What is an Arizona Irrevocable Asset Protection Trust?

This brief video summarizes the mechanics of an Arizona-based asset protection trust.  Although Arizona law does not permit the use of self-settled asset protection trusts like some other states do, an Arizona resident may establish an Arizona-based irrevocable trust that provides asset protection for all parties involved.  The key to making it work is to name other people as beneficiaries of your trust, such as your spouse and/or children, while prohibiting distributions to yourself.