Assets that may be protected from creditors using Financial Solutions from OMNI

Some assets that might be protected from creditors depending on state law include:

  • Life insurance — cash values/death benefits subject to state law limits
  • Nonqualified annuities — deferred/immediate also subject to state law limits
  • Qualified retirement plans such as
    • Defined benefit plans including traditional and 412(i) plans
    • Defined contribution plans including 401(k) and profit sharing plans
  • IRAs are provided some protection in bankruptcy proceedings

Using a trust as part of your strategy (Consult an estate planning attorney)

Certain trusts may provide asset protection:

Spendthrift Trust

  • Protects trust assets from creditors of beneficiaries

Irrevocable Trust

  • Assets gifted to a trust for the benefit of others
  • Protects trust assets from creditors of grantor

Domestic Asset Protection Trust

  • Irrevocable spendthrift trust an individual forms for his/her own benefit
  • Only certain states recognize: Alaska, Delaware, Oklahoma, Nevada, Rhode Island and Utah

You may hear about trusts that sound “too good to be true,” and they probably are. Make sure you get the fine print and discuss the details with your advisors before setting up a trust for this purpose.

Some exceptions apply. Consult with your attorney for complete details.

Certain individuals associated with OMNI Financial Services are registered with and offer securities and investment advisory services through Securian Financial Services, Inc., (Securian) a registered broker-dealer and investment advisor, member FINRA/SIPC. Individuals registered with Securian are authorized to offer only those securities and investment advisory services that have been specifically approved by Securian. Additional information about individuals registered with FINRA can be found here. For information about which individuals associated with OMNI Financial Services are registered with Securian, as well as information about which securities and investment advisory services such individuals are authorized on Securian’s behalf, please contact Securian at 1-800-820-4205. OMNI Financial Services and Securian Financial Services do not provide specific tax or legal advice. Consult a qualified tax or legal professional regarding your individual situation.