Protection of Family Wealth for Generations

Asset Protection Planning in St. Louis, MO

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Contact Us Today

Asset Protection Planning in St. Louis, MO

Call Us Today

Contact Us Today

Asset Protection Planning in St. Louis, MO

Call Us Today

Contact Us Today


Effective August 28, 2011, Missouri enacted legislation which may impact your existing estate planning. Before the new law was enacted, assets registered in a joint Revocable Trust were exposed to the creditors of husband and the creditors of wife. If either husband or wife got sued their assets in their Revocable Trust were not protected. The new law, with proper planning, will allow you to protect your assets that are registered in your joint Revocable Trust from the separate creditors of you and your spouse.

  • Missouri Asset Protection Trust
  • Beneficiary Inheritor's Trust
  • Personal Residence Protection Trust
  • Offshore Asset Protection Trust
  • Qualified Spousal Trust

Happy Senior Couple in St. Louis, MO

Overview of the New Law

The new changes to the Missouri Uniform Trust Code (Code) specifically allow a husband and wife to transfer their jointly owned property to a certain type of revocable trust known as a qualified spousal trust. If a trust is considered a qualified spousal trust under the Code, then the assets in the trust will be protected from the separate creditor claims of either spouse.

In addition, the qualified spousal trust can also be designed to protect the assets in the trust when one spouse predeceases the other spouse. In other words, if the husband has a judgment against him and his wife predeceases him, the assets in the qualified spousal trust will remain protected from the husband's creditors at the death of his wife.


What Is a Qualified Spousal Trust?

A Qualified Spousal Trust is a trust created by a husband and wife which is revocable by either or both husband and wife acting together while either or both are alive. The qualified spousal trust can contain any other trust terms that are consistent with this new law. A spousal trust virtually can operate the same way as an existing trust. With the expertise of an estate and asset protection attorney, an existing Revocable Trust can be converted into an asset protection trust.

Contact us today for our services in St. Louis, St. Charles, Belleville, Collinsville, Manchester, Chesterfield, Clayton, Ladue, Frontenac, and Town & Country, Missouri.


Disclaimer
The information provided on this site is provided for illustration purposes only and does not represent a proposal or specific recommendation. As a word of caution, the information presented cannot possibly substitute for competent legal advice. Our treatment of the law is general and is not intended as a comprehensive discussion of all relevant issues. The law in each state will vary to some extent, and the applicability of the law will depend upon your individual circumstances.