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Myths About Trusts for Asset Protection

Sometimes people ask about trusts. Jerry has been involved with over a thousand trusts, and can speak from years experience.

There was a time, not long ago, when trusts could provide some asset protection. In the past several years, there have been so many abusive trusts that even properly drafted trusts are often disregarded by courts.

Common Law vs. Statutory Law

One of the reasons people offering trusts use is that we have a common law right to form a trust, whereas an LLC or a corporation is a government granted privilege. From a purely theoretical viewpoint, this is true. However, you want more than theory protecting your assets; you want something that works in court.

The bottom line is that, for asset protection, nothing works in court like an LLC. Corporations are second, and trusts are a distant third.

Trusts for Probate Avoidance

There is still a place where courts do respect trusts, and that is when they are used in lieu of a will. Trusts are a wonderful vehicle for this, and should be included in an asset protection program.

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