Trust & Estate Quick Tip #7 – Revocable Trusts Does Not Provide Protection Against Creditors
www.estateandprobatelawyer.com / 954-580-3690
A revocable trust, also referred to as a living trust, is a legal agreement that permits the transfer of your assets to a trustee for the benefit of designated beneficiaries. One significant advantage of a revocable trust is that it allows you to maintain control over the assets within the trust during your lifetime. You have the flexibility to modify the trust whenever necessary, such as adding or removing assets, changing beneficiaries, or even revoking the trust altogether. Moreover, by holding assets in the trust, you can bypass the probate process, which can otherwise be both time-consuming and expensive.
There is a common misconception that establishing a revocable living trust and placing assets into it offers protection against creditors. However, it is important to note that a revocable living trust does not provide such creditor protection.
In contrast, an asset protection trust is a type of trust structure designed to safeguard an individual's assets from creditors. It serves as a vehicle for holding assets with the explicit purpose of shielding them from potential claims by creditors.
To learn what the best options are for your situation, contact an estate planning lawyer!
PHONE: 954-580-3690
WEB: www.estateandprobatelawyer.com
FACEBOOK: https://www.facebook.com/estateandprobatelawyer
YOUTUBE: https://youtu.be/-uSPOE3POBU
INSTAGRAM: https://www.instagram.com/sjflawgroup/
LINKEDIN: https://www.linkedin.com/company/sjflawgroup/
TIKTOK: https://www.tiktok.com/@sjflawgroup
-
1:00:08
The Quartering
3 hours agoRussia Offers Peace, Supreme Court Win & Insane Alex Jones Update
16.7K36 -
52:25
shaneyyricch
1 hour agoLOGAN PAUL JOINS THE DARK SIDE
3.28K1 -
17:32
Standpoint with Gabe Groisman
3 hours agoEp. 30. Quick Point: Hostage Rescue; Media Fallout. 6/14/24
15.2K13 -
1:35:45
Russell Brand
4 hours agoBiden MALFUNCTIONS At G7 Summit - Replacement Imminent?!
106K234 -
1:52:22
Robert Gouveia
4 hours agoElection Rigging STOPPED; Fani FREAKS OUT; Liz Cheney INSURRECTED Again! Bump Stocks BACK
31.1K47 -
1:38:10
Nina Infinity
18 hours agoGOOD NEWS – Infinite Hope # 189
11.3K3 -
2:31:19
LumpyPotatoX2
4 hours agoFortnite Friday - #RumbleTakeover
24.8K2 -
1:55:06
The Charlie Kirk Show
4 hours agoLIVE from the People's Convention in Detroit | 6.14.24
83.9K35 -
58:55
The Dan Bongino Show
6 hours agoThe Troubling CIA - DOJ Connection (Ep. 2271) - 06/14/2024
516K1.64K -
1:01:49
Dr. Eric Berg
2 days agoThe Dr. Berg Show LIVE June 14, 2024
48.3K4