I just completed setting up a couple of domestic asset protection trusts with Wilmington Bank as Trustee. Until now I had been using offshore jurisdictions. One useful and interesting observation: by establishing single member Michigan LLC's which are owned by the Delaware Trustee, my client maintains control over the assets without any creditor exposure. How? Because my client is the non-member manager of the LLC's...he can buy, sell and trade assets. However, any distributions from the LLC can only go to the trustee-not to my client. This is the case where you can have your cake and eat it too.
Delaware Asset Protection Trusts
October 1, 2007
