While creating your estate plans, one of your main concerns could include how to protect your assets. Securing your assets, which can include any money, real estate, or special collections, is an important part of your estate planning. Many asset protections are included in insurance plans, but there are other options available for keeping your assets safe. One way to do this is to obtain an asset protection trust.
What Is an Asset Protection Trust?
An asset protection trust can hold your assets in order to keep them safe from creditors. This kind of trust allows creditors to deal with debtors on specific terms. It can also prevent expensive litigation costs. However, it’s crucial that this type of trust is established properly, which is why hiring an estate planning attorney is beneficial.
Asset protection trusts need to be irrevocable in order for the assets to be completely protected. This means that once this trust is made, it can only be revoked or controlled by the trustee, or person chosen to manage the trust. This provides protection if a lawsuit is filed against you, since the assets inside of the trust are not technically owned by you.
How Can an Asset Protection Lawyer Help Me?
Your attorney can help you set up your asset protection trust so you can avoid legal trouble and understand the laws that protect you and your trust. Skipton Law, LLC can help set you up with an asset protection trust to keep your assets secure. Contact our office today for more information.