New Mexico Has No DAPT Laws
In the realm of estate planning and asset protection, the absence of Domestic Asset Protection Trusts (DAPTs) in New Mexico is a significant gap. As...
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At Stuart Green Law, we are a premier boutique law firm that specializes in estate and tax planning. Our practice spans estate & trust planning, income & estate tax planning, domestic asset protection trusts, international trusts & estate planning, and family office legal services. We are uniquely positioned to serve clients across the United States and beyond. With offices in Houston, TX, and attorneys licensed in Texas, Kentucky, Pennsylvania, and South Dakota, we excel in offering sophisticated asset protection and tax planning solutions to a diverse clientele.
As the founding & managing attorney, Stuart Green, J.D., embarked on his legal career with a focus on estate planning at a small regional law firm. His dedication to mastering the ins and outs of tax compliance and planning led him to gain invaluable experience at an international Big 4 public accounting firm. Throughout his journey, Stuart has remained committed to serving a range of clients, working diligently so that each receives tailored advice and strategies to protect their assets and maximize their financial goals. This dedication, coupled with Stuart’s passion for advanced asset protection & tax strategies, underscores his unwavering commitment to his clients’ success.
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We are a boutique trusts & estates law firm changing the game as we provide comprehensive private wealth solutions to clients located everywhere.
Domestic Asset Protection Trusts
A Domestic Asset Protection Trust (DAPT) is a legal entity designed to safeguard your assets against claims from creditors and legal actions. Essentially, a DAPT is a type of irrevocable trust where the person who establishes the trust can also be the beneficiary. The assets held in the trust are protected from the creditors of the individual, covering issues like legal disputes, malpractice and negligence cases, claims from a divorcing spouse, and other legal or financial repercussions.
Domestic Asset Protection Trusts not only protect your financial health when legal action is brought against you, it will help deter lawsuits from being brought against you. Creditors are less likely to pursue a judgement against you if they know its legal protected by a DAPT.
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Frequently Asked Questions
How do I know if I need a trust?
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Determining whether you need a trust depends on various factors such as the size of your estate, your specific financial goals, and your preferences for asset distribution. If you have substantial assets, a trust can offer benefits such as probate avoidance, asset protection, and control over the distribution of your estate. Additionally, trusts can be useful for individuals who want to ensure privacy in their estate matters or provide for beneficiaries with special needs. Consulting with our experienced estate planning attorney can help with evaluating your unique circumstances and determine if a trust aligns with your goals and objectives.
How can estate planning help minimize taxes?
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Estate planning can minimize taxes through various strategies such as establishing trusts to remove assets from the taxable estate, utilizing lifetime gifting to reduce the size of the estate subject to taxation, implementing tax-efficient asset titling and beneficiary designations, utilizing charitable giving techniques, and taking advantage of tax-saving vehicles. Additionally, proper estate planning can help maximize available exemptions and deductions, effectively reducing the overall tax burden on the estate. We can recommend strategies for your individual circumstances and goals, ensuring tax efficiency while preserving wealth for future generations.
Why is South Dakota a good place for a trust?
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South Dakota offers numerous advantages for trusts, including modern trust laws that provide direction and control for generational wealth, zero state income tax, dynasty trusts that can last in perpetuity, unparalleled privacy, trust options that shield assets from creditors, and specialized laws that offer flexibility and control. Additionally, South Dakota allows for foreign grantor trust planning, low insurance premium tax, and innovative tools like the Family Advisor and Purpose Trust, making it an ideal jurisdiction for trust creation and management.
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At Stuart Green Law, we believe in a philosophy of excellence and dedication in delivering legal counsel. With a wealth of experience in estate planning, tax compliance, business law, and asset protection, our team is committed to providing comprehensive solutions that meet the diverse needs of our clients. From managing complex business transfers to implementing sophisticated estate planning strategies, we prioritize thorough guidance and strategic support to safeguard assets, minimize tax liabilities, and secure legacies for future generations. Our approach is rooted in integrity and professionalism, ensuring that our clients receive the highest level of service and expertise.