Your Guide to Asset Protection Trusts

 

The simplest explanation of an asset protection trust is that it shields an estate from creditors. Ultimately, the trust severs the connection between you and your assets to preserve them and transfers the ownership of your property to a trustee. In cases of divorce or a lawsuit, an asset protection trust in Rockland, MA, might be the right choice.

Stay Up-To-Date

It’s important to note that asset protection planning rules occasionally change, so speaking with your community law firm will clarify the requirements. It’s also essential to discuss any changes required to established trust with a legal professional so that your documentation stays current. Hand-written changes are often not recognized as valid and could cause more problems than they solve.

Protect Your Financial Future

Asset protection is a good choice for people that want to protect their financial future from judgments, lawsuits, or creditors. There are several types of trusts, depending on your situation, and engaging a lawyer to prepare the documents is the first step in the process.

For those that intend to create iron-clad asset protection, this may be the option for you. As with anything, it’s best to find a community law firm to set it up for you so that you can be sure that you know what you’re getting.