If you are looking to safeguard your wealth and secure your legacy, there is important news you should know. Oklahoma has recently joined the growing list of states that allow the creation of Domestic Asset Protection Trusts (DAPTs). This is a powerful estate planning tool that can help shield your assets from future creditors while still allowing you to benefit from them during your lifetime.
Thanks to the Qualified Dispositions in Trust Act, which took effect in 2024, residents of Oklahoma now have access to one of the most advanced asset protection strategies in the United States.
At Barrett Legacy Estate Solutions, we help clients understand how these tools work. As a trusted Oklahoma estate planning attorney, we can guide you through the process and ensure your plan is designed to meet your unique goals.
What Is a Domestic Asset Protection Trust?
A Domestic Asset Protection Trust is a type of irrevocable trust that allows you to transfer assets out of your personal ownership. With proper planning, you can still benefit from those assets while protecting them from most future creditors. This makes a DAPT an ideal tool for individuals who want both security and flexibility in their estate plan.
Why the New Oklahoma DAPT Law Matters
This new law brings several important benefits to Oklahoma residents:
✅ You can create an irrevocable trust. Once assets are placed into the trust, they are no longer considered your personal property.
✅ You can name yourself as a beneficiary. Unlike many traditional trusts, a DAPT still allows you to benefit from the income or principal.
✅ You can protect up to $10 million in assets. With the right structure, a DAPT can shield your wealth from most future lawsuits or creditor claims.
✅ You can retain control when the trust is properly structured. You will still have input on how the assets are managed, provided the trust follows Oklahoma’s legal requirements.
✅ You must meet a few key conditions. These include naming a qualified Oklahoma-based trustee, including a spendthrift clause in the trust document, and complying with the rules laid out in the new statute.
Who Should Consider a Domestic Asset Protection Trust?
A DAPT is not just for the extremely wealthy. It is a smart planning option for:
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Business owners who want to protect personal assets from potential liability
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Professionals such as doctors, attorneys, and dentists who face a high risk of being sued
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Families who want to preserve wealth for future generations
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Anyone who is concerned about future financial threats or asset loss
Planning Ahead for Peace of Mind
No one can predict the future. A Domestic Asset Protection Trust provides a powerful legal structure that helps ensure your hard-earned assets are protected. It also allows your wealth to continue growing and supporting your lifestyle.
If you are planning for the future or simply want greater peace of mind, this trust can be an essential part of your estate planning strategy.
Work With an Experienced Oklahoma Estate Planning Attorney
At Barrett Legacy Estate Solutions, we keep a close eye on legal developments that impact your ability to protect your assets. We are here to help you take advantage of Oklahoma’s new Domestic Asset Protection Trust law.
As your Oklahoma estate planning attorney, we will help you determine whether a DAPT is right for you and guide you through the process of setting it up properly.
Want to learn more about protecting your legacy?
Contact Barrett Legacy Estate Solutions today to schedule a consultation with an experienced Oklahoma estate planning attorney.
