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Today, we’re going to talk about who needs an asset protection trust. We do a lot of asset protection trust planning, both domestically and offshore, and one of the questions we get all the time is, “Who needs an asset protection trust?”
When we talk about asset protection, we’re talking about protecting against creditor claims, lawsuits, malpractice suits, negligence suits, divorcing spousal claims, even bankruptcy in some circumstances, and other legal risks. The type of individuals who are up against these issues or face these problems include high-net-worth clients, business owners, lawyers, doctors, dentists, engineers, accountants, financial advisors, celebrities, and political activists.
I’ve had a client in the past who would have never described themselves as a political activist, but because of the nature of some of the things they were involved in, the government saw them in a different light. So, anyone who is subject to a heightened level of legal scrutiny because of the money and wealth they own, or even the type of assets they own—like a business owner—or just because of the line of work they’re in, like social media influencers, needs to consider asset protection.
There are a lot of different types of jobs out there that can subject individuals and their families to heightened legal scrutiny. If you’re one of those people, then you need to have a conversation about how you’re protecting your assets. Otherwise, you could be subject to a creditor claim when you least expect it or least need it.