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Does a Revocable Living Trust Provide Asset Protection?

August 6, 2015Estate Planning

Does a Revocable Living Trust Provide Asset Protection?Some people are under the impression that trusts are only useful for high net worth families. It is true that there are trusts that are used by people who are wealthy, but there are other types of trusts that can benefit “the rest of us.” One of them is the revocable living trust.

A revocable living trust is a vehicle of asset transfer that provides a great deal of flexibility. When you look at the name of the trust, you get some immediate insight: You can revoke this type of trust at any time. If you were to revoke the trust, it would no longer exist, and you could take back direct personal possession of the assets.

This can be comforting, because you are not taking any risks when you convey assets into a revocable living trust.

The ability to revoke the trust is not the only source of control. The person who creates a revocable living trust is called the grantor of the trust in legal parlance. A trustee is named in the trust declaration, and the grantor can act as the trustee initially.

Because you can act as the trustee when you create a revocable living trust, you are the trust administrator while you are alive and of sound mind. You direct the actions of the trust. Plus, you can also act as the beneficiary at first, so you can receive monetary distributions from the trust.

You name a successor trustee to assume the role after your passing, and you also name successor beneficiaries. After you die, assets will be distributed to the beneficiaries in accordance with your wishes.

Asset Protection

When you create a revocable living trust, you are retaining incidents of ownership, because you can revoke the trust entirely and take back personal possession of the assets. Because of the fact that you maintain this level of control, assets in this type of trust are not protected from creditors and claimants seeking redress.

However, in addition to revocable trusts, there are also irrevocable trusts. Since you cannot revoke this type of trust, you are surrendering incidents of ownership, so there are irrevocable trusts that are used for asset protection purposes.

Free Special Report

If you would like to learn about asset protection strategies, download our special report. The report is free, and you can access your copy through this page: Asset Protection Report.

To Schedule a Free Consultation

If you are interested in the possibility of working with our firm after learning these facts, please select our “Workshops” tab to RSVP for a free estate planning workshop. At that workshop you will be offered a free one-hour consultation with an attorney:  www.collinslawgroup.com/seminars/

To learn more, please download our free revocable living trust in California here.

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Caprice Collins

Caprice Collins

Attorney Caprice L. Collins is a top rated Harvard Law School graduate. She has 34 years of legal experience with a successful law practice devoted exclusively to Estate/Business Planning and Trust Administration. Attorney Collins is a well-respected keynote speaker on Wills, Living Trusts, Estate Planning, Business Planning and Trust Administration. She has appeared on California’s Real Estate Radio Station KTLK AM 1150 as a legal expert on Estate Planning and Living Trusts among many other notable media appearances.
Caprice Collins

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Testimonials

Ms. Collins and her team has earned my trusts and respect. They showed professionalism, attention to details and made me feel like I am family. It is truly reassuring to know that my family and I won’t he on our own after the documents are executed.

Saida H.–
My overall experience with Collins Law Firm has been great. The process of estate planning was thoroughly explained with personal care and concern. The entire staff is very personable and eliminate any intimidation. I feel very relieved to have completed this process and I am very comfortable in knowing that Collins Law Group is available to us for any needed help.

Mattie S.–
We received excellent and clearly explained directions with respect to the creation of our living trust and the required follow up actions. Caprice is easy to work with and she inspires full confidence in her abilities. We continue to work with her as we review changes in our lives and the adjustments required to insure that our trust does what we want it to do.

John C.–
Attorney Collins was referred to us by a friend who had a living trust prepared for his family. We attended one of her very informative seminars on living trusts. Shortly there after we had out trust done.  She is very thorough, precise and follows up to ensure we’re satisfied with our estate plan. The staff was wonderful as well.

Tony B.–
We’ve had Living Trusts done by two different attorneys over the last 12 years. After retaining the Collins Law Group, it became clear that the others weren’t up to the same standard. Attorney Collins and her staff have an eye for detail that was absent from the other firms we used. It was the difference between dining at a gourmet restaurant, and a fast food drive-thru. The Collins Law Group is terrific at putting you at ease, and makes the process relatable and easy-to-understand. After watching other family members go through the ugly, hot mess of Probate, we definitely feel safe and in control of our estate and the legacy we’ll leave behind for our children.

Mr. & Mrs. Owens–

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