FAQ: Who manages or administers the trust and the trust funds?

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Who manages or administers the trust and the trust funds?

Typically, the Settlor appoints a Trustee who manages and administers the Trust assets. The Settlor (in a Letter of Wishes) and in the trust document itself, outlines exactly how the trust operates. When naming a Trustee, the Settlor wants to make sure that the Trustee will act in accordance with the Trust objectives and adhere to the outlined provisions. Typically a professional Trustee is used who is bonded or part of a larger organization such as a Trust Company, Bank or International Investment Organization. A Private Trustee may also be used.

What is a Trust?

What is the purpose of an Asset Protection Trust?

Do we want a Foreign or Domestic Trust?

What is a Domestic Asset Protection Trust?

What is a Foreign Asset Protection Trust?

Are my life long accumulated assets susceptible to creditor attack?

How does an Asset Protection Trust operate?

Who manages or administers the trust and the trust funds?

Does an Asset Protection Plan make sense for me?

FAMILY OWNED LLC's

One of the more common tools utilized by asset protection lawyers is the Limited Liability Company (“LLC”). As suggested by its name, this entity offers liability protection to its Members, including superior insulation from a piercing of the corporate veil than afforded by a corporation. When those involved in the asset protection plan are members of a family, a more particular LLC can be utilized, the Family Owned LLC (“FLLC”). The FLLC is not only a means to protect family assets, but can also facilitate estate-planning objectives.

Once the Members and Managers of the newly created FLLC are established, the entity is typically funded using of an asset transfer. An FLLC is owned by its “Members,” whil...

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