Asset Protection Planning
You’ve accumulated some wealth. Or plan to. How do you keep potential creditors from taking it away? And when you leave it to your spouse, children, or grandchildren, how to do you protect it from attack by their potential creditors? Or their youthful bad judgment, misfortune, divorce, etc?
For you, there are limits on what can be done. Generally, you can’t continue to control your own assets and still keep them away from creditors. That means either giving it to someone else or putting it into one or more irrevocable Trusts.
Trusts are also the primary means of protecting assets intended for your heirs. But there are many variations on that theme, depending on a range of factors including the amount of money, the age and circumstances of the person, the nature and degree of risks to be avoided, and the limitations on how trust funds may be used.