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A local LLC helps mitigate risk, increases asset protection, and helps comply with local business laws.

The days when a trust or LLC could completely hide your identity are gone. Registered agents, trustees, and bankers are all required to know who is the “natural person” (human being) behind an entity. These “know your customer” laws require knowledge of who owns, or establishes, an entity.

Asset protection is not about hiding money and tax-dodging schemes.

If you are the only person in charge of your trust, a judge can order you to hand over the trust assets to your creditors.

People rarely want to give up control of their trust and assets. It is possible to be the trustee of your asset protection trust, but it must be set up properly so that an independent trustee can step in when needed.