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In trust law, an asset-protection trust is any form of trust which provides for funds to be held on a discretionary basis. Such trusts are set up in an attempt to avoid or mitigate the effects of taxation, divorce and bankruptcy on the beneficiary. Such trusts are therefore frequently proscribed or limited in their effects by governments and ...
Asset protection trusts are common for people working in risky career fields. Doctors, for example, might use one to protect their assets if someone sues them for malpractice. Some people will use ...
You can protect your assets by placing them in a Medicaid asset protection trust (MAPT), a type of irrevocable trust.You must transfer your assets to the trust at least five years before you enter ...
A trust created by an individual for his or her own benefit is sometimes called a "self-settled trust", and may be a kind of asset-protection trust. If the creator of a self-settled trust is also a beneficiary of the trust, particular problems arise regarding the protection of assets from creditors, and the prevention of fraud, that is, the ...
Asset protection planning requires a working knowledge of federal and state exemption laws, federal and state bankruptcy laws, federal and state tax laws, the comparative laws of many jurisdictions (onshore and offshore), choice of law principles, in addition to the laws of trusts, estates, corporations and business entities.
Specifically, you'll want to look at a Medicaid Asset Protection Trust. As the name implies, it's an irrevocable trust designed to exclude assets from being counted toward Medicaid eligibility.
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.
Asset-protection trust: The concept of an asset-protection trust encompasses any form of trust that provides for funds to be held on a discretionary basis. Such trusts are set up in an attempt to avoid or mitigate the effects of taxation, divorce and bankruptcy on the beneficiary. Such trusts may be proscribed or limited in their effect by ...
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