Q: I’m a young broke man with no assets or family yet. Could I set up a family or business trust with no family or assets?
I would like to keep amenity and privacy while protecting assets from creditors before a problem arises.
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A: Technically you could. But if the trust is not funded (no assets are in the trust), than it has no additional value. I think it would be best for you to talk to an estate planning attorney and discuss the assets that you do have, and how you can protect them. Trusts are great, but they might not do what you want them to do, in particularly the limitations that come with non-revocable trusts (asset protection trusts). There are better ways to plan than just try to create ONE catch all solution.
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