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An asset protection trust protects your assets from creditors and lawsuits. These are typically irrevocable trusts, meaning once they’re established, you’ll no longer have control of the ...
Revocable and irrevocable trusts both provide control over asset management and protection against probate court and privacy, but they differ significantly in terms of flexibility and tax ...
Consequently, the common goal of asset protection trusts is to limit the interests of beneficiaries in such a way so as to preclude creditors from collecting against trust assets. [citation needed] Such trusts must be irrevocable (a revocable trust will not provide asset protection because and to the extent of the settlor's power to revoke).
Irrevocable A trust that cannot be modified or dissolved without the consent of the beneficiary. The grantor effectively relinquishes all rights to any assets put into the trust. Assets are removed from the grantor's taxable estate. The grantor is also relieved of any tax liability from income generated by assets that are placed into the trust.
Generally, SPA trusts are used to hold property for asset protection purposes, because of the benefits and control a SPA trust offers over the assets protected within the trust. The purpose of a SPA Trust is to protect assets from a person's potential future liabilities by removing the assets from the person's legal ownership.
Estate planning is a crucial part of any holistic financial plan. As a financial advisor, you could direct your clients to an estate planning attorney for guidance in this area, but while ...
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