To protect your assets from creditors, consider the following approaches:
- Own property as "tenants by entireties" with your spouse, provided your spouse will not be a debtor to the same creditor,
your spouse is not involved in your
practice, and you are not
planning on getting a divorce.
- Make gifts
to family members or others, but retain no control over
the property.
- Set up Dynasty Trusts for you
children and grandchildren.
- Create a family limited partnership. Where minors are involved, create a limited partnership interest owned by a domestic trust or foreign corporation.
- Create a family limited partnership coupled with an asset protection trust with either a domestic
(Alaska, Delaware) or foreign
situs, but you should not serve as trustee of the trust.
- Use foreign situs or offshore trust under the laws of the
Cook Islands or Belize.
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