Planning Briefs
A Trust For Creditor Protection
Published Tuesday, November 28, 2017 at: 7:00 AM EST
Trusts come in many shapes and sizes and serve different purposes. For instance, you might set up a credit shelter trust to provide wealth for your children and grandchildren while minimizing estate taxes. Another specialized trust—the domestic asset protection trust (DAPT)—is intended to keep assets from the reach of creditors even if you're named as beneficiary of the trust. DAPTs are available in more than a dozen states.Although these trusts have been around for years, state laws that set the rules for them continue to evolve. Most state statutes allow a DAPT to be treated as a "grantor trust," meaning...
© 2024 Advisor Products Inc. All Rights Reserved.
More articles
- NINGs, WINGs And DINGs: Tax Angles
- It's Hard To Beat The Annual Gift Tax Exclusion For Ease
- Tax Relief For Disaster-Area Losses
- Four Smart Tools For College Savings
- Ask About Personal Residence Trusts
- What Are The 3 R's Of Roth IRAs?
- Avoid This Installment Sale Trap
- If Estate Tax Repeal Is Enacted Soon, Will It Stick?
- "New and Improved" QSBS Tax Break
- Lending Money? Watch Your Tax Step
- Why Aren't More Millennials Moving On Up And Out?
- Are You "Rich" Or Not? New Survey Hits The High Points
- 6 Ways To Close The Retirement Gap
- The myRa Is Cut Short, But Other Options Abound
- Foreign Intrigue In Estate Planning