Do Revocable Living Trusts Protect Assets?

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Do Revocable Living Trusts
Protect Assets?
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Diverse Objectives
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Estate planning is not a one-size-fits-all
endeavor
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Different people have different objectives based
on their respective individual circumstances
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Asset Protection
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For some, asset protection is a PRIORITY
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It is possible to position assets out of the
reach of creditors and claimants seeking redress
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ASSET PROTECTION can also shield assets from
soon-to-be former spouses
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Revocable Living Trusts
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REVOCABLE LIVING TRUSTS are commonly used in the
field of estate planning
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Some people are under the assumption that you
surrender personal control of assets when you
place them into any type of trust
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This would lead to the belief that assets placed
into any trust are PROTECTED FROM ATTACHMENT
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Distinction Between Revocable and Irrevocable
Trusts
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There are revocable and irrevocable trusts
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When you create an IRREVOCABLE TRUST, you are
surrendering incidents of ownership
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Therefore, assets in the trust would be protected
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However, you retain incidents of ownership when
you create a REVOCABLE TRUST
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For this reason, assets conveyed into such a
trust would not be protected
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What Good Are They?
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If revocable living trusts will not protect
assets, WHAT GOOD ARE THEY?
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These trusts are simply not intended to protect
assets
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Revocable living trusts are used to facilitate
asset transfers OUTSIDE OF PROBATE
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Why Avoid Probate?
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Probate is a legal process that your estate must
pass through when you use a will to arrange for
the transfer of your personal property
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It can be time-consuming and expensive
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This is why it is often avoided
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How Can You Protect Assets?
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It is true that revocable living trusts DON'T
PROTECT ASSETS
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However, there are other asset protection
vehicles
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These would include family limited partnerships
and limited liability companies in addition to
certain types of irrevocable trusts
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Indianapolis Asset Protection Consultation
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If you live in the greater Indianapolis area,
contact our firm to schedule a consultation
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• We can help if you want to protect your assets
  when you are planning your estate

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[phone] FrankKraft.com