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Our Asset Protection Techniques & Strategies

Once we understand your planning goals and objectives, we will be able to recommend asset protection strategies to fit your needs.

SOUTH DAKOTA DOMESTIC ASSET PROTECTION TRUST (DAPT):

Another beneficial aspect of South Dakota law, an Irrevocable Trust can be established by you to provide for your benefit while also protecting you from future creditors.  In all but a couple states like South Dakota, if a Trust you created provides for your support, a creditor can get to those assets.

SPOUSAL LIFETIME ACCESS TRUST:

Set-up during life, this Irrevocable Trust provides regular income support for your spouse while taking advantage of favorable state and federal tax circumstances. This is also commonly referred to as a SLAT.

IRREVOCABLE LIFE INSURANCE TRUST:

Also known as an ILIT, the Life Insurance Trust has the advantage of providing for your loved ones when they need the money all while keeping the proceeds away from estate taxes and creditors.

FARM TRUST:

These specially crafted instruments allow you to keep the farm in the family until a time of your choosing rather than selling and dividing the property as dictated by inheritance and taxes.

SUPPLEMENTAL NEEDS TRUST:

Ensure that your loved ones with special needs are provided for while also making sure they qualify for applicable government benefits.

SOUTH DAKOTA DYNASTY TRUST:

Provisions unique to South Dakota allow your trusts to continue providing for your family indefinitely into the future, rather than traditionally and generally ending with your grandchildren’s generation.

SOUTH DAKOTA MULTI-MEMBER LLCs:

Designed to make use of South Dakota law to ensure that your business is protected against any creditors that might come after your personal assets.

Trust Law Counsel Estate Planning Techniques and Strategies

Once we understand your planning goals and objectives, we will be able to recommend estate planning strategies to fit your needs.

HEATH CARE POWER OF ATTORNEY:

Ensures that a person chosen by you makes medical decisions on your behalf when you cannot.

DURABLE (OR FINANCIAL) POWER OF ATTORNEY:

Allows someone else to manage finances for you when you are unable to.

LIVING WILL:

Also known as an Advance Medical Directive, this document is for end – of – life decision – making and making sure you receive only treatments you want to receive.

WILL:

Estate Planning 101. The most basic document needed to ensure your property is passed on as you wish. This is also the first step to a fully and well thought out estate plan.

REVOCABLE LIVING TRUST:

A necessity for anyone, no matter their wealth or age, who wants to pass on their property efficiently, privately, and at a lesser cost than through probate. Goosmann Trust Law Counsel works with clients to create and personalize their Revocable Living Trust.

IRREVOCABLE LIFE INSURANCE TRUST:

Also known as an ILIT, the Life Insurance Trust has the advantage of providing the life insurance proceeds to your family while keeping the money out of your estate, and thus away from the federal estate tax.

FARM TRUST:

These specially crafted instruments allow you to keep the farm in the family until a time of your choosing rather than selling and dividing the property as dictated by inheritance and taxes.

SUPPLEMENTAL NEEDS TRUST:

Ensure that your loved ones with special needs are provided for while also making sure they qualify for applicable government benefits.

BUSINESS LEGACY TRUST:

Through a carefully drafted Trust, a business owner can plan for the succession of their business into the next generation. Practically speaking, this provides the protection and benefits of a Trust while still allowing th e owner to select who shall manage the business.

Q TIP TRUST:

Qualified Terminable Interest Property Trust. This is a regular component of our estate planning which helps you get the most out of your federal tax exemption.

CRUMMEY NOTICE:

We can help keep you current with all notices that must be sent on behalf of your Irrevocable Life Insurance Trust so that it remains effective.

LIMITED LIABILITY COMPANY (LLC ) and FAMILY LIMITED PARTNERSHIP (FLP):

Our business entity formation services allow you to protect you and your property from creditors while also giving you the flexibilit y to conveniently and affordably pass control of your business to the next generation at a time of your choosing.