Asset Protection Trust – Beware Of Scams What You Should Know Before You Set-Up Asset Trust

Asset Protection Trust

If you have assets that you are concerned about losing then you can do what many people do and look into setting up an asset protection trust. Many celebrities and other high profile people do this to ensure monies for many reasons. But you do not have to be rich to set up such a trust. Many people in middle America set up these trusts for various reasons.

The reasons for acquiring an asset protection trust are to protect any personal assets from being seized for any reason. If someone is facing a bankruptcy or other issue where they are concerned about losing all financial capital then a trust can be set up to keep that money from being seized.

Once the money is in the trust it no longer becomes the asset of the property or estate. It is hidden away and cannot be touched by seizure. Many people do it as a just in case scenario to ensure that if an event does occur that creates financial disaster they will not lose all of the assets they worked so hard for.

Some feel that this should not be the case and many courts are fighting to overturn such accounts and make them available for seizure if needed. To date these battle have not been successful but they continue to happen. It still remains a popular strategy for many who feel better having one.

Many times these types of trusts are also called a self settled spendthrift trust. It is another name for the same type of trusts. Currently there are eight states you can go through to set up such a trust. South Dakota, Alaska, Nevada and Delaware are four of the states that accommodate this request. You may also hear it coined as an ‘Alaska Trust’ in some circles.

Florida, New Hampshire and Wyoming are also other states in which you can set up this type of trust. The set up of such a trust is perfectly legal and recognized by the United States court system. The word trust equals the term contract where the trust person establishes trust in handling the money put away by the owner.

A large thing to watch out for if you are considering such a trust is the people out there who are performing scams regarding the asset protection. Unfortunately many people lose their money by falling for these scams. Be aware that they are out there and protect yourself from them. Interview and hire a reputable company. Believe in their abilities before you hand over the money you intend to place in it.

Should you need to protect assets in the same manner but have different circumstances that require different circumstances these trusts are available to you as well. For example, if you are a couple and want to be protected you will need to establish a Bypass Trust to ensure you are protected. And if you are attempting to protect a family business your will want to establish a Self Settled Trust.

Check Out Related Legal Topics:

Uniform Probate Code – Learn Why It Works Well For Smaller Estates

Special Needs Trust – Learn How It Will Help Your Disabled Family Member

Offshore Asset Protection – Learn Strategies To Protect Your Financial Assets

Executor Of Will – Learn What The Executor Responsibilities And Duties Are

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