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using a trust to avoid creditors (1 viewing) (1) Guest
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TOPIC: using a trust to avoid creditors
#5908
cc4357 (User)
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using a trust to avoid creditors 2 Years, 1 Month ago Karma: 0  
How are people using trusts to avoid debts?
 
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#5945
Lex (User)
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Re:using a trust to avoid creditors 2 Years ago Karma: 0  
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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#5959
Jackie (User)
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Re:using a trust to avoid creditors 2 Years ago Karma: 3  
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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#5977
shalitique (User)
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Re:using a trust to avoid creditors 2 Years ago Karma: 0  
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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#5992
norton (Moderator)
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Re:using a trust to avoid creditors 2 Years ago Karma: 0  
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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#6112
cc4357 (User)
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Re:using a trust to avoid creditors 1 Year, 11 Months ago Karma: 0  
What about using a domestic asset protection trust?
 
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