Does a Revocable Living Trust Provide Asset Protection?

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DOES A REVOCABLE LIVING TRUST PROVIDE ASSET PROTECTION?

Annapolis Millersville Bowie Waldorf

Asset Transfers

Annapolis Millersville Bowie WaldorfA revocable living trust is a very effective asset transfer tool.

Annapolis Millersville Bowie WaldorfThere are various different benefits that a living trust will provide.

Annapolis Millersville Bowie WaldorfHowever, there are some limitations.

Annapolis Millersville Bowie Waldorf

Protecting AssetsWhen you have a revocable living trust, you can in fact revoke or dissolve the trust.

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

Annapolis Millersville Bowie Waldorf

Benefits

Annapolis Millersville Bowie WaldorfEven though assets in a living trust are not protected, there are other benefits.

Annapolis Millersville Bowie WaldorfOne of them is the ability to prepare for possible incapacity.

Annapolis Millersville Bowie WaldorfYou could empower a disability trustee to manage the trust in the event of your incapacitation.

Annapolis Millersville Bowie Waldorf

Efficient Transfers

Annapolis Millersville Bowie WaldorfWhen assets have been conveyed into a revocable living trust, the distributions would not be subject to the process of probate.

Annapolis Millersville Bowie WaldorfSince probate can be time-consuming, and this is another major benefit.

Annapolis Millersville Bowie Waldorf

Specific InstructionsWhen you create the trust declaration, you can leave behind specific instructions that the trustee would be compelled to follow after you die.

Annapolis Millersville Bowie WaldorfIf you want to, you can allow for limited monthly distributions to prevent the beneficiaries from squandering their inheritances all at once.

Annapolis Millersville Bowie WaldorfA revocable living trust is an estate planning vehicle that can be used by a wide range of people.

Annapolis Millersville Bowie WaldorfYou do not have to be a multimillionaire to take advantage of the benefits.

Annapolis Millersville Bowie Waldorf

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Asset Protection TrustsIf asset protection is a top priority for you, you would not want to use a revocable living trust.

Annapolis Millersville Bowie WaldorfHowever, there are irrevocable trust that can be used for asset protection purposes.

Annapolis Millersville Bowie WaldorfLimited liability companies and family limited partnerships can also be used to protect assets.

Annapolis Millersville Bowie WaldorfOur Firm Can Help

Annapolis Millersville Bowie WaldorfWe can provide answers if you have questions about asset protection, living trusts, or any other estate planning topics.

Annapolis Millersville Bowie WaldorfYou can contact us at your convenience to arrange aconsultation.

Annapolis Millersville Bowie Waldorf

Or visit our website www.sinclairprosserlaw.comNicole LivingstonJon J. GasiorColleen SinclairProsserVictor A. Lembo

Annapolis Millersville Bowie Waldorf