Your The Woodlands, TX domestic asset protection trust lawyer can help you manage your estate, and make sure it doesn’t fall into the wrong hands. At Stuart Green Law, PLLC, we provide dedicated support for clients in need of private wealth solutions, and with our in-depth understanding of tax compliance, our firm offers an inside look at how you can safeguard everything you’ve built for yourself.
What Is A Domestic Asset Protection Trust?
A domestic asset protection trust (DAPT) is a legal entity that safeguards your existing assets. If an asset is part of your DAPT, it’s completely off the table in case anyone comes after your estate. While most trusts (such as revocable living trusts) are created to make estate management easier after your death, a DAPT is designed to keep your estate safe during your lifetime. As such, you can create the domestic asset protection trust, and you can also be your own beneficiary.
Divorces
Divorces happen. Everyone knows a horror story about an ex taking everything, and people are getting smarter about how they can keep that from happening to themselves. Prenuptial agreements are a popular method to safeguard your assets, but a domestic asset protection trust adds another layer of safety and security. If you’re dealing with a divorce, assets that are part of a DAPT are off-limits. Since they aren’t in your name, they can’t be taken by your ex. It’s also worth mentioning that since you can name yourself as a beneficiary of your DAPT, you can still access whatever assets are contained in the trust in the first place.
Lawsuits
Aside from divorces, there’s also the possibility of a serious lawsuit taking your assets. Whether it’s medical malpractice, personal injury, or anything else, if you haven’t taken steps to establish a domestic asset protection trust, your assets may be fair game if you’re being sued. Most people don’t consider the impact a lawsuit can have on their lives until it’s too late, but your domestic asset protection trust lawyer in The Woodlands, TX can help you take an important preventative measure.
Creditors
If you owe any debts, aggressive creditors may be able to take your existing assets as a means of payment. This is a worst case scenario, and it usually only comes after repeated warnings and other measures have failed. However, if you’ve created a DAPT, your assets will remain safe from creditors – before you’ve paid them off, and after. If you’re concerned about anyone coming after what you’ve built for yourself, a domestic asset protection trust is an important tool. Fortunately, Stuart Green Law, PLLC can help.
Get In Touch With Us Today
With so much on the line, it’s important to get in touch with a legal team you can trust. It’s never too late to start thinking about how you can protect everything you’ve built for yourself – whether you’re concerned about divorces, creditors, legal disputes, or anything in between. Get in touch with Stuart Green Law, PLLC today, and see how a domestic asset protection trust lawyer in the Woodlands can help.