10/01/24

The USA As An Asset Protection Jurisdiction

There was a time when an ‘estate plan’ consisted of a will, which, of course, only took affect at death, so families did not have to do a lot of thinking about their ‘estates.’ Then, as estates became more valuable and spread out, such a plan came to encompass not only a will, but also one or more trusts to hold the family assets, and families not only had to contend with exposure to estate taxes, but also faced exposure to creditors seeking to take the family property for one claim or another. Thus, today’s estate plan is required to contend with family planning, tax planning, and asset protection planning as well. The last of these is the reason that more and more US and non-US families are taking advantage of the growing number of states in the US that are offering ‘self-settled asset protection trusts.’