Slide Trust®

At Sollertis, we understand how complex developing an excellent wealth protection strategy can be when there are so many splintered assets around you coupled with the various advisors you have established relationships with over years.

When you become a client at Sollertis, as part of your Master Asset Protection Plan, we may suggest the Sollertis Slide Trust® as a method of state-flexible domestic asset protection trust.

The Slide Trust provides layers of security, control, oversight, checks, and balances while being the ultimate domestic asset protection tool that allows our clients to protect and structure their wealth wisely, and in a way that fits their lifestyle and risk tolerance.

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What are asset protection trusts?

Because the Slide Trust is a domestic asset protection trust, it may be helpful to understand precisely what that means through a brief digest of asset protection trust history.

Trusts were initially set up by parents for their children to protect the money and ensure the child did not waste their money carelessly. The Trustee was able to hold the funds protected in trust rather than giving money to the child for outright spending.

When the child got into debt, creditors would sue, trying to force the trustee to give money to the child to pay the creditor, or to force the trustee to pay the creditor directly. To prevent these lawsuits, attorneys began including a ‘spendthrift clause’, which protected the assets from creditors of those children.

The climate changed in 1989, when the Cook Islands enacted powerful asset protection laws. Soon thereafter, Alaska became the first U.S. state to enact asset protection legislation in 1997.

As of 2020, nineteen states allow self-settled asset protection trusts.

Sollertis 19States AssetProtectionLegislation

Offshore trusts, while offering a higher level of protection, require a large amount of effort and money to maintain. Domestic trusts are easier for Settlors to manage and tend to be more easily accessible.

Each state has their own asset protection laws and each state regularly amends them as they compete with each other for asset protection trust business, which means that the best state in which to establish your trust changes from time to time.

For California Settlors, one of the most important aspects of domestic asset protection law is whether the jurisdiction over the trust falls to the state in which the trust is formed or to the state where the Settlor resides. California law does not favor asset protection, so trusts should be formed (sited) in states which do favor asset protection.

Currently, Wyoming is our favorite state for domestic asset protection trusts. They have shown a long-term commitment to asset protection, and they have updated their laws recently to ensure their state will control their asset protection trusts.

We can expect this to change in the coming years, or expect another state to change their asset protection laws for the better which will surpass those presently in Wyoming.

To help our clients take advantage of the best options for domestic asset protection trust laws, we  created the Sollertis Slide Trust, which you can move or “slide” from one jurisdiction to another to take advantage of more favorable laws.

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What Is The Slide Trust?

As states change their domestic asset protection trust laws, Settlors that established trusts in certain states will no longer have the best protection. For example, previously, Delaware was a favorite state for domestic asset protection, but now, it’s Wyoming.

The slide trust allows you to choose the best state, as it ‘slides’ from state to state as needed. Though our client may have their trust start in one state, with a Slide Trust, their trust will ‘slide’ to a better jurisdiction if the original state’s laws change.

How Does A Slide Trust Work?

The Slide Trust is a self-settled asset protection trust, which allows you, the Settlor, to place your assets into a trust for your own benefit. A spendthrift clause is included, protecting the assets from creditors.

For example, creditors that sue California residents will typically ask a California court to enforce California state law requiring you to transfer or sell your assets to satisfy the creditor’s claim. But because your assets will be owned by your Slide Trust and held by an out-of-state Trustee who is not subject to the jurisdiction of the California courts, your assets will not be available to your creditor or a California court. To force your Trustee to do anything, your creditor will need to go to the state where your Trustee is located, where the courts and laws favor asset protection. Creditors have similar rights in most jurisdictions, but your Slide Trust will be settled in a state that protects your interests, not the creditors’.

What Do You Need to Know?

Like an insurance policy, Slide Trusts will not work unless they are in place before a crisis, lawsuit, threat, claim, or danger occurs. To take advantage of our innovative and ultimate domestic asset protection tool, you must set it up beforehand. If you are not comfortable taking your assets offshore, but you still desire a wealth protection plan for you, your family, and your business – the Sollertis Slide Trust may be the perfect fit for protecting your wealth.

How To Set Up A Slide Trust?

The Sollertis team, led by Founder and Chief Counsel William R. Simon, Jr., is a leading law firm in asset protection and legacy planning for California, Florida, Michigan, New York, and Texas business owners, offering creative strategies for our clients to foresee, handle, and prevent legal issues from disrupting their business or personal happiness. Our nationwide network of attorneys also allows us to help residents of other states. Contact us today to explore how the Sollertis Slide Trust can work for you.
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