The Asset Protection Trust Explained

At Elder Advisors Law, we take an innovative approach to estate planning. It matters to us that there is intention behind everything we do and everything we urge our clients to do. We’re not going to urge you to do X, Y, and Z or use so-and-so estate planning documents just because it’s what we’re used to or because it’s what’s always been done. When we make a recommendation or build a customized estate plan, we like to have clear intentions behind every piece of the puzzle. We believe our clients deserve the best, so that’s what we try our hardest to provide.

A great example of this is our asset protection trusts. The phrase “asset protection trust” can refer to any trust that is intended to protect the assets it contains from events or deductions that may decrease its value, such as taxes, bankruptcy, or divorce.

The asset protection trusts we use at Elder Advisors Law are fairly new in the legal world. We like to joke that they are certainly not your grandpa’s irrevocable trust. There are hundreds of types of these. The type we typically use is special because it keeps you in control and provides you with options no matter what the future holds. We help you plan for the worst and manage for the best. 

How is an asset protection trust structured?

Our asset protection trusts are unique in that the grantor, the person who creates the trust, is also the trustee of the trust. The intention is for the grantor to stay in control of their assets, while still protecting the assets from creditors or other “predators” that may take your hard earned assets . 

Is it difficult to transfer assets into an asset protection trust?

The process to transfer assets into an asset protection trust can be quite complex. But we walk our clients through the process and collaborate with insurance professionals and financial advisors along the way. 

How can I learn more about asset protection trusts?

At Elder Advisors Law, we are passionate about educating our clients. We think it is extremely important for you to understand what you are doing with your valuable assets and why. We make the process of creating your estate plan educational so that you will feel confident in your understanding of every decision you are faced with along the way. Join us for one of our regular workshops to start your education process.

If you have any questions about asset protection trusts or other estate planning matters, our team will be happy to help you. We encourage you to sign up for one of our workshops or give us a call at (608) 371-7207. We look forward to hearing from you!

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Elder Advisors Law

As Leaders in Estate Planning and Elder Law, we are passionate about helping families protect their hard-earned assets from the government, nursing homes, lawsuits or other predators.

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