There are many different types of trusts that can help you to gain greater control and flexibility over the estate planning process. Sitting down with a knowledgeable estate planning lawyer is often the first step to allow to accomplish your estate planning goals. One type of trust that you may consider in putting together your plans is an asset protection trust.
The primary purpose of this trust is to protect your assets from claims of future creditors. While many individuals often choose to set up these trusts outside of the United States borders, assets do not always have to be transferred into the foreign jurisdiction.
Consulting with your estate planning attorney can tell you more about these options. The primary purpose of an asset protection trust is to insulate your assets from attack of creditors. Usually asset protection trusts are structured such that they are irrevocable over the course of several years and they will not list the person creating the trust as a beneficiary.
The undistributed assets of the trust are returned to the trust maker after the trust has been terminated, so that there is no risk that a future creditor or lawsuit will permeate the trust and therefore put these personal assets at risk. Consulting with an experienced estate planning lawyer is strongly recommended if you are curious about how to structure a trust appropriately.