will a revocable living trust provide asset protection?
DESCRIPTION
When you are financially successful, you should protect your assets for your own purposes. Find out how you protect the resources that you intend to leave behind to your loved ones after you pass away in this presentation. http://www.wealth-counselors.com/estate_planning/index.php/living-trusts/TRANSCRIPT
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WILL A REVOCABLE LIVING TRUST PROVIDEASSET PROTECTION?
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PROTECTING ASSETS
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When you are financially successful, you should protect
your assets for your own purposes
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It is also important to protect the
resources that you intend to leave behind to your
loved ones after you pass away
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WHY WOULD YOU NEED TO PROTECT
ASSETS?
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You may wonder why you would need to protect assets
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Anyone can be the target of a lawsuit, divorce proceedings could come into play as well
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In a real sense, everyone with assets should protect
them
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However, it is a pressing concern for some people
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SUCCESSFUL PEOPLE TARGETED
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People who have been especially successful are more attractive targets for litigious
types
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Those who are in certain lucrative lines of work are inherently vulnerable to
lawsuits
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These would include real estate investors, physicians, and
other professional practitioners
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WILL A REVOCABLE LIVING TRUST
PROTECT MY ASSETS?
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REVOCABLE LIVING TRUSTS are very popular in the field of estate
planning
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The primary purpose of a revocable living trust is to facilitate asset transfers
outside of probate
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While they are useful for probate avoidance, revocable
living trusts do not provide asset
protection
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WILL ANY TRUST PROVIDE ASSET PROTECTION?
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Revocable living trusts are just that, REVOCABLE
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You can dissolve the trust and use the money as you
see fit
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The grantor of the trust RETAINS CONTROL
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On the other hand, you surrender this control when you create an IRREVOCABLE
TRUST
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As a result, generally speaking assets that have
been conveyed into an irrevocable trust are
protected
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OTHER ASSET PROTECTION
POSSIBILITIES
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Certain types of irrevocable trusts are used to protect
assets
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However, there are other possibilities
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Limited liability companies and family limited partnerships are also used for asset protection
purposes
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This presentation should have answered basic
questions about revocable living trusts
and asset protection
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If you want to discuss asset protection with a licensed professional, contact our firm to schedule a free
consultation
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If you live in northern Nevada give us a call at 775-823-WILL to make an appointment