Christopher Arakaky of Dunlap Bennett & Ludwig PLLC, has made available for download his article, “Asset Protection Trusts and Alternatives,” published in JDSupra. The abstract is as follows:
We live in an incredibly litigious nation. Every year, billions of dollars are spent on lawsuits across the country. Business owners, professionals, and high-profile individuals, among others, are constantly seeking ways to protect their assets should they ever experience legal problems. An asset protection trust, which is a type of irrevocable trust, may be a solid option for people whose line of work puts them at risk of legal liability. These types of trusts are not available everywhere. Virginia Code § 64.2-745.1 allows asset protection trusts to be formed if certain criteria are met.
Posted by Anthony Tran, Associate Editor, Wealth Strategies Journal