Leading Asset Protection Lawyer Rex Hogue Warns Against Self Settled Trusts Due To Assets Being Left Exposed – Frisco, TX
Feb 26, 2020
Top asset protection attorney Rex Hogue, partner at Haiman Hogue in Frisco, TX, outlines risks associated with self settled asset protection trusts and how they can leave people’s assets exposed. For more information please visit https://www.haimanhogue.com
Frisco, TX, United States - February 26, 2020 /MM-REB/ —
In a recent interview, top asset protection attorney Rex Hogue, partner at Haiman Hogue in Frisco, TX, outlined how self settled asset protection trusts can leave people’s assets exposed.
For more information please visit https://www.haimanhogue.com
When asked to comment, Hogue said, “While establishing self settled trusts in place of more conventional asset protection plans is trendy these days, there are some serious setbacks that could do more harm than good."
He added, "The most appealing aspect of a self settled trust is that the grantor and beneficiary are the same person. These are spendthrift trusts that the grantor forms for his or her own benefit. This is done for the purpose of attempting to protect the trust assets from creditors. But it doesn’t work for past creditors, for all assets, in every state, or in all circumstances. In fact, most U.S. states don’t recognize self-settled trusts at all."
Many people open foreign asset protection trusts under the false assumption that moving their assets overseas will help shield them from creditors.
“While it’s true that judges in US courts do not have jurisdiction over assets tucked away in foreign asset protection trusts, there are ways that the courts can still dole out punishment for any perceived wrongdoing.”
When asked for an example, Hogue explained, "For instance, if the IRS has deemed that you owe taxes and the court can prove you have enough money placed in a foreign trust to cover your tax liability, then you might be penalized for not repatriating money and paying the IRS."
He added that a judge can order that someone move his or her funds from a foreign trust back into the country.
Domestic asset protection trusts – which is one type of common self settled trust – is not recognized in every state, making people vulnerable both legally and financially.
“States often differ in their regulations surrounding domestic asset protection trusts. If a state doesn't legally recognize this type of trust, any assets that are put in that type of trust are not protected from debt collectors," he said.
While some states do recognize domestic trusts as part of their legislation, Hogue said that asset protection is still not guaranteed, particularly when it comes to bankruptcy.
"Creditors have and can submit an involuntary bankruptcy petition to the courts that are located in states that legally recognize domestic asset protection trusts. This has the potential to place your assets at risk," he said.
“Although self-settled trusts might seem appealing to many, the risk that your assets will be exposed while in this trust is far too great without the support of federal and state laws. Contact an experienced asset protection attorney to learn more about non-self settled trusts.”
Source: http://RecommendedExperts.biz
Contact Info:
Name: Fred Haiman
Email: Send Email
Organization: Haiman Hogue, PLLC.
Address: 2595 Dallas Parkway, Ste. 100, Frisco, Texas 75034
Phone: 469- 893-5337
Website: https://www.haimanhogue.com
Source: MM-REB
Release ID: 88947617
More News
A novel mRNA cancer vaccine helps cut the chances of melanoma tumor recurrence in major study
A first-of-its-kind cancer vaccine is significantly reducing the chances that melanoma patients' tumors come back, according to results of a major study released Thursday by drugmakers Moderna and Merck.
Visa Partners Singapore Tourism Board to Strengthen Singapore’s Global Destination Appeal
Visa, a global leader in digital payments and the Singapore Tourism Board (STB) have signed a three-year Memorandum of Understanding (MOU) to strengthen Singapore’s appeal as a preferred travel destination and to unlock new growth opportunities. The collaboration will focus on three key pillars – driving discovery of Singapore’s tourism products, especially its dining and night-time experiences; deriving insights to identify high-value tourism opportunities; and developing co-branded marketing campaigns to build brand preference for both Visa and Singapore.
Inside the red-hot REM hotel in Macau – think revolving beds and dreamlike suites
Melco Resorts & Entertainment’s newest hotel, REM, opened this week to complete the ultra-luxury trio at the City of Dreams in Macau. Rebranded from the Countdown Hotel, which was the Hard Rock Hotel before that, the property sits alongside the Zaha Hadid-designed Morpheus and Asian-inspired Nuwa, positioning itself as the most exclusive of the three. REM stands for rapid eye movement, the phase of sleep during which “we have the most vivid dreams”, said Lawrence Ho Yau-lung, chairman and CEO of...
L.A. Affairs: Could I pull off a red bikini at 55? My husband's deep love helped me love myself
As a woman in her 50s living in youth-obsessed Los Angeles, I was well aware of my age. Thankfully, my husband still gazes at me with desire and love.
Is Trondheim the Nordics’ Coolest New Business Stop? Its Tastemakers Think So
From a floating sauna village to a ballroom restaurant, three local entrepreneurs reveal where to eat, unwind and make connections in Norway’s third city, and why its cooperative spirit makes it so rewarding to work in. The post Is Trondheim the Nordics’ Coolest New Business Stop? Its Tastemakers Think So appeared first on Business Traveller.
The Golden 50: These are the Best English Wines of 2026
From trophy-winning blanc de blancs to rare library releases, WineGB’s Golden 50 has gathered the top-scoring English wines across nine competitions. The post The Golden 50: These are the Best English Wines of 2026 appeared first on Business Traveller.
Prime Video K-drama Love in Disguise: Yim Si-wan, Seol In-ah lead gender-reversal romcom
Lead cast: Yim Si-wan, Seol In-ah, Kim Jung-hyun, Yeonwoo Latest Nielsen rating: 4.7 per cent In the romantic comedy Love in Disguise, Yim Si-wan plays a vain corporate heir suspected of murder who hires a new personal bodyguard, unaware that his protector is actually a female detective in disguise (played by Seol In-ah of Business Proposal). The series marks a return to more conventional K-drama fare for Yim, following his intense roles in the action film Mantis (2025) and the second and third...
Britain's best seaside towns for an autumn getaway, where you can enjoy quiet beaches, cosy pubs and proper fish and chips
Bracing coastal walks, characterful pubs and cosy bookshops - there are plenty of reasons to head to the coast even as autumn draws to a close.
Passenger Traffic Between Mexico and the Dominican Republic Grew 423% Since Arajet Began Operating
Four years after launching operations in Mexico, Arajet continues to strengthen its presence in this important market, achieving historic performance to date. This is reflected in the growth of total air passenger traffic between the two countries, which, according to data from the Dominican Republic’s Civil Aviation Board (JAC), is projected to exceed 398,000 passengers by the end of 2026. This significant increase in passenger traffic represents 423% growth compared to the 76,049 passengers transported in 2022, the year the Dominican flag carrier began operations in Mexico.
All about Tate Madden, who revealed her baby’s gender with fiancé Tyler Cameron on DWTS
During his performance for “Dedication Night” on Dancing with the Stars, Tyler Cameron revealed that he and his fiancée Tate Madden are expecting their first child together. View this post on Instagram Cameron and his professional partner, Sharna Burgess, were joined on stage by Madden and the trio performed to Ed Sheeran’s “Supermarket Flowers”. After their routine, Cameron and Madden also had a surprise gender reveal on stage – it’s a baby girl! Later, in...
How to have the best Sunday in L.A., according to William Jackson Harper
Breakfast at Fred 62, hiking at Griffith Park and a vintage jacket shopping spree are on the agenda for the Emmy-nominated actor.
Lufthansa Group: 10 neue Langstrecken im Sommer 2027
Mit dem neuen Sommerflugplan kündigt die Lufthansa Gruppe die umfangreichste Netzwerkerweiterung seit der Corona-Pandemie an. The post Lufthansa Group: 10 neue Langstrecken im Sommer 2027 appeared first on Business Traveller.
YOUR NEWS, OUR NETWORK.
Do you have Great News you want to tell the world?
Be it updates about your business or your community, you can make sure that it’s heard by submitting your story to our network reaching hundreds of news sites across 6 verticals.