Chances are you have fire insurance for your home, but when is the last time you had a fire? Credit events are more likely and can cost much more than just your home. Some events are foreseeable and others aren’t, but most individuals will experience at least one in their lifetime. Given such odds it makes little sense to roll the dice. So if you’re serious about protecting your assets, then there is no reason to have fire insurance while failing to establish a Domestic Asset Protection Trust.
Wyoming's popularity as a trust situs arose from a conscious effort by the State's legislature. Our state allows complete privacy, does not tax income and recognizes self-settled trusts. Maintenance costs are less than half of a Nevada trust and a third of Delaware's. Credit protection begins immediately with no waiting period. We also allow regulated and unregulated trust companies. You can easily act as your own trustee - further reducing costs and enhancing privacy. The state's benefits include, but are not limited to:
Our attorney, Mark Pierce, helped craft the State's statutes on trusts. He jokes this means he did a lot of work for no pay. In truth, it means you will be in the hands of somebody who knows how to make the law work for you. Our firm opened its doors in 2003 and has focused exclusively on estate planning and wealth management. We form hundreds of trusts each year. Our prices are as follows:
A Domestic Asset Protection Trust (DAPT) allows you to create a Trust for yourself and transfer your assets into that trust as protection against creditors. A domestic trust attractive for those seeking to protect assets without losing control, naming third party beneficiaries, or moving assets to an offshore trust jurisdiction.
After the transfer the trust owns the assets - not you. You are merely a beneficiary who controls the trust. Put simply, this means if a creditor pursues you they may not seize the trust's assets as they are no longer owned by you.
The requirements of a Domestic Asset Protection Trust include:
The Wyoming Asset Protection Trust protects almost any type of property; however, when conducting the transfer, you must affirm as follows:
A DAPT does not protect the following assets:
Do Wyoming Trusts have any risks?
You may have concerns over the costs of hiring an Independent Trustee and turning control of the Trust and its assets over to a Trustee you do not have a working relationship with. The alternative is to establish a Wyoming Single Family Private Trust Company to serve as Trustee. A Private Trust Company has the following benefits:
Beyond establishing a Wyoming Private Trust Company, you will be required to establish a Family Office to manage and administer your Wyoming Private Family Trust Company, family trust assets, and closely held businesses. We provide the following family office services: