This article uses two case studies based on actual client situations to illustrate how irrevocable trusts are excellent structures not only for long-term estate planning but also for protecting assets from potential judgment creditors. First, the article describes very simple strategies that every home or business owner should implement before a creditor claim arises. Second is a brief examination of the legal and practical implications of voidable (fraudulent) transfer laws that may prevent clients from pursuing asset protection. Third, the article describes how to structure an irrevocable trust by using trust protectors for maximum assets protection and to retain flexibility. Finally, the choice of jurisdiction (U.S. or foreign) is discussed.
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