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After years of hard work on behalf of your family, safeguarding the rewards you earned for future generations may be a top priority. Asset protection can help you meet this goal, allowing your legacy to continue benefiting your descendants after you are gone.
Putting your wealth into one or more trusts is one of the most effective asset protection strategies. These three trusts can allow you to transfer your estate assets without excessive loss.
Hybrid domestic asset protection trusts
These trusts are irrevocable and cannot be altered. They keep trust assets and personal property separate, safe from claims and judgments. As a discretionary beneficiary, you may access the assets while alive and they pass to predesignated parties upon your death.
The property in hybrid domestic asset protection trusts are managed by an independent trustee and shielded from creditor claims. They offer robust asset protection for you and your trust beneficiaries.
Foreign asset protection trusts
For those seeking the highest level of security, these trusts can provide another alternative. Since they are established outside the U.S., they are not subject to domestic laws, potentially offering superior protection against creditors and other threats.
Revocable living trusts
Another popular choice in Arizona is the versatile and flexible revocable living trust. It allows individuals of all wealth levels to retain control over their assets during their lifetime. When they die, the designated beneficiaries inherit the trust’s assets.
Choose one or all
There is no limit to the number of trusts a person can establish in Arizona. Having more than one strategically planned trust in place can offer gapless protection customized around your unique circumstances. Having experienced guidance can help you evaluate other asset protection strategies. Contact us online or call today for a free consultation with Pennington Law, PLLC.
