As Tiger Woods attempts to salvage his marriage, the Trust Advisor Blogs suggests that in the meantime he consider putting his assets into an asset protection trust. Because Tiger lives in Florida, a non-community property state, he could likely fund an asset protection trust without his wife’s consent. And assuming Tiger has enough cash to pay what he’s already agreed to pay in the event of a divorce, “[o]nce the assets are in the trust, he no longer has the keys to the safe and can tell [a] court that he doesn’t have access to the money.” Scott Martin, Would an Asset Protection Trust Work for Tiger Woods?, Trust Advisor Blog, Feb. 19, 2010.
For more information, including the use of asset protection trusts before entering into marriage, see Scott Martin, Would an Asset Protection Trust Work for Tiger Woods?, Trust Advisor Blog, Feb. 19, 2010.
