What’s the Difference Between a Domestic Asset Protection Trust, a Wealth Preservation Trust, an Asset Protection Trust and a Spendthrift Trust?
Generally, none. These are really different names for the same thing – a Spendthrift Trust. Different attorneys have coined different terms for what is really the same thing. The jurisdiction in which the trust is formed may vary, but they are usually all based on a State’s Spendthrift Trust law. While there are a number of states that now have enabled Asset Protection through their Spendthrift Trust law, most would agree that Nevada still leads in having the most favorable and most protective terms in the Nevada Spendthrift Trust Law (the Nevada Spendthrift Trust Act found in Chapter 166 of the NRS).