Tennessee is #3 for Domestic Asset Protection Trusts in 2014
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A year ago Tennessee tied for the fourth spot in Steve Oshins’ Annual Domestic Asset Protection Trust State Rankings. Last summer Oshins updated the rankings after pending legislation failed to pass, and Tennessee jumped a spot—tied for third with Ohio.
Since then Tennessee continues to share the tie for third with Ohio. The absence of a state income tax, short statute of limitations for creditor claims (half the time as compared to the majority of other states where DAPTs are permitted), and protection from alimony and child support claims make both states attractive jurisdictions to establish a DAPT.
The Top 5 States for DAPTs in 2014:
1. Nevada
2. South Dakota
3. Ohio / Tennessee
4. Alaska
5. Wyoming
Individuals need not maintain residency in a state in order to establish or benefit from a trust in that jurisdiction. Out of all the states our asset protection lawyers service (North Carolina, Tennessee, Florida and New York), only Tennessee permits DAPTs. Individuals in states that do not permit DAPTs can look for options elsewhere, and those who do reside in a DAPT jurisdiction may find another state’s features more attractive.
One new addition to the list in 2014 is Mississippi, and one state now missing is Colorado. Review the list of 2014 DAPT Rankings here.
