When you contact our Katy, TX domestic asset protection trust lawyer, you’re taking an important step to safeguarding everything you’ve worked so hard to build for yourself. At Stuart Green Law, PLLC, we provide boutique service for clients interested in personal wealth solutions. Our services range from estate planning to domestic asset protection trusts, and with our in-depth knowledge of tax compliance and our history with a Big 4 public accounting firm, we can tell you everything you need to know about keeping your assets safe.
Why You Need A Domestic Asset Protection Trust (DAPT)
A domestic asset protection trust (also known as a DAPT) is a legal entity that keeps your assets safe from outside actors who may be trying to take what’s yours. Unlike other trusts (such as a revocable living trust), a domestic asset protection trust is used to maintain and safeguard your assets during your lifetime. If you don’t establish a DAPT, there’s a chance your assets are at risk in certain legal situations, which we’ll explain below.
Divorces
You’ve heard the statistics about marriages and divorces. You’ve also probably heard of prenups, or prenuptial agreements. Similarly, a domestic asset protection trust can be used to keep your assets safe in the event of a divorce. Since your assets will be listed as part of the trust, they’re off the table if you and your spouse decide to split up. It’s important to establish your DAPT before you get married. Fortunately, your Katy, TX domestic asset protection trust lawyer can help you get started right away.
Lawsuits
Most people don’t think about lawsuits until it’s too late. However, a lawsuit can target your assets, and leave you with nothing left over after a long and difficult legal fight. If there are assets in your name, odds are they’re fair game if you’re being sued. One of the best ways to protect these assets is by putting them in a domestic asset protection trust. Since they’re part of the trust (rather than in your name), they’re not up for grabs during a lawsuit.
Creditors
People fall behind on payments all the time. It’s rare, but as a last resort, aggressive creditors can go after your assets if you’ve failed to make payments or respond to any of their previous warnings. Much like a divorce or a lawsuit, if an asset is in your name, it may be up for grabs if you’re dealing with creditors and serious debt. But if you manage to keep your assets in a domestic asset protection trust, they’ll be safe from prying eyes (and creditors, too).
It’s Never Too Late To Get Started
Your assets are your legacy, and you shouldn’t leave your legacy up for grabs if you’re concerned about a divorce, aggressive creditors, or hard-hitting lawsuits. Fortunately, Stuart Green Law, PLLC is here to help. It’s never too late to protect what’s yours. Contact us today, and see what a Katy domestic asset protection trust lawyer can do for you.