Rich and famous people seek out publicity, and publicity seeks them out—often in detrimental ways.
“Individuals with wealth and notoriety are prime targets for having their assets disclosed by the media,” Jim Duggan, a wealth and estate planning attorney at Duggan Bertsch LLC in Chicago, said in a statement.
3. Asset Protection Trusts
“Spendthrift trusts” or asset protection trusts provide protection and confidentiality for assets placed within the trust. Individuals can create an APT for a third party (gift trusts) or themselves (self-settled) to protect wealth during their lifetime.