Many people believe that once they set up a Revocable Living Trust and transfer assets into the trust, those assets are protected from lawsuits. This is absolutely not true.
While Trusts commonly provide asset protection for beneficiaries, few trusts protect assets owned by the person who created the trust.
No Immediate Asset Protection? Why Should You Create a Revocable Living Trust?
Fully funded Revocable Living Trusts are excellent tools. Here’s why:
- You can protect assets passing to your spouse and children, providing protection for loved ones that they can’t put in place for themselves.
- Your trust includes a plan for managing your assets during any times of incapacity, avoiding court interference, maintaining your control, and saving your loved ones time, money, and stress.
- Your properly funded trust allows your assets to