March 2012

Most of us now have multiple on-line accounts that require some sort of password in order to access that account.  Concerns about privacy and protecting assets make us inclined to keep these passwords secret.  Unfortunately, very few people consider what happens if they die and no one can access their on-line accounts.

Your asset protection/estate

Transferring an asset under certain circumstances can constitute a fraudulent conveyance.  Refusing to accept an asset can also constitute a fraudulent conveyance.

Let’s say that you owe a creditor a significant amount of money.  You then learn that you have received a substantial inheritance.  If you take the inheritance it will go to the creditor.  So

A domestic asset protection trust (DAPT) is one of many different entities that may (or may not) be an appropriate part of an asset protection plan.

  • At least eleven states have enacted DAPT legislation.
  • States that have DAPT statutes include Alaska, Delaware, Nevada, South Dakota, Hawaii, Missouri, New Hampshire, Rhode Island, Tennessee, Utah and Wyoming.
  • While there are similarities, each