State laws vary rather widely regarding the jurisdiction of trusts and trust assets. Certain jurisdictions have laws that are generally more favorable in their treatment of trusts for purposes of asset protection, access to trust-owned assets and creditor protection. As part of McManus & Associates’ Educational Focus Series, Founding Principal John O. McManus shares expert guidance on the top 10 things to consider when deciding where to site your trust.
Top 10 Considerations for Domestic Asset Protection Dynasty Trusts
During the discussion, you’ll find answers to the 10 questions below:
- What is a self-settled trust? When can the grantor list himself or herself as a beneficiary?
- How do state income taxes affect the choice of situs for my trust?
- What variation is there in state legislation regarding creditors and Statute of Limitations?
- Are certain exemptions made for specific types of creditors?
- What are the standards for proving fraudulent transfers?
- What role do the courts play regarding actions involving a Trust?
- Does the state require an Affidavit of Solvency upon the transfer of assets?
- How does the rule against perpetuities affect choice of situs?
- Discussing observations of trustee fees in each of the most favorable states.
- What are some of the other miscellaneous trust enhancements in the most favorable states?
We would love to learn more about your asset protection needs. Send us an email at firstname.lastname@example.org or give us a call at 908.898.0100.