You have two basic kinds of trusts to choose from when narrowing the options down. While there are several different kinds of trusts that you can discuss with your Newport Beach asset protection attorney, they all fall into two categories: Irrevocable trusts and revocable trusts.

• An Irrevocable Trust is one that one that cannot be altered – this means you’ll want to make sure you are absolutely certain that all the parameters of the trust are something that you will be able to agree to for the long haul. In addition, an irrevocable trust can never be terminated, no matter what the surrounding circumstances are. Again, a good reason for careful consultation with your Newport Beach trust attorney before signing any dotted lines.

• A Revocable Trust can be altered as much as the grantor wants, though he or she will have to do so through the trustee. Nonetheless, the option to make changes is there, and this means that you can change your mind about the parameters anytime. In addition, unlike an irrevocable trust, a revocable trust can be terminated by the grantor at any time. This means if you have a change of heart or your life circumstances change, you can change or end the life of the trust.

While the revocable trust may sound better than the irrevocable trust, both have their pros and cons, and you won’t know which meets your needs best without first consulting a California asset protection lawyer. Contact Jeffrey Matsen today to find out what your options are for trusts.

When you decide to open an offshore trust, there are a few simple considerations that will help you steer clear of problems later down the road.

Choosing a trustee: When you are considering who should be the trustee of your offshore trust, there are a few options.

1. You can choose a friend or family member: If the person you choose is a friend or family, the reasons may be because the individual you entrust has a vested interest in the assets held within the trust. This can be a safer way to go because they want to ensure the safety of the assets due to business dealings or because they want to protect you. In either case, have your California offshore trust attorney help you decide — appearance can be deceiving, and while you trust this person now, money can change relationships.

2. You can choose an offshore bank as your trustee: This is often a good way to go depending on the trust, especially in Cook Islands Trust where banks are extreme defensive players when it comes to the rights of the grantor of the trust.

3. You can choose a professional trustee who lives where the trust is held: This person will charge you a fee, but the beauty here is that they are an objective party who has no interest in what family members, a divorcing spouse, or a U.S. attorney may want to do with or to your trust.

To help you decide which type of trustee is best for you, get in touch with Orange County asset protection attorney Jeffrey Matsen today by visiting our Contact page.

Creating an offshore trust make some major changes in how the assets therein are protected and managed.

• The Assets you place in an offshore trust will not be in your name anymore — they will be in the name of the trust and controlled and managed not by the grantor (you) but by the trustee. The trustee can be an individual or a banking institution based upon your personal needs.
• In most cases, the trustee will not have the power to make decisions about the assets held within the trust without your go ahead, but you should always advise your California asset protection lawyer of any changes you wish to make before moving forward — it could be that he counsels you not to make the move.
• An offshore trust will take the assets from being communal property between you and your spouse since the trust in which they are held will be the entity named as the owner of the assets. This means that as the grantor of the trust, the assets (while not technically in your name) are no longer accessible to the spouse you are divorcing.
• BEWARE that you can’t decide after divorce has been decided upon to stash a what you feel is rightfully yours in an offshore trust. You must have created the trust while the marriage is still legally binding and before anyone is served with divorce papers.

If you have an interest in an offshore trust you will want to discuss it with a California offshore trust attorney who can advise you as to which kind of trust suits your needs best. Always consider the needs of your loved ones and yourself when you decide on a trust; it can be a phenomenal way to protect what is rightfully yours in the event of malpractice, predatory creditors, and much more.