Does California Recognize Domestic Asset Protection Trusts?
A DAPT is a type of irrevocable trust established to protect the assets held within. Unlike other trusts, however, these often have the same grantor and discretionary beneficiary, providing asset protection after a certain period to individuals who are placing their assets into the trust and benefiting from it. California does not allow the establishment of irrevocable self-settled trusts where the same individual is benefiting from a trust that their own assets are being fed into. In fact, most states don’t. The only states that do are Alaska, Delaware, Hawaii, Michigan, Mississippi, Missouri, Nevada, New Hampshire, Ohio, Oklahoma, Rhode Island, South Dakota, Tennessee, Utah, Virginia, West Virginia, and Wyoming.
You would want to establish your trust in a state that recognizes DAPTs and that is more likely than not to uphold the asset protection status afforded to you by the establishment of a DAPT. Alaska, Delaware, Nevada, South Dakota, and Wyoming provide the most extensive asset protection for those who establish DAPTs. YOU CAN PROTECT YOUR LEGACY WITH DAHL LAW GROUP. Our team of experienced estate planning professionals is prepared to apply the most efficient and effective tools in your estate plan. We use all the available options and resources to guide our clients toward the right choices for their specific circumstances. When you’re ready to get your estate plan done right, contact Dahl Law Group for personalized legal counsel and ask if a Domestic Asset Protection Trust is right for you.
the grantor is giving up control of an asset rather than retaining control and benefiting from it. WHERE SHOULD I ESTABLISH A DOMESTIC ASSET PROTECTION TRUST? As noted, you won’t be able to establish a DAPT in California. So, where should you? Public policy of the state where you reside governs whether you can set one up. However, some states will refuse to enforce a judgment from California if that judgment goes against the policy within that state.
DAPTs afford asset protection that is generally reserved for trusts where
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