Will a Revocable Living Trust Provide Asset Protection?
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WILL A REVOCABLE LIVING TRUST PROVIDEASSET PROTECTION?
Protecting AssetsWhen you are financially successful, you should protect your assets for your own purposes It is also important to protect the resources that you intend to leave behind to your loved ones after you pass away
Why Would You Need to Protect Assets?You may wonder why you would need to protect assets Anyone can be the target of a lawsuit, divorce proceedings could come into play as wellIn a real sense, everyone with assets should protect themHowever, it is a pressing concern for some peopleSuccessful People TargetedPeople who have been especially successful are more attractive targets for litigious typesThose who are in certain lucrative lines of work are inherently vulnerable to lawsuitsThese would include real estate investors, physicians, and other professional practitioners
Will a Revocable Living Trust Protect My Assets?REVOCABLE LIVING TRUSTS are very popular in the field of estate planningThe primary purpose of a revocable living trust is to facilitate asset transfers outside of probateWhile they are useful for probate avoidance, revocable living trusts do not provide asset protectionWill Any Trust Provide Asset Protection?Revocable living trusts are just that, REVOCABLEYou can dissolve the trust and use the money as you see fit
The grantor of the trust RETAINS CONTROLOn the other hand, you surrender this control when you create an IRREVOCABLE TRUSTAs a result, generally speaking assets that have been conveyed into an irrevocable trust are protectedOther Asset Protection PossibilitiesCertain types of irrevocable trusts are used to protect assetsHowever, there are other possibilities
Limited liability companies and family limited partnerships are also used for asset protection purposesReno Asset Protection LawyersThis presentation should have answered basic questions about revocable living trusts and asset protection
If you want to discuss asset protection with a licensed professional, contact our firm to schedule a free consultation
If you live in northern Nevada give us a call at 775-823-WILL to make an appointment
Or visit our website www.wealth-counselors.com