Will a Revocable Living Trust Provide Asset Protection?
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Transcript of Will a Revocable Living Trust Provide Asset Protection?
WILL A REVOCABLE LIVING TRUST PROVIDEASSET PROTECTION?
PROTECTING ASSETS
When 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 well
In a real sense, everyone with assets should protect
them
However, it is a pressing concern for some people
SUCCESSFUL PEOPLE TARGETED
People who have been especially successful are more attractive targets for litigious
types
Those who are in certain lucrative lines of work are inherently vulnerable to
lawsuits
These 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
planning
The primary purpose of a revocable living trust is to facilitate asset transfers
outside of probate
While they are useful for probate avoidance, revocable
living trusts do not provide asset
protection
WILL ANY TRUST PROVIDE ASSET PROTECTION?
Revocable living trusts are just that, REVOCABLE
You can dissolve the trust and use the money as you
see fit
The grantor of the trust RETAINS CONTROL
On the other hand, you surrender this control when you create an IRREVOCABLE
TRUST
As a result, generally speaking assets that have
been conveyed into an irrevocable trust are
protected
OTHER ASSET PROTECTION
POSSIBILITIES
Certain types of irrevocable trusts are used to protect
assets
However, there are other possibilities
Limited liability companies and family limited partnerships are also used for asset protection
purposes
RENO ASSET PROTECTION LAWYERS
This 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