Asset Protection planning (the examples below can be accomplished without the use of "off-shore" or moving assets out of the country):
- Lawfully evaluating your current situation and assets
- Determine the best alternatives to maintain privacy of your affairs
- Developing a plan in which assets are protected from the claims of future creditors
- Use of trusts, and other legal entities to protect your assets from the claims of creditors
- Use of trust and entity planning to protect your heirs from creditors claims, such as divorce, lawsuits, and bankruptcy
Some legitimate tools: leaving an IRA in trust for your beneficiaries; placing assets in a corporation or limited liability company; placing assets in trust for your heirs; and placement of your assets in trust (following the rules of one of the states that allow you to follow certain rules and create a "Self-settled" spendthrift trust) so that you can benefit from them, but keep them in trust and out of reach of your creditors.
Tennessee Investment Services Trust – "self-settled" asset protection trust, one of only a few states that allow an individual to contribute assets to an irrevocable trust, meet the requirements, and protect those assets from the [grantor/settlor/owner's] own creditors, but still benefit from the assets via discretionary distributions from the trust during their life, with the potential to extend the trust for generations.
