Individuals who wish to create a strategy to help preserve assets and wealth may find that there could be various types of factors to address prior to choosing a path. In some cases, one might wish to know what tools are available to help safeguard assets by providing protection from creditors. An asset protection trust could offer numerous benefits and exploring what this estate planning option might have to offer could help individuals in Louisiana determine whether this may be a viable path in their situations.
Protecting assets
One of the first things to note about asset protection trusts may pertain to the notion that these are typically irrevocable trusts. As such, assets placed within may no longer be under the control of the grantor and this could help shield assets from creditors should the grantor face any type of legal action. It may also be helpful to know that similar trust options may be applicable for both domestic and foreign assets.
Experts suggest that it may also be possible to use such a trust to reduce one’s level of assets owned. This could be helpful to those who might not qualify for programs such as Medicaid without taking similar steps. However, there are some potential downsides to such a path, such as the notion that one might not be able to remove assets from within or modify the terms of an irrevocable trust once it is in place.
Making informed choices
While estate planning options such as asset protection trusts can provide various benefits, such a tool might not be the proper fit in every situation. Prior to choosing a path, individuals in Louisiana might consider speaking with an estate planning attorney for advice in carefully evaluating their situations and exploring all their available options. An attorney can address a client’s goals and concerns and help develop a plan that best reflects his or her future preferences.