Ins and Outs of Domestic Asset Protection Trusts ... In the most basic form, the principle behind an irrevocable DAPT is that a person cannot be sued for property that they don’t own.

An asset-protection trust can help older adults in need of constant nursing care pay the substantial costs of assisted living or skilled nursing facilities and at-home help.

Asset protection trusts — both offshore and domestic — can be highly effective vehicles for protecting your wealth in today’s litigious society. But these trusts can be complex and expensive ...

One way to avoid such situations is creating a legacy trust. A legacy trust avoids probate like the basic revocable trust, but it also provides a lifetime of asset protection for your beneficiaries.

Beyond exempt assets and TBE, basic asset protection tools, like family limited partnerships (FLPs) limited liability companies (LLCs), and certain types of trusts should be used.

Editor’s note: This is part 16 — and the final article — of a series about the fundamental principles of using trusts and LLCs in estate planning, asset protection and tax planning.