Protection Against Loss

Domestic Asset Protection Trusts

When your client receives a settlement, their asset may come at risk due to a future unexpected and catastrophic event. A domestic asset protection trust ensures their settlement and financial future are protected.

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When to Use a DAPT

A domestic asset protection trust is a bank account that no one can access but the person who owns it. A DAPT should protect against financial losses from judgments, creditors, bankruptcy, divorce, business failure, and liability from accidents. 

DAPTs may be especially useful for your clients who:

  • Have a net worth that exceeds several hundred thousand dollars,
  • Are in a higher risk profile profession,
  • Have assets that may be exposed to lawsuits, or
  • Believe their assets are worth protecting.

Anyone can get a DAPT to protect their assets at any time. But when a settlement is meant to cover medical care and other expenses over an injured person’s lifetime, establishing a DAPT safeguards those funds now and in the future. With the right plan and trustee, a DAPT can be especially effective for a parent or spouse caring for a person with special needs.

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