Domestic Asset Protection Trusts
Domestic Asset Protection Trusts (DAPTs) may now be established in states which recently enacted favorable legislation ensuring special protection from creditors for Trust beneficiaries.
States which now favor DAPTs are Alaska, Colorado, Delaware, Missouri, Nevada and Rhode Island.
Usually, a DAPT must comply with the following requirements:
- The trust must be irrevocable and spendthrift.
- At least one resident trustee must be appointed.
- Some administration of the trust must be conducted in respective state.
- The settlor cannot act as a Trustee.
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If you or a loved one needs help with a situation involving one of these areas, please contact Thomas N. Silverman, P.A. at 561.775.7500 (24 hours) or info@FloridaProbateCounsel.com.