Check Yourself: Are Your Assets as Protected as You Think?
Most Asset Protection Trusts Are Bad at Their Only Job
What is an asset protection trust?
It’s no secret that the world has become steadily more lawsuit-happy and opportunistic over the years. A work truck t-bones a minivan and suddenly the whole company—and often much more—is vulnerable to creditors, even if the owner was in no way involved in the collision itself. This has fueled a rise in the popularity of asset protection trusts, as people (understandably) want to ensure their lives can survive such an incident. After all, it’s not just their business on the line; it could be their home, life savings, vehicles, or any number of valuables. With that in mind, it’s easy to see how asset protection is not just about the individual, but also about their loved ones’ comfort, well-being, and manner of living.
Depending on where your research leads you, it may appear that an option such as an offshore trust is the ideal solution to this problem. You move your assets into any trust promising asset protection and all is well. Right?
Asset protection trusts promise protection—so what’s the issue?
Simply put, some of them just don’t work. The people who sell and promote them either don’t know about the many failures of these trusts in court cases or they don’t tell you about them. McCullough does the research, and we can show you court cases demonstrating which types of
trusts work and which don’t.
There are many asset protection promoters on the internet, and just as many opinions about the best way to protect assets. What most of them lack are court cases to support their claims. We can show you over 30 court cases where offshore trusts have failed to accomplish their intended
purposes.
So what asset protection trust CAN I trust?
To protect your assets most effectively, you should rely on a structure with a proven history of strong, reliable asset protection, rather than leaning on untested and unproven concepts. McCullough utilizes very old and well-established laws to create asset protection trusts that work. We have fine-tuned our trusts and seen them tested numerous times over the past 27 years.
We call our primary asset protection trust a “541 Trust ®” because one of its most powerful features is supported by Section 541(b)(1) of the U.S. Bankruptcy Code.
A 541 Trust ® is better than alternative options because:
- It is simple to understand, implement, and operate, unlike the chaotic complexity of offshore trusts and many other asset protection structures.
- It is much more affordable than an offshore trust and doesn’t have high annual maintenance charges or complex IRS reporting.
- It is extremely flexible and can be modified at any time.
- It can protect assets located anywhere in the world.
- It works in all 50 states.
- It is supported by hundreds of court cases.
- It relies on laws that have not changed for hundreds of years.
Each trust is designed and customized by an attorney for the circumstances of each specific client. Many of our trusts have been tested in lawsuits, bankruptcies, and collection actions and their track record is irrefutable.
Our satisfied clients include many with modest wealth in addition to many high-profile or high-net-worth clients, including well-known entertainers who have produced over 59 gold and platinum records and #1 singles in the U.S. and UK, the tour producer for Michael Jackson, owners of internationally recognized businesses, and professional athletes from the PGA, NBA, MLB, and NFL.
Your life, your assets, your family—these things matter.
Don’t be lulled into a false sense of security by a trust that doesn’t do what its name suggests. Let us help you build, secure, and fulfill your legacy.