Leading Asset Protection Attorney Paul Deloughery Reveals Proven Track Record of an Asset Vault Trust – Scottsdale, AZ
In a recent interview, top asset protection attorney Paul Deloughery, founder and senior attorney at Magellan Law, PLC in Scottsdale, AZ, revealed the proven track record of an ‘asset vault’ trust when compared with self settled trusts (DAPT's) and offshore trusts.
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When asked to comment, Deloughery said, “Many people looking to protect their assets are unaware of the benefits offered by trusts such as an asset vault trust. From having a strong legal backing to offering protection in a variety of circumstances, here are some reasons to set up an asset vault trust."
One reason to opt for an asset vault trust is that they have been legally proven to be more effective than other trusts.
When asked to elaborate, Deloughery said, “Asset vault trusts have years of legal precedent unlike offshore trusts and domestic asset protection trusts, which do not protect assets in the same way that asset vault trusts do.”
"Cases related to asset vault trusts have been tried over and over in courtrooms throughout the country. This means that the legal team you hire will be able to come up with a law-abiding, solid asset protection strategy,” he stated.
Asset vault trusts also provide a broader scope of use than other trusts.
"Unlike offshore trusts, asset vault trusts can protect any asset in any location and against any potential liability, including IRS action such as tax liens, divorce, bankruptcy, and other lawsuits," he said.
Deloughery was quick to add that, partially due to its wide scope, asset vault trusts can be as simple or as sophisticated as needed.
“This depends on the amount of money to be placed in the trust, which can vary from hundreds of thousands to hundreds of millions. In other words, asset vault trusts can be adapted to accommodate a wide swath of the American population,” he said.
Setting up an asset vault trust is easier compared with other trusts.
When asked about the benefits of this, Deloughery commented, "Other trusts take weeks or months and require appraisals and extra tax returns. Asset vault trusts, on the other hand, can be set up in a couple of days without the extra hassle. For instance, once the trust is established, you are free to transfer your assets into or out of the trust without worrying about taxes."
He added that an experienced asset protection attorney can also coordinate with a CPA to ensure their client stays tax compliant after setting up an asset vault trust.