve as a form of life interest trust, providing added protection and control over your assets.
This proactive approach safeguards your assets and brings peace of mind to both you and your loved ones.
How does an Asset Protection Trust work?
An Asset Protection Trust works by effectively separating the legal ownership of an asset. Through the establishment of a trust, the legal ownership is held by the trustees, and insures that the Trust is distributed quickly to the beneficiaries once you pass away.
By transferring your assets into this trust during your lifetime, they are no longer considered part of your estate. This means that the assets are protected from potential third party claims.
This form of ownership ensures the preservation and efficient management of your assets for the benefit of your chosen beneficiaries.
What are the benefits to setting up Asset Protection Trust?
There are numerous pros to setting up this type of trust arrangement:
- Probate is not necessary for the assets in the trust, so the administration of the property can be dealt with more quickly and grant of probate fees can be avoided after your death.
- Settlors get to control inheritance procedures and who will inherit joint assets that otherwise would have passed directly to your spouse.
- You can appoint trustees who will impact what happens with the trust, so can ensure it is in line with your purposes. You also decide who are the estates beneficiary.
- A possible source of income for the individual.
- Additional benefits include, individuals can avoid care costs, though (deprivation of assets) cannot be the sole basis of setting up the trust.
- You can still do what you want with the assets while you are alive.
What our customers say...
Asset Protection Trust FAQ
No, Asset Protection Trusts are not exclusive to the wealthy. They can be beneficial for individuals with various asset levels who want to protect their hard-earned wealth and ensure it is passed on according to their wishes. Consulting with professionals will help determine the most suitable trust structure for your specific needs and circumstances.
Yes, you can include yourself as a beneficiary of the asset protection trust, allowing you to continue benefiting from the assets while ensuring their protection.
Assets transferred to an Asset Protection trust are no longer considered part of your personal estate. They are held and managed by trustees for the benefit of the beneficiaries named in the trust. This separation of ownership helps safeguard the assets from various risks.
Asset Protection Trusts offer several benefits, including:
- Protecting assets from creditors, lawsuits, and potential claims.
- Preserving wealth for future generations.
- Providing control over the distribution of assets.
- Mitigating the impact of taxes and inheritance laws.
- Offering peace of mind and financial security.
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