Over the past two weeks, we have been looking at lifetime asset protection trusts for business owners. In Part 1, we covered how these trusts work and why they are different from a standard revocable living trust. In Part 2, we covered who actually needs one and what events should trigger the conversation. In Part 3, the focus is on the part most business owners find hardest: actually getting it done…

A lifetime asset protection trust is not a planning tool for every business owner. It is for the ones who have accumulated enough that a lawsuit or creditor claim could do real damage, and who act before any specific threat appears. Here is who actually needs one, what life events should prompt the conversation, and how to think through the decision across all four systems of your business…