“According to the website "Californiality," the California divorce rate is 75%!!” noted Los Angeles Asset protection Plan Attorney Bruce Givner. “That means that people should actively seek an experienced asset protection plan attorney to protect their assets before they get married.”
Generally, if a trust is established before a marriage, any assets placed in that trust before the marriage are separate property. “A Domestic Asset Protection Trust (DAPT) is a great asset protection plan vehicle because a future spouse can transfer property, including the ownership of many types of businesses, into the trust,” explained Givner. While some domestic asset protection trust states will protect the assets of a trust created before the marriage from an alimony claim, others will not.
“One other thing a spouse should remember,” added Givner, “a trust is an excellent vehicle to protect certain assets received from a divorce.” Setting up the proper trust vehicle will protect a former spouse not only from later creditors, but also unexpected lawsuits.
Givner & Kaye focuses on sophisticated income tax planning and compliance, tax litigation and procedure, and asset protection plans for individuals and businesses in Beverly Hills, Calabasas, West Los Angeles, Hollywood, and other areas of Los Angeles County. Call Los Angeles Income Tax and Asset Protection Plan Attorneys Givner & Kaye at (310) 207-8008 today.