Many people believe once they set up a Revocable Living Trust and transfer assets into the Trust, those assets are protected from lawsuits. This is absolutely not true.
While Trusts commonly provide asset protection for beneficiaries – few Trusts protect assets owned by the person who created the Trust.
No Immediate Asset Protection For You? Why Should You Create a Revocable Living Trust? It can provide asset protection for your spouse, children and grandchildren!
Fully funded Revocable Trusts are dynamite tools. Here’s why:
1. You can protect assets passing to your spouse. Yes, you can provide protections against that “slick new significant other” angling for the affection (and money) you intended ONLY for your surviving spouse.
2. You can protect assets passing to your children & grandchildren. Yes, you can provide protections for loved ones that they can’t provide for themselves such as against divorce.
3. Your Trust includes an incapacity plan, avoiding court interference, maintaining your control, and saving your loved ones time, money, and stress.
4. Your Trust allows your assets to avoid probate, minimizing the time, stress, and cost of settling your final affairs.
5. By avoiding the public probate court process, your Trust keeps all details about who is getting what a private family matter.
But What Can You Do to Protect Your Assets?
Your Revocable Living Trust creates a powerful value and can be drafted to provide asset protection for your loved ones. To protect yourself during your lifetime use business entities such as an LLC, irrevocable trusts, insurance and, perhaps, a Domestic Asset Protection Trust or a MAPT.
Please call my office for a free consultation on the above protections:
Ben E. Connor
The Connor Law Firm, PLC
9777 N. 91st. Street
Scottsdale, Arizona 85258
800-679-6709 (toll free)