Mark Kohler explains crypto asset protection trusts, irrevocable trusts where you can't be trustee. He warns that putting assets in them doesn't guarantee you can still use them freely, and cautions against salespeople charging $15,000 to $20,000+ who often leave clients with a mess.
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What's a crypto asset protection trust? It is the same damn thing as an asset protection trust that's irrevocable, where you cannot be the trustee. You're going to put this asset in the trust and hopefully continue to use it, but your decision-making and use is supposed to be restricted. But people want to just sign these documents, put the asset in there and think nothing changed. I can still use it. I don't own it and no one can sue me and touch it. Good luck with that in court. So be careful with these promises. And the truth is too, and sadly, a lot of these folks selling these types of trusts are charging at least, I don't think I've ever seen them under $15,000, $20,000. And we get duped into thinking, well, actually you're getting less, you're getting a mess.