Your question is outside the scope of debt collection practice and I recommend you contact a wills/trusts and estates and/or family law attorney. Good luck.
The previous information is solely for informational purposes only. If you have further questions, please contact an attorney in your area for more specific answers. Responding to your question in no way creates an attorney/client relationship, and none of the specific guarantees of privacy exist. If you have found this information helpful, kindly check the "helpful" box. NOT LEGAL ADVICE: The above information may contain an opinion which does not constitute legal advice. Unless a retainer agreement has been signed, we are not your legal representatives, and you should not rely on any opinions contained in this message.Ask a similar question
A trust is one option. As for specifically the best way to accomplish your goal, you should speak to an experienced estate planning attorney. If you mess up the formation and transfer or assets, the trust can be pierced.
On the divorce side, a pre-nuptial agreement would accomplish the same result.
If you are at a really high risk of malpractice, then off-shore trusts provide another layer of protection because if the trust is set up in the right countries, it is beyond the jurisdiction of the U.S. to actually get the assets. If the trust assets are in the U.S., then there is always a mechanism to pierce the trust depending on the circumstance. However, for 99.9% of people, an off-short trust is really not necessary.Ask a similar question
As the other poster have suggested, you should see an estate planning lawyer. When you do, be sure to discuss fraudulent transfers. Essentially, the concern of fraudulent transfers is your transferring assets for less than fair value for the purpose of depriving creditors from reaching your assets. When there is a fraudulent transfer, the creditor can go after the recipient for the return of the transferred asset. If you'd like some recommendations, please contact me offline.Ask a similar question
I certainly hope you weren't given this advice by an attorney. Suppose you give the money to our mother, and she puts it into a revocable trust. Then she looks away for a second while driving and slams her car into a school bus full of children, putting all of the money at risk to claims by those injured. There are ways to protect your assets (too involved to detail on Avvo), but they all will involve giving up some measure of control. As the saying goes, "You can't have your cake and eat it too." Spend some time with an estate planning attorney, outline your objectives, and ask for your alternatives.Ask a similar question
A revocable trust is not your best protection for the concerns you reference. Primarily because you have, by their very nature, the power to revoke the trust and a court of equity, such as a divorce court, may consider that to still be an asset completely under your control.
You want to consider some form of an irrevocable spendthrift trust which is a trust in which you, on the surface, surrender all control of the assets which cannot be used to satisfy creditors, such as a divorcing spouse.
However, if you reserve certain protections, such as the power to appoint and change the trustee, then you always have a trustee of your choice that you go to for distributions. In other words, you would still always be able to seek distributions from your irrevocable trust but a creditor or ex-spouse cannot attach it.
Please mark as "Helpful" or "Best Answer" if our advice helped you. This information is based upon the limited facts you presented. My advice is based on New Jersey law and may be different if I find that the facts presented are different. Additionally, this answer does not contain any confidential information nor does it create any attorney/client relationship.Ask a similar question
Transferring assets to family members for asset protection planning purposes is not a good idea at all. Any liability issue in which this family member may get involved could compromise your estate. From my perspective as an attorney that exclusively works in this specific area of the law, a sound and legitimate asset protection plan should be tax neutral and not compromise ownership or control.
If the total net worth you seek to protect is above the 500k benchmark, you should consider a planning that includes an exit strategy that, if necessary, allows you take the (ownership of) your asset out of reach of US courts. Given your profession and the fact that you just inherited a fortune and you plan to marry, you should definitely schedule a consultation with an attorney that has proven expertise in the area of asset protection planning.
When interviewing law firms, you want to ask the following questions:
1. Which % of your practice area is dedicated to asset protection planning?
2. What is the average net worth of your clients?
3. How much asset protection plans did you set up during the last year?
4. Does your plan include an exit strategy or do you go offshore right from the start? What are the tax consequences of the plan you recommend?
5. Does this plan compromise ownership or control?
6. How is your fee structure?
7. What is the ongoing support you provide and what is the fee structure for this support?
Douglass Lodmell is the nations #1 Asset Protection attorney and has clients in all 50 states, protecting over $4 Billion in client assets. Answers given by him in this forum do not establish an attorney-client relation. He advises to seek a specialized attorney in the area of your interest for legal representation.Ask a similar question
Get our best tips and attorney advice in our 3-part prenup email series.