What are the common uses for an asset protection trust?

Asset protection trusts are legal tools used to safeguard your assets from creditors in Washington. Generally, assets held in a trust are exempt from creditors’ claims and can’t be taken to pay off debts or judgments. A common use for an asset protection trust is to protect your assets from creditors. Assets placed in an asset protection trust are not part of your estate and are protected from creditors. The trust also offers you a way to pass on your assets to your beneficiaries without having to go through the process of probate. Another common use for an asset protection trust is to protect your assets during a marriage or divorce. Assets placed in an asset protection trust are excluded from a marital estate and are protected from spouses during a divorce. Asset protection trusts can also be used to protect assets for future generations. Assets placed in an asset protection trust are protected from creditors of the beneficiary and can be managed by the trustee for future generations. Asset protection trusts are also used to manage your financial affairs during periods of incapacity. Generally, assets in an asset protection trust are managed by a professional trustee, who is responsible for making financial decisions if you become incapacitated. Finally, an asset protection trust can be used to protect your assets from the high costs of long-term care. Assets placed in an asset protection trust are excluded from the calculation of eligibility for long-term care benefits and are protected from the high costs of long-term care.

What are the common uses for an asset protection trust?

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