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Asset Protection Planning

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Asset Protection Planning

Missouri Asset Protection Trust

Beneficiary Inheritor's Trust

Personal Residence Protection Trust

Offshore Asset Protection Trust

Qualified Spousal Trust

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.   

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.

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