Asset Protection Trusts are useful when considering gifts for estate planning where there is concern about the future of the funds.
Modern families are becoming more complex with divorce, second marriages and cohabitation normal. Furthermore, beneficiaries who are more vulnerable due to bankruptcy, addiction or the inability to manage money place a significant risk on the security of any gifts made.
An asset protection trust allows the individual to make a gift for estate planning purposes without placing the funds at immediate risk from diminution on beneficiary divorce, bankruptcy or other vulnerable family situations.
The funds can be held in trust for the intended beneficiary who can benefit from the funds at the Trustees’ discretion but protected when necessary. When the risk recedes the funds can be distributed.
Please contact us for more advice.
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