520.546.3558
BOUMAN LAW FIRM
  • Home
  • About Tom
  • Estate Planning
    • How to Plan Your Estate (Start Here)
    • Revocable Living Trust
    • Inheritance Protection Trust
    • Financial POA
    • Health Care POA
    • Living Will
    • Asset Protection Planning in Arizona
    • Intro to Arizona Domestic Asset Protection Trusts
    • Asset Protection Exemptions in Arizona
    • Protect Home from Creditors in Arizona
    • Car/RV/Mobile Home Titling
  • Fees
    • Estate Planning Fees
    • Estate Administration Fees
  • Scheduling
  • Recent Law Updates
  • Office Info
  • New Client Forms
  • More Articles
  • Bouman Law Firm Blog
  • Probate & Trust Administration
    • How to Administer an Estate (START HERE)
    • Probate in Arizona
    • Small Estate Affidavit
    • Final Arrangements & Organ Donation
    • Trust Beneficiary Notices and Trustee Reports
    • Annuities
    • Debts of Decedent
    • Transfer Real Estate of Nonresident
    • Tax Filings for Estate
    • Duties of Trustee
  • Make a Payment
  • Buy a Book
  • Legal Disclaimers
  • Home
  • About Tom
  • Estate Planning
    • How to Plan Your Estate (Start Here)
    • Revocable Living Trust
    • Inheritance Protection Trust
    • Financial POA
    • Health Care POA
    • Living Will
    • Asset Protection Planning in Arizona
    • Intro to Arizona Domestic Asset Protection Trusts
    • Asset Protection Exemptions in Arizona
    • Protect Home from Creditors in Arizona
    • Car/RV/Mobile Home Titling
  • Fees
    • Estate Planning Fees
    • Estate Administration Fees
  • Scheduling
  • Recent Law Updates
  • Office Info
  • New Client Forms
  • More Articles
  • Bouman Law Firm Blog
  • Probate & Trust Administration
    • How to Administer an Estate (START HERE)
    • Probate in Arizona
    • Small Estate Affidavit
    • Final Arrangements & Organ Donation
    • Trust Beneficiary Notices and Trustee Reports
    • Annuities
    • Debts of Decedent
    • Transfer Real Estate of Nonresident
    • Tax Filings for Estate
    • Duties of Trustee
  • Make a Payment
  • Buy a Book
  • Legal Disclaimers

BOUMAN LAW FIRM blog

How to set up an Asset Protection Trust using Arizona law

6/12/2017

 
Although many states permit self-settled asset protection trusts, Arizona law does not.  But you can still establish an Arizona irrevocable trust with asset protection features:

You may contribute assets to an irrevocable trust for benefit of your children.  The trust assets will be protected under Arizona law from the creditors of you and your children.  Unless you need to exclude the assets from your taxable estate for estate tax purposes, you may serve as trustee and also retain a power to redirect the assets to different beneficiaries upon your death.  This is called a testamentary limited power of appointment.  The trust assets will be included in your taxable estate, but they will get a full step-up in income tax basis upon your death. 

If you are married, you may include your spouse as a lifetime beneficiary of an individual irrevocable trust as long as contributions are separate property.  This would permit your spouse to have continued access to the trust assets during your lifetime. 

You can also give an independent trust protector the power to move the trust to a state that permits self-settled asset protection trusts, which would permit the trust protector to add you as a beneficiary. 

Comments are closed.

    Author

    Thomas J. Bouman
    Attorney at Law
    Tucson, Arizona

    Archives

    January 2023
    March 2022
    January 2022
    December 2021
    December 2020
    August 2020
    April 2020
    March 2020
    January 2020
    December 2019
    July 2019
    May 2019
    January 2019
    November 2018
    September 2018
    April 2018
    January 2018
    December 2017
    October 2017
    June 2017
    April 2017
    February 2017
    December 2016
    November 2016
    October 2016
    September 2016
    July 2016

    Categories

    All
    Estate Planning
    NFA Gun Trusts
    Office News

    RSS Feed

All original works on this website are:
Copyright 2000-2023 by Thomas J. Bouman.  All rights reserved.  Seriously.