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