Many people believe that assets within a Revocable living trust are protected from lawsuits. This is absolutely not true.
Trusts commonly provide asset protection for beneficiaries, but not many trusts protect assets owned by the person who created the trust. Regardless, creating a trust is very important in shaping the future of your loved ones.
“Your Revocable Living Trust creates a powerful value and can be drafted to provide asset protection for your loved ones. To protect yourself, use insurance, business entities, and, perhaps, a Domestic Asset Protection Trust.” says Estate Planning Attorney, Maura Curran.
A few reasons why Revocable trusts are great tools are:
You can protect assets passing to your spouse and children
Your trust includes an incapacity plan, saving your loved ones time, money, and stress
Your trust allows your assets to avoid probate, and
Your trust keeps all details about distribution of assets, a private family matter
An experienced estate planning attorney can help you draft a trust to provide protection for your loved ones.
The Curran Law Firm focuses on helping families through the complicated process of planning for family protection and preservation of assets.