does a revocable living trust provide asset protection?
TRANSCRIPT
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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