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DOES A REVOCABLE LIVING TRUST PROTECT ASSETS?
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Asset Protection
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Many people would benefit from the deployment of asset protection strategies when they are engaged in the process of estate planning
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Asset protection involves positioning your assets in a way that shields them from creditors
and claimants
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Who Needs Asset Protection?
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Just about anyone could be targeted in a lawsuit
1
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Property that you are leaving behind to your children could be lost in
divorce settlements
2
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In a real sense, EVERYONE COULD USE ASSET PROTECTION
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However, some people are more vulnerable than others
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Inherent Exposure
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Individuals who are engaged in certain investment activities are inherently VULNERABLE TO
LAWSUITS
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This would include real estate investors who rent out property
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Physicians are also vulnerable, because they can be subject to
malpractice suits
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Revocable Living Trusts
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REVOCABLE LIVING TRUSTS are very commonly utilized estate
planning tools
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Many people think that you are surrendering personal control of
assets when you convey them into any trust
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The assumption is that they would be PROTECTED FROM ATTACHMENT
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A Costly Misconception
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If you think that you will be protecting assets by conveying them into a revocable living trust YOU ARE
MISTAKEN
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Assets placed into a revocable living
trust ARE NOT PROTECTED
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This is because it is a revocable trust
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You retain control of the assets, and you can revoke the trust
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Viable Asset Protection Strategies
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Revocable living trusts don't provide asset protection
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However, there are viable asset protection tools available to you
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1 asset protection trusts
2family limited partnerships
3limited liability companies.
These would include
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Hartford Asset Protection Consultation
If you are interested in exploring your options with regard to asset protection, our firm can help.
We offer free consultations to our neighbors here in the greater Hartford area.
To set up an appointment, contact our firm.
Nirenstein. Horowitz, and Associates (860) 548-1000
PreserveYourEstate.net
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If you are interested in exploring your options with regard to asset
protection,
OUR FIRM CAN HELP