Is it necessary for a client to lose control over their assets to protect them?
Not usually. For instance, limited partnerships and limited liability companies allow you to retain complete control over your assets, and these entities well-protect assets. As another example, you may directly own exempt assets or title your assets with your spouse as tenants-by-the-entirety. Even when we use trusts for wealth protection, we have control retention techniques to relieve our client’s fears about entrusting their assets to a trustee. There are many ways to safeguard assets entrusted to others. You expand your planning options once you fullyunderstand these control retention techniques. How much control you can maintain over your assets must, in each instance, be determined by your advisor and ultimately the answer depends on the nature of the plan and the tools we use, and sometimes you must surrender control over your assets to a professional trustee to safeguard your assets. But isn’t this preferable to losing your assets to your creditors?