What Is An Asset Protection Trust?
Tennessee is one of only a few states that lets you place your property into an asset protection trust. For families with high income earners or who have high-value assets, this is a fantastic and relatively new way to administer your property. These trusts can last over 360 years and can keep your family’s property safe for generations. An asset protection trust can benefit your family by:
- Protecting your property from debtors Asset protection trusts are extremely difficult for debtors to touch. If properly administered, any assets placed in the trust for longer than two years are insulated from collections processes, even generations later.
- Ensuring that your family has regulated income With an asset protection trust, you can establish withdrawal and other income limitations for your beneficiaries for many years to come.
- Keeping your family assets protected from divorce Even property like houses and businesses can be incorporated into an asset protection trust prior to an upcoming marriage, making them inaccessible to division during asset distribution in divorce.
To find out more about how an asset protection trust can benefit you, call us and speak with one of our estate planning attorneys.
Is My Estate Eligible For An Asset Protection Trust?
There are a few restrictions on who can set up or hold an asset protection trust. Generally speaking, your trust must be irrevocable, your trustee must be a resident of Tennessee, and your assets must be at least partially held within state boundaries.
Other limitations on who is trustee and how your assets are transferred may also apply.
Hire An Attorney Who Knows Estate Planning
The lawyers at Russ Cook & Associates, PC, know how to account for your needs when looking at your family’s future. We will use our more than 30 years of experience to set up your estate and counsel you wisely and with compassion.