Who Should You Work With for Asset Protection Trust Planning?
If you’ve ever searched online for asset protection strategies or trust planning, you’ve undoubtedly found numerous websites and videos across social media platforms offering various strategies. Today, I want to specifically discuss the importance of selecting the right professional for your asset protection trust planning.
The Importance of Working with a Licensed Attorney
There is certainly no shortage of professionals offering asset protection advice, but it’s essential to ensure that you’re working with a licensed attorney who is authorized in the jurisdiction where you intend to establish your trust. More importantly, this attorney should have substantial experience and a proven background specifically in drafting and implementing asset protection trust documents.
Recently, I came across an article on Forbes.com detailing a ruling by the Supreme Court of Ohio against a group and an individual associated with it, for engaging in unauthorized practice of law. The group, Legally Mine LLC, had been creating asset protection trust strategies without involving licensed attorneys to draft or review the necessary legal documents. This practice is strictly illegal and represents a serious breach of law.
Dangers of Unauthorized Practice of Law
If you spend enough time online, you will encounter various professionals—CPAs, attorneys not specialized in asset protection, and even individuals with no certifications at all—discussing complex trust strategies and asset protection planning. Many of these individuals have limited or no understanding of the detailed legal implications, and yet they’re actively marketing their services. I have frequently questioned why these individuals aren’t prosecuted for unauthorized legal practice, and now we are finally seeing lawsuits begin to address this issue directly. The Ohio Supreme Court decision appears poised to initiate more extensive scrutiny and prosecution of such unauthorized practices.
Identifying Red Flags and Avoiding Unscrupulous Advisors
When choosing a professional for asset protection planning, it is critical to steer clear of individuals who rely heavily on sales tactics or aggressive persuasion. Often, unlicensed advisors try to complicate matters unnecessarily, creating overly intricate structures involving numerous LLCs and multiple trusts across various jurisdictions, or even offshore setups. This complexity is typically designed to confuse clients and create a misleading impression of substantial asset protection.
Advantages of Using a Licensed Specialist
In my practice, I frequently establish asset protection trusts under South Dakota law, given that South Dakota is widely recognized as offering the most advantageous and robust trust laws in the United States. I am personally licensed in South Dakota specifically to provide my clients access to these exceptional legal protections.
Ultimately, the key to successful asset protection trust planning is choosing an experienced, licensed attorney who specializes in creating these sophisticated structures. Ensure your attorney is trustworthy, knowledgeable, and genuinely dedicated to your best interests, as we attorneys are bound by a fiduciary standard, legally and ethically obligated to act in the best interest of our clients.