Updated: Top States for Domestic Asset Protection Trusts 2013
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Our asset protection lawyers in Chapel Hill shared Steve Oshins’ Annual Domestic Asset Protection Trust State Rankings earlier this year, and now there is a mid-year update:
Earlier in 2011 Alaska held the #3 spot in the nation (out of the sixteen states that permit DAPTs), however, pending legislation that would have been favorable for these trust tools did not pass. Even with this slight change, Alaska still remains in the Top 5. The new rankings:
1. Nevada
2. South Dakota
3. Ohio/Tennessee (tied)
4. Alaska
5. Delaware
Our Chapel Hill asset protection lawyers also service Tennessee, which has now jumped up a spot on the list after the recent update. The availability of DAPTs in Tennessee is relatively new; these unique trusts only became available in the state six years ago. North Carolina still does not permit DAPTs, but residents have the freedom of establishing a DAPT in another state.
Each state has a different statute of limitations period addressing DAPTs, which is one of the variables an asset protection lawyer would review with you when it comes time to choose a state. In addition to creating and managing the state rankings, Oshins also penned a Wealth Counsel article in early 2013 where he explains the preservation abilities of DAPTs have yet to be tested in court as “there is still no case law after more than 15 years since the first DAPT statute was enacted.”
Foreign asset protection with offshore trusts is also an option. Learn more about the benefits of offshore trusts and understand that there are still ways creditors
