Setting up a spendthrift trust DAPT ( Domestic Asset Protection Trust)

Asked almost 3 years ago - Juneau, AK

Does the Alaska DAPT (Spendthrift Trust) allow the settlor who is a beneficiary to also serve as the trustee?

Is a trustee with a physical presence in the state where the trust is domiciled necessary?

Where do I find a trustee, do I even need one?

Do other states offer similar COPE ( Charging Order of Protection), but might have lower filing fee's, such as South Dakota Oklahoma, or Nevada, or Delaware?


Also, can I add money to the trust throughout my life either perosnally or through a feeder LLC?

I don't have a large amount of capital to set-up the trust with, or is this frowned upon as every time assets are added the trust becomes vulnerable to the courts in that it resets the fraudulent conveyance clock another 2 years?

Attorney answers (1)

  1. Gregory Herman-Giddens

    Contributor Level 14

    Answered . DAPTs require that there be a Trustee other than the Settlor. The Trustee must be located in the jurisdiction in which the DAPT is established. Every state that has DAPT legislation has trust companies that will serve as trustees, and many lawyers will also do so.

    I recommend that you consult with an asset protection attorney to ensure that you receive accurate and full information regarding your particular situation.

Can't find what you're looking for? Ask a Lawyer

Get free answers from experienced attorneys.

 

Ask now

24,485 answers this week

2,783 attorneys answering

Ask a Lawyer

Get answers from top-rated lawyers.

  • It's FREE
  • It's easy
  • It's anonymous

24,485 answers this week

2,783 attorneys answering

Legal Dictionary

Don't speak legalese? We define thousands of terms in plain English.

Browse our legal dictionary