Arizona Asset Protection Legal Questions

Yes.  If you put your son "on title" you are granting him an interest in the mobile home,which his creditors can use to satisfy his debts.  There are ways to structure the transaction to significantly reduce your risk, however, such as conveying a life estate to yourself with the residuary estate to your son.  Without the legal jargon, that means you would have the right to live in the home for the rest of your life and your son would get it when you die.  Of course, his creditors would be able to come after it at that time.  You may want to consult a local real estate attorney.... Read More

An irrevocable trust is an asset protection tool. A revocable living trust is an estate planning tool. While it can provide for protection for after death transfers to spouses or children, it must be drafted to allow that. Asset protection can take many forms and can be as complex as you need to protect the assets that are at risk. The basic concept is that you are removing ownership to some degree from your individual asset to a trustee who will manage those assets independently. The degree of indepence will affect how much exposure the assets in that trust will have. Whether this makes sense for you or not depends on what you want to accomplish and the extent you need protection for thos assets. A conversation with an attorney familiar with such trusts makes sense.... Read More