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What is the best timing to move shares into an Asset Protection Trust?
Anonymous2 views2 answers
I am looking to incorporate an LLC and a S-Corp. Ultimately I want the shares (or units) in both these entities to be owned by my Nevada Asset Protection Trust. Should I register the ownership in the two corporations in my personal name first and then transfer ownership to the trust - or just register the trust as the owner from Day 1?
The general answer to your subject question is "as long before something comes up as possible." In other words if you are already being sued then you are late and may not be able to do what you had planned.
This area requires specific and knowledgeable legal advice. There are a lot of hucksters out there offering bogus ideas that will not only not work as planned but can get you into a lot of trouble. Seek legal advice for this in your location and be very thorough and honest with your lawyer in discussing your concerns. Also this is an area of law that generally follows the maxim "you get what you pay for;" in that if you skimp on the preparation then the plans are more likely to fail under adverse circumstances.
One thing to remember about Asset Protection Trusts (APTs), whether you form them in Nevada, Wyoming or Alaska for legitimate purposes, is that the property you deposit in the trust is extremely difficult to withdraw, if not virtually impossible. APTs formed in a legitimate manner are good vehicles for family assets that are intended to pass from generation to generation unscathed.
