Trusts are not only for the rich. Anyone with minor children (and even children in their 20’s) should consider a trust for their family.
If any property passes to a child under your will, from a bank account "payable on death" or otherwise, the child will generally get all of that money at age 18. The
More than 30 foreign jurisdictions now have asset protection trust statutes. The Cook Islands was the first to adopt an International Trust Act for asset protection purposes in 1989, and many other jurisdictions have based their statutes in whole or in part on Cook Islands’ law. A number of other jurisdictions have traditionally relied on
There is an increasing interest in asset protection among both individuals and businesses. But many people are still not exactly sure what "asset protection planning" is.
Asset protection planning is simply the process of lawfully protecting your personal and/or business assets from creditors. It involves taking advantage of laws and legal doctrines that were actually
A couple recent inquiries from readers of this blog (as well as some recent client questions) reminded me of the critical role of the attorney in the asset protection planning process.
You will frequently benefit by getting input from multiple advisors — such as your investment advisor, accountant, tax preparer, maybe even certain friends and
I am frequently asked isolated questions about asset protection planning. Should I consider forming a domestic asset protection trust? Do you think I should consolidate some of my real estate holdings in a limited liability company? Should my husband and I transfer joint interest in our residence to my name alone? Etc., etc.
None of
Whether you are a physician in private practice or working for a hospital or other health care organization, you should consider some basic steps to protect your assets. Here are a few suggestions:
A couple weeks ago I posted some general observations about asset protection planning for physicians. While a doctor should be taking steps to protect his or her own personal assets, physicians in a private medical practice should be taking additional steps to protect the private practice itself. Here are some items worth thinking about:
1. Consider
There are many asset protection strategies, and the more expensive and complex ones are not always the best. I like the comment made by Jay Adkisson (a nationally recognized asset protection planner) in the May 11, 2009 issue of Forbes Magazine. He basically says the best ways are the old ways.
While that is a big generalization, there
