A domestic asset protection trust attorney can help you protect yourself, and your family, from creditors and predators. Our firm focuses on creating trusts and asset protection plans that require minimal maintenance. If you want to avoid paying thousands of dollars a year in trust maintenance fees, call us to talk about establishing your domestic asset protection trust.
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Domestic Asset Protection Trust Attorney
A domestic asset protection trust is a type of irrevocable trust. Irrevocable trusts do not allow the creator to take back ownership of the assets put into it. However, this is a special, irrevocable trust that allows the creator to maintain some control, unlike other irrevocable trusts.
This trust can hold real estate, stocks, cash, business interests and many other assets. Even though it is an irrevocable trust, the creator can maintain some control over the trust distributions. Additionally, the creator can also benefit from the assets in the trust. Finally, the creator can take out 5% of the assets per year, plus the accumulated interest in the trust.
The Benefits of Wyoming
We recommend Wyoming domestic asset protection trusts because Wyoming offers the best asset protection available inside the US, with minimum ongoing costs for maintenance and trust administration. This allows more people to benefit from the same sorts of strategies that the super wealthy use.
Some of the benefits of forming a domestic asset protection trust in Wyoming are:
Privacy: Wyoming has some of the best privacy laws in the country. The trust documents are not filed with the state nor is any ownership information made available online.
Asset Protection: The trust and its assets are a separate entity from the trust creator. Creditors cannot take trust assets, nor can they be used to satisfy a judgment against the creator of the trust.
Low maintenance costs: Most asset protection trusts require a professional trustee to manage trust assets. This can cost thousands of dollars a year. Wyoming laws allow for a non-professional trustee to serve and manage assets. This means a friend, family member or other trusted advisor (who won’t charge you an arm and a leg for what could be very minimal work) can fill this role.
Control: While the creator of the trust cannot serve as trustee, the creator maintains the ability to veto distributions made by the trustee and can replace the trustee if need be. The creator can be the beneficiary of the trust and can take out 5% of the trust assets per year, if desired.
Call LayRoots at 206-219-9559 to speak with a domestic asset protection trust attorney.
Learn more about asset protection here.