About: Asset-protection trust

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An asset-protection trust is any form of trust which provides for funds to be held on a discretionary basis. Such trusts are set up in an attempt to avoid or mitigate the effects of taxation, divorce and bankruptcy on the beneficiary. Such trusts are therefore frequently proscribed or limited in their effects by governments and the courts.

Attributes	Values
rdf:type	yago:WikicatWillsAndTrusts yago:Ability105616246 yago:Abstraction100002137 yago:Cognition100023271 yago:Faculty105650329 yago:PsychologicalFeature100023100 yago:Volition105652593
rdfs:label	Asset-protection trust (en)
rdfs:comment	An asset-protection trust is any form of trust which provides for funds to be held on a discretionary basis. Such trusts are set up in an attempt to avoid or mitigate the effects of taxation, divorce and bankruptcy on the beneficiary. Such trusts are therefore frequently proscribed or limited in their effects by governments and the courts. (en)
dcterms:subject	Bankruptcy Wills and trusts
Wikipage page ID	2431738 (xsd:integer)
Wikipage revision ID	1076175566 (xsd:integer)
Link from a Wikipage to another Wikipage	Belize Bermuda Protective trust Tax evasion Offshore trust Full Faith and Credit clause Common law Fraudulent conveyance Bailiwick of Guernsey Bankruptcy Cayman Islands Bankruptcy Discretionary trust Bailiwick of Jersey Wills and trusts Divorce Asset protection Spendthrift trust Settlor Taxation dbr:Reciprocal_trust
Link from a Wikipage to an external page	https://www.fyionbelize.com/listing-category/financial-services/offshore-banks/
sameAs	Asset-protection trust Asset-protection trust Asset-protection trust Asset-protection trust
dbp:wikiPageUsesTemplate	dbt:Wills,_trusts,_estates dbt:Citation_needed dbt:Main dbt:Primary_sources dbt:Reflist
has abstract	An asset-protection trust is any form of trust which provides for funds to be held on a discretionary basis. Such trusts are set up in an attempt to avoid or mitigate the effects of taxation, divorce and bankruptcy on the beneficiary. Such trusts are therefore frequently proscribed or limited in their effects by governments and the courts. The asset-protection trust is a trust that splits the beneficial enjoyment of trust assets from their legal ownership. The beneficiaries of a trust are the beneficial owners of equitable interests in the trust assets, but they do not hold legal title to the assets. Thus this kind of trust fulfills the goal of asset protection planning, i.e. to insulate assets from claims of creditors without concealment or tax evasion. A creditor's ability to satisfy a judgment against a beneficiary's interest in a trust is limited to the beneficiary's interest in such trust. Consequently, the common goal of asset protection trusts is to limit the interests of beneficiaries in such a way so as to preclude creditors from collecting against trust assets. Such trusts must be irrevocable (a revocable trust will not provide asset protection because and to the extent of the settlor's power to revoke). Most of them contain a spendthrift clause preventing a trust beneficiary from alienating his or her expected interest in favor of a creditor. The spendthrift clause has three general exceptions to the protection afforded: the self-settled trusts (if the settlor of a trust is also a beneficiary of a trust), the case when a debtor is the sole beneficiary and the sole trustee of a trust, and the support payments (a court may order the trustee to satisfy a beneficiary's support obligation to a former spouse or minor child). The first general exception, which accounts for the majority of asset protection trusts, no longer applies in several jurisdictions. The laws of certain jurisdictions including Alaska, Bermuda, and the Cayman Islands allow self-settled trusts to afford their settlors the protection of the spendthrift clause. (en)
gold:hypernym	Term
prov:wasDerivedFrom	wikipedia-en:Asset-protection_trust?oldid=1076175566&ns=0
page length (characters) of wiki page	32035 (xsd:nonNegativeInteger)
foaf:isPrimaryTopicOf	wikipedia-en:Asset-protection_trust
is Link from a Wikipage to another Wikipage of	Bitmain Louis Bloomfield Suleman octuplets DAPT Economy of the Bahamas Trust law Spendthrift trust Asset-protection trusts Trust instrument Asset protection trust Family protection trust
is Wikipage redirect of	Asset-protection trusts Asset protection trust Family protection trust
is foaf:primaryTopic of	wikipedia-en:Asset-protection_trust

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