An asset protection trust is a general term that covers an array of legal structures, ranging from trust for funds to be held on a discretionary basis. The asset fund is aimed at mitigation or avoiding the effects of taxation, bankruptcy, and divorce on your ones loved ones (beneficiaries).
There are different reasons why people set up asset protection. Some people set up asset protection trusts fox tax benefits. Cook Island Trusts are popular with people who like personal security and protection from frivolous lawsuits. Some of the advantages of setting up asset protection trusts include:
Offer Protection for Your Children
Asset protection trust secures your legitimate children and grandchildren in the event of any change in your lifestyle that may affect your estate. For instance, when you get divorced or re-marry, children from the previous marriage may be disinherited from your estate if you had not named them in … Read the rest