Asset Protection Trusts

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ASSET PROTECTION

Asset Protection Trusts
Asset Protection Trusts are an integral part of Asset Protection, Creditor Deterrence, and Estate Planning. These flexible legal structures are specifically designed to frustrate potential creditor attack. They are frequently used by individuals with substantial net worth who own closely held businesses, or professionals (doctors, lawyers, stockbrokers). Sometimes they are used in anticipation of a marriage or a change in marital status. They are also used in conjunction with other legal entities as a means to pass on a closely held or family business (to the next generation) while adding potentially fatal creditor barriers.

These trusts frequently take the form of a "Foreign Grantor Trust" for tax purposes, and are designed to be "tax neutral". (There are tax reporting requirements for these types of trusts) Their value is in the area of asset protection from creditor attack, not tax savings. They are custom designed plans intended to meet specific client requirements. These trusts are not "cookie cutter" efforts. The plans are complex and typically involve one or more business entities, frequently including both domestic and foreign components. These plans are not for everyone. Depending on your particular financial and economic situation, you may wish to adopt other estate planning strategies.

What is Asset Protection?

Asset Protection Overview

Asset Protection Trusts

Asset Protection Summary

THE USA PATRIOT ACT: HOW IT IMPACTS YOU

Drafted in the days following the tragedies of September 11, 2001, the Patriot Act swept through Congress and into legislation with almost no dissenting voices. Now, years removed from its passage, some people have actually gotten around to reading the Act. While numerous state and local governments, along with several civil liberties groups, are actively fighting to limit the breadth of the Act in many areas pertaining to civil liberties, the Patriot Act continues to generate actual hardship for the average American in numerous aspects of business and banking.

The purpose of this article is to identify and briefly outline portions of this voluminous Act, as well as draw your attention to real world examples of how this Ac...

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