There are many things in life you may want to protect. Tennessee Domestic Asset Protection Trusts are an excellent way for individuals to protect their assets from a lawsuit, bankruptcy, divorce or other similar financially damaging situations, while continuing to benefit personally from these assets. Regardless of occupation or net-worth, everyone is exposed to liability, so any individual or family can benefit from a Domestic Asset Protection Trust. If you are not sure how you can benefit from such a trust, contact a Domestic Asset Protection Trust Attorney in Tennessee by calling (615) 628-7775. The Music City Estate Law in Brentwood, TN has experienced lawyers and attorneys who understand how a domestic asset protection trust works. Give us a call to talk with our Tennessee Domestic Asset Protection Trust Lawyer.
Under This Law:
- Assets (including homes) are insulated from creditors, yet individuals may take out income or principal and direct the investments of the trust.
- Such a trust can exist for up to 360 years, therefore protecting family wealth for many generations.
- Tennessee residents can keep their assets in state, while residents of other states may create an asset protection trust in Tennessee with a Tennessee trust company.
The Basic Requirements for Creating an Asset Protection Trust is that the Trust:
- Must be governed by Tennessee law
- Must be irrevocable
- Must have a spendthrift clause
- Must have a qualified trustee
- Must be an executed affidavit
The Qualified Trustee:
- Must be a Tennessee resident or a corporate trustee licensed under Tennessee law.
- Must have at least some certain duties such as custody of assets, preparing tax returns or be materially administering the trust.
Ensure trusts are set up properly and that all necessary requirements are satisfied by using the guidance of a qualified attorney.
Contact the Music City Estate Law by calling (615) 628-7775 and talk with our Tennessee Domestic Asset Protection Trust Attorney. Whether you’re looking for a Domestic Asset Protection Trust Lawyer in Davidson County, a Brentwood Domestic Asset Protection Trust Attorney, a Domestic Asset Protection Trust Lawyer in Williamson County, a Murfreesboro Domestic Asset Protection Trust Lawyer, a Domestic Asset Protection Trust Attorney in Rutherford County, we can assist you in determining whether a Tennessee Domestic Asset Protection Trust is right for you.