The inherent flexibility of trusts lends itself to a tailored solution for a client’s needs. “Trusts” are such a broad category of estate planning documents that there is almost certainly an option to accomplish any client’s goals. We prefer a trust as the centerpiece of an estate plan due to this inherent flexibility, but our recommendations depend heavily on a client’s individual circumstances. For example, is it preferable to use an LLC/corporate structure or a trust for asset protection?
Part of our job as an attorney is to delve into a client’s circumstances to determine which tool– a will, a trust, a corporate structure, etc– or combination of planning tools is right for them. Although this is highly individual to a particular client’s situation, the AAEPA has written a general article that may be useful when evaluating potential asset protection strategies; please treat this as an overview to start a conversation, as it is not intended to be comprehensive.