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Martial Arts Topics / Asset Protection strategies (Trusts, Family Partnerships, Charitable Trusts etc)
« on: December 23, 2010, 09:35:38 PM »
I'm familiar with the rudiments of a Living Trust, but I'm looking for the best source of information on various asset protecting strategies before I go looking to hire a lawyer to set it up. I'm having a hard time specifically finding info on the Net about lawsuit protection; searches get spammed by estate planning focused sites (which I'm also interested in).
Apparently Joint Tenancy doesn't protect the assets if one partner is suied, although in some states marital real property is protected by Tenants in the Entirety. An Irrevocable Living trust protects assets (but not distributions) and Revocable Living Trust exposes the assets. According to one book a Family Partnership discourages collection of a suit, but an Offshore Trust is better.
Looking for something that protects from lawsuits AND avoids Probate. No fancy asset ownership structure, just husband & wife.
Apparently Joint Tenancy doesn't protect the assets if one partner is suied, although in some states marital real property is protected by Tenants in the Entirety. An Irrevocable Living trust protects assets (but not distributions) and Revocable Living Trust exposes the assets. According to one book a Family Partnership discourages collection of a suit, but an Offshore Trust is better.
Looking for something that protects from lawsuits AND avoids Probate. No fancy asset ownership structure, just husband & wife.