A trust is an estate planning tool which can also be used for asset protection. The easiest way to explain what a trust is or does, is to think of it as a company. This is of course a very generalized analogy and we would be delighted to explain this more in depth in a consultation with one of our attorneys.

Sticking with the analogy of a company, the idea behind the trust is that is removed ownership from the individuals, but it maintains full control. Thereby, the trustee(s) can control their assets, but from an asset protection standpoint, the ownership has been transferred.

As this is a fairly complex aspect of estate planning, we would recommend you take us up on our offer of a consultation and allow us to explain this in detail in person.