QUESTION
I am considering creating a Asset Trust and wanted to know if this is the best way to protect my assets from creditors, and still have access to them.
Asked on Jan 11th, 2016 on Trusts and Estates - New York
More details to this question:
I am considering creating a Asset Protection Trust, and as long as "Fraudulent Conveyance" does not occur, is bound by Delaware laws, (Delaware co. is "nexus" (co-trustee with me) will my assets (bank accounts, RE, Stocks, etc.) be protected from creditors, and will I still have access (control) of my assets? Also, if co-trustee with Delaware co., how long do I have to maintain co-trustee relationship, and how much power does the co-trustee have? Your response and suggestions are greatly appreciated.
1 ANSWER
Estate Planning Attorney serving Goshen, NY
Partner at
Blustein, Shapiro, Frank & Barone, LLP
3 Awards
A Domestic Asset Protection Trust can be a useful asset protection tool. However, you should not be a Co-Trustee in such an arrangment, and you will always need at least one Trustee located in the jurisdiction where the trust is established. In addition to the local trustee, you can have "friendly" Trustee (i.e., your CPA) that you best represent your interests.
Answered on Jan 18th, 2016 at 8:03 AM