Why Trusts Don't Work for Asset Protection
By William S. Reed
A trust is the right to the beneficial enjoyment of property to which another person holds the legal title; a property interest held by one person (the trustee) at the request of another (the settlor) for the benefit of another (the beneficiary). Trusts have different names depending on their purpose, i.e., Land Trusts, Charitable Remainder Trusts, Irrevocable Trusts, and so on.
Trusts are usually promoted by lawyers or non-lawyers working under their supervision. There are two-hour seminars being conducted in small hotels all over the country touting the use of Trusts and Family Limited Partnerships for the "ultimate asset protection." In law school, there is a class called Trusts, so many lawyers thin...
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