Can I use an asset protection trust to protect my assets from lawsuit judgments?

Yes, you can use an asset protection trust to protect your assets from lawsuit judgments in Oregon. An asset protection trust is a type of legal trust that is designed to protect your assets from creditors or other potential claimants. This type of trust is often used to shield your assets from being seized during legal proceedings such as a divorce, foreclosure, or lawsuit. In Oregon, asset protection trusts are governed by the Oregon Revised Statutes (ORS) Chapter 128. Asset protection trusts allow you to put your assets in the trust so that they are no longer owned by you. This means that if you are sued, the assets held in the trust are protected from being taken away by creditors. The trust also provides a layer of protection from any legal judgments, as the trust assets are not considered part of your estate or assets. In Oregon, the asset protection trust must be created and managed in accordance with the Oregon Revised Statutes and the Oregon Trust Code. You will need to hire a qualified attorney to help you create a trust that meets the state requirements. Additionally, the trust must be irrevocable, meaning it can not be changed or terminated by you after it has been established. By using an asset protection trust, you can protect your assets from being taken by creditors or lawsuit judgments in Oregon. It is important to note that asset protection trusts do not provide complete protection from all creditors and lawsuit claims. It is always important to consult with an attorney to ensure that your trust meets state requirements and meets your personal needs.

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Can I use an asset protection trust to protect my assets from lawsuit judgments?

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