This is the first in a series of articles addressing the topic of asset protection trusts. More specifically, are asset protection trusts allowed under Oklahoma law? And if so, how can a person go about setting one up? What are the rules and what kind of assets can be protected?
Most importantly, can you protect your assets from? Can you protect them from private creditors? What about the government agencies like the IRS or Medicaid? These are the types of questions we will answer in this series of articles.
When talking about asset protection trusts, it’s crucial to identify which assets we’re protecting and who we want to protect them for. If you remember from our last series on how to set up a trust, we discussed the different roles of Grantor, Trustee, and Beneficiary in every trust. We discussed how the person setting up the trust could play all three roles or just one. You need to grasp these basic concepts before diving into asset protection trusts. Asset protection focuses on how to manipulate those roles.
If you haven’t read our last series yet, then start with our first article, How to Set Up a Trust in Oklahoma. After you’ve read that series, you will have a foundation to understand this new series.
Now that you know how a trust works and how to set one up, you can learn about setting up a trust for asset protection. Here are articles that cover different parts of creating asset protection trusts.
- Setting up a trust to maximize asset protection in Oklahoma
- How to set up a trust for the elderly in Oklahoma
- Can a trust protect assets from Medicaid in Oklahoma?
- Does putting your home in trust protect it from Medicaid?
Consult with an Oklahoma City Trust Attorney
To book a consultation with our Trust Attorney in Oklahoma City, email us or call 405-607-7799.
Travis Charles Smith has been practicing since 2009 and can you help you with general estate planning, business formation and business succession planning, real estate matters, and other matters related to asset protection.