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What is an asset protection trust?
An asset protection trust, sometimes called a self-settled trust, is a trust created by a person for his or her own benefit and usually for the purpose of protecting his or her assets from creditors. The laws governing asset protection trusts vary by state, and some states have enacted statutes providing that “a trust created by a person for his own benefit shall be void as against his creditors.” Restatement 2d Trusts § 156, Illustration b.
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