Trusts come in numerous varieties and serve different purposes. The most common trust is a revocable or living trust. Such trust enables you to name yourself as the beneficiary and trustee. The purpose of a revocable living trust is to avoid having your assets administered by a court upon your death or incapacity.
If you own a home in Arizona, a valuable asset protection strategy is to consider utilizing the Arizona Homestead Exemption. You may be asking yourself, “what does homesteading a house mean?” Well, homestead protection in Arizona effectively allows you to protect up to $425,000 of equity in your home.
If you have significant assets and are looking for ways to protect your hard-earned wealth from exposure to creditors or legal claims, there are various legal options to consider, including establishing a Domestic Asset Protection Trust (DAPT)
There has been much debate about whether series LLCs are a viable asset protection tool. If you are asking yourself, “Is a series LLC a good idea?” then here is the answer: No, they are not a good idea, and they should not be part of your asset protection plan. Why?
The Corporate Transparency Act (CTA), which went into effect on January 1, 2024, requires entities within its scope to disclose information, including information regarding beneficial owners, to the United States Treasury Department’s Financial Crimes Enforcement Network (also known as “FinCEN”).
Fortunately, Skabelund PLLC is the best asset protection law firm nationwide. Want to know why? Here are 21 reasons: 1.
Gift trusts are the Swiss army knife in estate planning as they can eliminate your estate tax while also protecting your assets from lawsuits. A gift trust is a way to gift assets to another party, such as your children or grandchildren, without having to pay the estate taxes that would apply upon your death.
A Qualified Personal Residence Trust (QPRT) is a special type of irrevocable trust that provides asset protection and reduces your estate tax liability. Qualified Personal Residence Trusts allows you to gift your home to your heirs while still living in it rent free for a specific period of time. You can be both a beneficiary and trustee of a Qualified Personal Residence Trust, as long as it does not exceed your life expectancy predicted by the I.R.S.
A Limited Partnership (LP) is a type of business entity that can be used for many purposes, including asset protection. LPs are structured differently than limited liability companies (LLCs), corporations and other business structures.
Anyone who owns a corporation, limited partnership, LLC or other business structure needs to be aware of the Corporate Transparency Act (CTA). The CTA is a law passed in 2021 that introduces new reporting requirements, which go into effect January 1, 2024.
