Protection from Lawsuits and Creditors #assetprotectionplanning

1 May 2023 · 1 min

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0:37

In this brief video, Jerry Taylor explains domestic asset protection trusts (DAPTs) as a tool for individuals in high‑risk professions who want to shield assets from lawsuits, creditors, and bankruptcy. He notes that DAPTs are only available in a limited number of U.S. states, and highlights their key feature: assets placed in the trust remain accessible to the settlor, unlike trusts in other jurisdictions. He stresses that DAPTs are irrevocable, meaning they cannot be easily altered once established. The video concludes with a promotional call to join his “Max Your Money” community for further guidance.

Chapters

If you work in an industry or profession where you're concerned about lawsuits, creditors, and bankruptcy, then you might want to look into whether a type of asset protection trust would be good for you. The kind of asset protection trust I'll talk about today is called a domestic asset protection trust. As of right now, these are only available in the following states. In this type of trust, you can put your assets in it and still have a way of accessing those assets, which you cannot do in other states. It is an irrevocable trust, meaning that once you create it, you can't change it, or it's very, very difficult to do so. Join my Max Your Money community for more information like this. Click on my picture to go to my profile page, click on my link, and you'll see a way to join.