Transferring assets to a trust is a simple and cost-effective way to protect assets and plan your estate.
Most people are unaware of the valuable tool a trust can be for estate planning and asset protection.
The will-trust combo is a standard technique in estate planning because it is an effective, convenient and cost-efficient means to your goals.
We all have a tendency to put off thinking about our own demise. It usually takes some kind of prompt to get us to take the time – and pay the money – to have a will drafted. That prompt may come in the form of the birth of child or development of health issues. Those are common reasons people start thinking about their last will and testament, but are they the only reasons?
Ours is an international law firm, so offshore work has always been part of our practice. Lately, however, we have been moving away from recommending offshore to our US clients.
This is a continuation of the discussion in Part I of this series regarding the advantages and disadvantages of two common asset protection techniques: offshore entities/accounts, and the US asset protection trust.