Trying to plan ahead for asset protection can be difficult these days as many people are not aware of the multiple ways in which you can expose yourself to risk down the road. One of the biggest financial risks you may face is divorce, which can ravage your assets and leave you in a much different situation than when you were married. 

The use of a trust could be helpful if the trust is established before the marriage. One of the most beneficial trust types is a Domestic or Foreign Asset Protection Trust, which can be used by people who are single and also business owners. This trust provides for the transfer of separate property, such as your business itself, into a trust. This kind of trust works with limited liability companies, c corps, and limited partnerships, but you need to consult directly with a trusts attorney if you company is an S corporation.

Bear in mind that transferring assets into a trust does officially mean that the trust, and not you, owns the property. You may also want to speak to an asset protection specialist to find out whether the state in which you are establishing the trust does indeed protect those assets from a spouse down the road. Contact us today to learn more about how trusts or other methods can help you plan for the future.