Re:using a trust to avoid creditors (1 viewing) (1) Guest
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TOPIC: Re:using a trust to avoid creditors
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cc4357 (User)
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using a trust to avoid creditors 1 Year, 9 Months ago
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How are people using trusts to avoid debts?
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Lex (User)
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Re:using a trust to avoid creditors 1 Year, 9 Months ago
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domestic asset protection trusts can be used to avoid creditor claims. But beware, as courts often break them up as they are often created with intent to defraud creditors.
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Jackie (User)
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Re:using a trust to avoid creditors 1 Year, 9 Months ago
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Spendthrift trusts created by someone else for the benefit of the debtor are protected from creditor claims. COmpare that with trusts created by the debtor, which are usually not shielded from creditor claims if the debtor has control over the trusts or if the transfers to the trust where for the sole purchase of avoiding creditor claims.
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Re:using a trust to avoid creditors 1 Year, 9 Months ago
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What about putting your house in an irrevocable trust before there is litigation? If its done prior to litigation, then the wouldnt be any fraud issues.
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norton (Moderator)
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Re:using a trust to avoid creditors 1 Year, 9 Months ago
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Same result. If you are putting assets in an irrev to avoid creditors, then the courts will undo the transfer. You an irrev for estate planning.
In addition, if you put your house in an irrev, then you will loose control of the house and your can not act as the trustee of the trust.
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cc4357 (User)
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Re:using a trust to avoid creditors 1 Year, 8 Months ago
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What about using a domestic asset protection trust?
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