Legacy Planning: Asset Protection
Trusts are established for many reasons. One of the most common is asset protection. The term 'asset protection' refers to the suite of legal vehicles and techniques available to those who wish to ensure that their assets are shielded from these unforeseen, or unforeseeable eventualities. Trusts were developed by English common law with the initial purpose to minimize the impact of inheritance taxes arising from transfers at death and to facilitate transfers of wealth within the family unit. Asset protection trusts have a number of significant applications for indiv
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