3 Money Protection Trusts

8 May 2024 · 1 min

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1:01

In this concise explainer, a money‑protection lawyer outlines three distinct types of asset‑protection trusts that can shield a person’s wealth while they are alive. The first, a domestic asset‑protection trust, is an irrevocable U.S. trust available only in certain states; it permits the settlor to retain control and receive income but must be established before any creditor issues arise. The second, a foreign (offshore) asset‑protection trust, is created in jurisdictions such as the Cook Islands, Nevis, or Belize and is especially effective for protecting cash holdings. The third, a Medicaid asset‑protection trust, is designed to preserve assets while qualifying for Medicaid benefits. The speaker also includes a brief call‑to‑action directing viewers to his newsletter and Linktree for further assistance.

Chapters

As a money protection lawyer, I'm going to tell you about 3 types of trusts that can protect your assets from creditors while you are alive. Trust number 1, a domestic asset protection trust. A domestic asset protection trust is set up in the United States, but only some states allow them, and each of those states have different rules. This type of trust is an irrevocable trust, but you still have control over your assets and can receive income from them. But but you need to set these up before you have issues with creditors. Trust number 2, a foreign asset protection trust. You may have heard these referred to as an offshore trust. These are set up outside the United States only in certain countries. The best places to set these up right now would be the Cook Islands, Nevis, or Belize, and they are best suited to protect cash. Trust number 3, a Medicaid asset protection trust. Before I get to that, if you want to get my newsletter or work with me, click on my picture and then my Linktree. A Medicaid asset protection trust can be set up to help you protect assets