does a revocable living trust provide asset protection?

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DOES A REVOCABLE LIVING TRUST PROVIDE ASSET PROTECTION?

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ASSET TRANSFERS

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A revocable living trust is a very effective asset transfer

tool.

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There are various different benefits that a living trust will

provide.

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However, there are some limitations.

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PROTECTING ASSETS

When you have a revocable living trust,

you can in fact revoke or dissolve the trust.

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Because you have this level of control, the assets in the trust would not be protected if you were the subject of a lawsuit.

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BENEFITS

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Even though assets in a living trust are not protected,

there are other benefits.

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One of them is the ability to prepare for possible incapacity.

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You could empower a disability trustee to manage the trust in

the event of your incapacitation.

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EFFICIENT TRANSFERS

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When assets have been conveyed into a revocable

living trust, the distributions would not be subject to the

process of probate.

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Since probate can be time-consuming, and this is

another major benefit.

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SPECIFIC INSTRUCTIONS

When you create the trust declaration, you can leave behind specific instructions that the trustee

would be compelled to follow after you die.

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If you want to, you can allow for limited monthly

distributions to prevent the beneficiaries

from squandering their inheritances all at once.

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A revocable living trust is an estate planning vehicle that can be used by a wide

range of people.

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You do not have to be a multimillionaire to take

advantage of the benefits.

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ASSET PROTECTION TRUSTS

If asset protection is a top priority for you, you would not want to use a revocable

living trust.

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However, there are irrevocable trust that can be used for asset

protection purposes.

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Limited liability companies and family limited partnerships can also be used to protect assets.

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OUR FIRM CAN HELP

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We can provide answers if you have questions about asset

protection, living trusts, or any other estate planning topics.

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You can contact us at your convenience to arrange a

consultation.

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Or visit our website www.sinclairprosserlaw.com

Nicole Livingston Jon J.

Gasior

Colleen SinclairProsser Victor A.

Lembo