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 South Dakota. An asset protection trust is an irrevocable trust that is established to protect your assets from creditors, including those pursuing judgment from lawsuits. However, in order to be effective, the trust must be established in advance of the potential lawsuit or other creditor. In many states, including South Dakota, asset protection trusts are not allowed for certain types of assets such as retirement accounts, pensions, and Social Security, and are also limited in how much they can protect against certain kinds of lawsuits. Once your trust is up and running in South Dakota, it allows you the freedom to place assets into the trust, thus getting them out of the reach of creditors. Assets put into the trust are no longer yours, and you no longer have control over them. This protection applies to many creditors and lawsuits, including original creditors, medical bills, student loans, and judgments issued by a court. With an asset protection trust in South Dakota, you can have peace of mind knowing that your assets are safe from those who may wish to take them away from you due to a lawsuit.

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

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