Asset Protection:

Trust Planning and Asset Protection

Millions of people use living trusts to prevent their assets from going through probate when they die. However, the majority of living trusts cannot protect an individual’s assets from creditors because they are revocable. The individual who established the trust can change the condition of the trust or revoke it entirely. If you have a revocable trust and can obtain control of your assets, your creditors will also generally be able to get to these assets. Those interested in asset protection will typically find that irrevocable trusts are more successful in protecting one’s assets. As soon as an irrevocable trust is established, it cannot be changed or revoked. Essentially, the assets are given away and are no longer available to potential creditors. If you are interested in setting up an irrevocable trust to protect your assets, fill out our free case review form on the right to speak with an estate planning attorney.

There are many types of trusts that are used for asset protection. These trusts include the following:

  • Personal trusts
  • Discretionary trusts
  • Support trusts
  • Asset protection trusts
  • Self-settled trusts
  • Spendthrift trusts

Each type of trust has its own benefits and downfalls, so it’s important to speak with an asset protection attorney to find out which type of trust is right for you. An estate planning attorney can evaluate your assets and determine which type of trust is most beneficial for your situation. He or she can also decide whether establishing a trust in a foreign jurisdiction can help further protect your worth.

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