When Platinum’s Trusts are used in a legal manner and under the Spendthrift provision, they are totally impenetrable by creditors, agencies, governments and are immune from transfer by operation of law. In all courts, lawsuits can be filed against people or the legal equivalent of a person. Out trust is a contract and is not recognized as a person which means it cannot be sued. Property and assets held by Platinum’s Trust cannot be seized. Further, the trustee and beneficiaries are not liable for the debts of the trust organization.
It’s very easy to pierce the corporate veil. Wake Forest Law review states that over 40% of entity piercing attempts are successful. The most used legal argument is (insufficient corporate separateness) this fall under “alter ego” and is easy to prove with tightly held entities. Many states also use reverse viel piercing in lawsuits allowing the plaintiff to recover damages from other entities you control if the claim is more than the original entity has in assets! This can ultimately financially ruin anyone who isn’t prepared.
Another problem with entities is the ongoing annual statutory reporting and renewal fees.
In order to insure maximum asset protection, the Trust must be Irrevocable and non-grantor. Our Trust separates the Settlor or Creator from the corpus of the Trust. Under these terms and conditions, upon creation, legal separation has occurred and the corpus may not be breached by claimants.
As a Trustee you will personally own no assets. Rather, you will still have total control over the assets. You as the Trustee have the ability to make purchases in the name of the Trust, and therefore the ability to enjoy the benefit of using those purchases liability free such as cars, RV’s, boats, stocks, crypto, real estate and much more! This prevents creditors from seeing you as the owner of any assets. Nelson Rockefeller said it best “The secret to success is to own nothing but control everything”.
An asset protection trust is irrevocable, meaning, the trust owns the assets in question and they would be managed by the trustee. By removing those assets from your ownership, you can protect them against creditor lawsuits.