Risks of a Prenuptial and Advantages of a Trust by @AZanswers

by Ann Zuraw | Featured Contributor 

You spent years working hard to build your business and have acquired a substantial amount of assets. Your wedding day is approaching, and you’re excited about your future, but have you thought about protecting your assets in the event you become a statistic. Currently, 50% of marriages fail.

Should you keep assets separate and will you disclose the total value of your personal assets? What if you become a statistic of a failed marriage, will you be protected? Or are you leaving yourself vulnerable to losing half of your property?

Many individuals concerned about protecting assets consider a prenuptial agreement, but not many follow through due to its unromantic connotation. Did you know a prenuptial agreement discloses the value of both of your assets and it’s not easy to enforce or sign?

In a second marriage, a prenuptial agreement would not protect you from having to pay for your spouse’s medical expenses. Alzheimer’s care can cost upwards of $9000 a month at a 24-hour care facility and can quickly drain your assets.

NOW THERE IS A BETTER OPTION, consider using a “Domestic Asset Protection Trust.” It will protect and control your assets using a situs (the place to which, for purposes of legal jurisdiction or taxation, a property belongs) of South Dakota, and you do not have to be a resident of South Dakota.

Below are some of the Advantages of South Dakota Trust:

  • Privacy – trust documents are not required to be filed as a public record.
  • Flexible and Amendable – can be revised as life and goals change.
  • No state income taxes – when income is not distributed.
  • Keep control of assets – maximum flexibility and control regarding the trust’s asset allocation, diversification, investment management, and distributions.
  • Asset protection – from creditors, lawsuits, and ex-spouses. Assets include securities, insurance, art, Family limited partnerships, LLCs, real estate.
  • Lower cost structure – allows for the Trustee duties to be bifurcated.
As you can see, women entrepreneurs can significantly benefit from this trust as it provides the ability for a settler to fund an irrevocable trust with a closely held business and keep control of the asset. It also can be signed, sealed and funded before marriage, helping avoid an awkward conversation with an intended spouse. Now you are free to decide how much of your hard earned money goes into the marriage pool without guilt or pressure from outside forces.
Click Here to View Ann and David Discuss A South Dakota Trust
Ann Zuraw

 

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