Asset Protection?
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Asset Protection?

January 7, 2020


– Hi guys, today
we’re gonna discuss the myth that a
revocable living trust protects all of your assets from creditors
and from lawsuits. Welcome to Two Minute Tuesday, where I attempt to discuss
an estate planning topic in two minutes or less. So, let’s jump right in. Recently, someone
came into my office to discuss their estate plan. They had just been to an
estate planning seminar in which the speaker
had told them that all of their assets
would be protected from creditors and from lawsuits if they got a
revocable living trust. Well, that is
absolutely not true. A revocable living trust, depending on how it’s written will usually provide
asset protection for the beneficiaries
of a trust. Like your spouse
or your children. But very few types of trusts actually provide
asset protection for the person who
actually created the trust. If you want to provide
asset protection then you really need to have a
discussion with your attorney about asset protection
trusts, irrevocable trusts, limited liability
companies LLC’s and insurance policies
that you can all use in conjunction to provide you with some type of
asset protection. So, then the question
I get asked is, if a revocable living
trust does not provide any type of asset protection
for the person who created it then why should you
even bother to create a revocable living trust? Well, we’ve discussed
many of the great reasons to have a revocable trust
in some of our other videos. Like the one right up here. The first reason is that
you can protect your assets for your spouse and
your beneficiaries. Asset protection. The second is that a
revocable living trust provides an incapacity plan for you and avoids
court interference. And it allows you
to maintain control and gives everybody
directions on what you want to happen if you were to
become incapacitated. And the third reason is probably
one of the biggest reasons that people choose a
revocable living trust and that is that
it avoids probate and it keeps your estate
completely private. So, if you want asset protection
use insurance policies and a domestic asset
protection trust, irrevocable trust
and business entities to protect your assets. If you have any questions then please do not
hesitate to give us a call or download our estate
planning strategies guide down below in the description. And I’ll also put a link in
the comment section as well. This strategies guide
will really help you and I think you’ll
enjoy reading it. But again if you
have any questions, just give us a call. Well. that’s all for today. You might check out
some of our other videos which are gonna be right here. And as always I hope
you have a great day and a wonderful week. And we’ll see you next time.

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  1. Here are links to the downloads mentioned in the video:
    Download our ESTATE PLANNING STRATEGIES TO PROTECT YOU AND YOUR FAMILY https://geni.us/strategies

    Download our Estate Plan Check-up Guide: https://geni.us/checkup
    Enjoy!

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