does a revocable living trust protect assets

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  1. 1. v rDOES A REVOCABLE LIVING TRUST PROTECT ASSETS?
  2. 2. BORTHERN ESTATE PLANNING& ELDER LAWCALIFORNIA CENTER FOR
  3. 3. RORTHHKN ESTATE PLANNING& ELDER LAWCALIFORNIA CENTER IOR It is said that we live in a litigious society
  4. 4. IORTHhRN ESTATE PLANNING& ELDER LAWCALIFORNIA CENTER FOR There are those who like to sue people with deep pockets
  5. 5. IORTHhRN ESTATE PLANNING& ELDER LAWCALIFORNIA CENTER FOR This is something to take seriously if you have been successful from a nancial standpoint
  6. 6. BORTHERN ESTATE PLANNING& ELDER LAWCALIFORNIA CENTER FOR "'_T'T{ '1?T;Tr'r'; 'I?J - T TTHDTTLQTIUL
  7. 7. i . People in some lines of business are inherently vulnerable to lawsuitsET"'_
  8. 8. IORTHhRN ESTATE PLANNING& ELDER LAWCALIFORNIA CENTER FOR Physicians can be sued for malpractice
  9. 9. IORTHhRN ESTATE PLANNING& ELDER LAWCALIFORNIA CENTER FOR Property owners can be sued by tenants who get injured on rented property
  10. 10. IORTHhRN ESTATE PLANNING& ELDER LAWCALIFORNIA CENTER TOR These are two high-risk professions,but there are others
  11. 11. BORTHERN ESTATE PLANNING& ELDER LAWCALIFORNIA CENTER FOR" "TF . Tr>. TVl r'T. "*. -J T', "T . /': l.2l. ; Jul '. .'. [_)I. J. . l.-)l|
  12. 12. NORTHERNESTATE PLANNINGCALIFORNIA & ELDER LAWCENTER FOR If you are concerned about lawsuits,there are various different legal steps that you can take to protect your assets
  13. 13. NORTHERNESTATE PLANNINGCALIFORNIA & ELDER LAWCENTER FOR One such strategy is establishing an asset protection trust,but there are also trusts that are designed to afford asset protection
  14. 14. BEAM PU GLAW REVOCABLE LIVING TRUSTS
  15. 15. A revocable living trust can be a good _ choice for a wide range of people
  16. 16. IORTHhRN ESTATE PLANNING& ELDER LAWCALIFORNIA CENTER FOR These trusts are very useful on a number of different levels
  17. 17. INCIDENTS OF OWNERSHIP
  18. 18. IORTHhRN ESTATE PLANNING& ELDER LAWCALIFORNIA CENTER FOR You can revoke a living trust at any time,and you can also act as the trustee while you are living
  19. 19. RORTHHKN ESTATE PLANNING& ELDER LAWCALIFORNIA CENTER FOR This level of control can be a positive on the one hand
  20. 20. IORTHhRN ESTATE PLANNING& ELDER LAWCALIFORNIA CENTER FOR However,on the other hand,assets in a living trust would not be protected from claimants seeking redress against the creators of the trust
  21. 21. ISIAH lPLANNllN(GLAW IRREVOCABLE TRUSTS
  22. 22. IORTHhRN ESTATE PLANNING& ELDER LAWCALIFORNIA CENTER FOR Among other strategies,the trusts that would be used to protect assets would be irrevocable trusts
  23. 23. IORTHhRN ESTATE PLANNING& ELDER LAWCALIFORNIA CENTER FOR With this type of trust,you surrender the incidents of ownership
  24. 24. IORTHhRN ESTATE PLANNING& ELDER LAWCALIFORNIA CENTER FOR As a result,the assets in the trust would not be in play if you were to become the target of a lawsuit
  25. 25. OTHER ASSET PROTECTION STRUCTURES
  26. 26. RORTHTRN ESTATE PLANNING& ELDER LAWCALIFORNIA CENTER FOR In addition to asset protection trusts,there are other assetprotection structures
  27. 27. IORTHhRN ISIAIIZ PLANNING& ELDER LAWCALIFORNIA CENTER IOR Limited liability companies and corporations are also used by people who want to protect assets
  28. 28. IORTHhRN ISIAIIZ PLANNING& ELDER LAWCALIFORNIA CENTER FOR A family limited partnership can also be used as an asset protection device
  29. 29. VALUE OF LIVING TRUSTS
  30. 30. A revocable living trustnot protect assets
  31. 31. RORTHERN ESTATE PLANNING& ELDER LAWCALIFORNIA CENTER FOR However,this type of trust can be a good choice for some people who are not concerned about asset protection
  32. 32. RORTHERN ESTATE PLANNING& ELDER LAWCALIFORNIA CENTER FOR Assets in this type of trust can be distributed outside of probate,so the heirs can receive their inheritances in a timely manner
  33. 33. RORTHERN ESTATE PLANNING& ELDER LAWCALIFORNIA CENTER FOR If a will is used,the inheritors have to wait out the probate process before they can receive their inheritances
  34. 34. RORTHERN ESTATE PLANNING& ELDER LAWCALIFORNIA CENTER FOR This will take close to a year,even if things go smoothly
  35. 35. QUESTIONS ANSWERED
  36. 36. NORTHERN ESTATE PLANNING& ELDER LAWCALIFORNIA CENTER FOR If you have questions about estate planning techniques,we can provide answers
  37. 37. RORTHERN ESTATE PLANNING& ELDER LAWCALIFORNIA CENTER FOR Our rm offers planning consultations,and you can contact us at your convenience to set up anappointment
  38. 38. Learn More About Protecting Assets in Northern California
  39. 39. Call us (916) 437-3500Or Click to Visitwww. norcalplanners.com

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