Helping individuals and businesses take advantage of asset protection laws
A recent article in the New York Times by John F. Wasik provides an excellent discussion of trust protectors. Many states now allow for trust protectors – – someone other than the trustee who essentially provides some checks and balances in a trust arrangement.
A trust protector is a bit like a watchdog. He or…
Asset protection planning (and estate planning) frequently involves the use of one or more trusts. Possibilities include an offshore trust, Domestic Asset Protection Trust, irrevocable life insurance trust and various other kinds of trusts.
Most of these trusts are designed to last for many years. It is therefore important to give the trustee the flexibility to adjust…
Any trust that can help protect your assets from creditors requires that you surrender at least some control over those assets. This goes for an offshore trust; a so-called "domestic asset protection trust"; an irrevocable life insurance trust; and any other trust that gives you creditor protection. If you think about it, this is just common sense. If…
Irrevocable life insurance trusts (ILITs) can be a great estate planning tool under the right circumstances. ILITs have the added benefit of providing significant asset protection.
Life insurance owned by an ILIT is not generally part of the insured’s estate (for both federal and Ohio estate tax purposes). An ILIT will be most effective if it…
