Frequently Asked Questions
Does an Asset Protection Plan
make sense for me?
Our general rule is that an Asset Protection Trust may be appropriate where a client's net worth is $500,000 or more. Over $1 million you should definitely be looking at the benefits. Remember, houses, cash in the bank, investment portfolios, insurance policies, retirement savings (401k's, IRA's, SEP's etc.) all contribute to your net worth. Professionals such as doctors, lawyers, stock brokers, high level executives and owners of closely held businesses may find asset protection plans particularly beneficial. Estimated costs will be provided after discussing the client's specific objectives and requirements. There is no one structure that meets every client's needs. These are highly customized, technically demanding plans that require substantial knowledge and practice to implement properly.
Our office will typically provide services tailored to the client's unique requirements. These services may include: consultation with the client, preparation of a draft document for discussion, preparation of final legal documents, and identification of a reputable licensed foreign trustee. Other services may be applicable, including the fees to establish foreign or domestic entities to hold and manage trust assets.
In many instances our office can assist clients in establishing local offshore bank accounts, brokerage accounts and credit cards secured by those accounts for the trust. We can also form both domestic and offshore business entities in all major jurisdictions. The costs for these services are on a case-by-case basis.
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