{"id":46775,"date":"2022-11-08T16:06:40","date_gmt":"2022-11-08T21:06:40","guid":{"rendered":"https:\/\/www.escapeartist.com\/?p=46775"},"modified":"2022-11-17T10:56:53","modified_gmt":"2022-11-17T15:56:53","slug":"asset-protection-trust","status":"publish","type":"post","link":"https:\/\/www.escapeartist.com\/blog\/protecting-your-assets-is-crucial\/","title":{"rendered":"Protecting Your Assets Is Crucial"},"content":{"rendered":"
Protecting your assets is crucial when drawing up an estate plan. An asset protection trust can help you keep your assets from creditors, lawsuits and civil actions.\u00a0 These trusts must be carefully established and managed<\/a>.\u00a0 Properly structured<\/em>, in the right jurisdiction, the offshore trust eliminates the power of the U.S. judicial system to \u201cget at\u201d trust assets.<\/p>\n Foreign asset protection trusts typically provide more security for your assets and are harder to locate, they are more expensive to establish than a domestic asset trust.<\/p>\n There are a variety of types of trust but generally the two most important types are fixed trusts and discretionary trusts.<\/p>\n Fixed Trusts<\/strong><\/p>\n A fixed trust will set out in the trust deed precisely who will benefit from the settled assets and at what stage in the future. Such trusts have the advantage of certainty. However, they are normally unchangeable and can create real problems where, for example, the beneficiaries designated become unsuitable or taxation law changes adversely. On the other hand, here the risk of legal attack is great, especially for doctors and other professionals the asset protection aspect is greatest when the trust is irrevocable.<\/p>\n