In the days gone by, when one heard of a lawsuit, it was usually involving some doctor, businessman or some other professional. These days, people are being sued by the droves and, unfortunately, their retirement accounts and other hard-earned savings are being depleted. Sometimes, these funds may be depleted by other avenues: liens or judgments by creditors and government agencies, or divorce settlements. In 1997, an avenue was created for people to store their funds that would ultimately help protect such funds from being attacked by unfortunate events. The avenue is called a domestic asset protection trust.
Thirteen states in the U.S. allow for such trusts to be valid. These trusts can be good, but domestic asset protection trust lawyers in Cicero warrant that individuals understand fully what they are getting into. Unlike the offshore trusts, with a domestic trust, a U.S. court can compel the trustee of such a trust to comply with the court’s decisions. Another thing to consider is that federal courts ignore the laws of a given state in such matters.
The fact that there are threats to a domestic asset trust does not necessarily make it an uneasy investment. If an individual seek, advice from domestic asset protection trust lawyers in Cicero, he or she will be sure to get sound information to protect his or her assets. The main thing is understanding that if creditors or government agencies are trying to get the funds in the domestic asset trust, they have to be able to prove that the individual is fraudulent in the transfer of funds into the trust. Therefore, legitimate people do not have to worry about falling into such incidents.
It behooves those individuals to pre-plan and invest into a domestic asset trust to avoid possible financial downfalls later. If looking to secure assets, a visit to domestic asset protection trust lawyers will be a good way to start.
The Koch & Associates P.C. Attorneys At Law helping clients with trusts, probate law, estates, elder law, powers of attorney and related areas.
