Will a Revocable Living Trust Protect Asset in Kentucky?

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WILL A REVOCABLE LIVING TRUST PROTECT ASSETS IN
KENTUCKY?
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Who Needs Asset Protection?
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You may wonder why someone would have the need to
protect assets
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Anyone could be the target of a lawsuit
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Debts could potentially pile up as well
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There is also the matter of divorce settlements
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Asset protection is a must for people like
surgeons and real estate investors
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This is because they are especially vulnerable
to lawsuits
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Is a Revocable Living Trust a Viable Solution?
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Revocable living trusts are commonly used in the
field of estate planning
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Because you are placing assets into a trust you
may assume that they are protected
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In fact, revocable living trusts do not provide
ASSET PROTECTION
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Why Won't the Trust Protect My Assets?
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One of the appalling things about a revocable
living trust is that you don't surrender control
of the assets
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After all, it's revocable
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You can revoke the trust and own the property
directly at any time
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This may be comforting on the one hand
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This may be comforting on the one hand
However, because you do retain control this type
of trust will not protect assets from creditors
and litigants
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Why Would I Want a Trust That Doesn't Protect
Assets?
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To protect assets you must surrender incidents
of ownership
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Some people do not want to divest themselves of
control
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They do however want to facilitate probate-free
asset transfers
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If you have a revocable living trust the trustee
distributes assets to the beneficiaries after you
die
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These distributions are not subject to the
probate process
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What Can I Do to Protect My Assets?
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We have established the fact that a revocable
living trust is not going to provide asset
protection
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However, all is not lost
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There are estate planning strategies that can be
implemented that will in fact protect your assets
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Some of Your Options
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One thing that you could do to protect assets
would be to create an asset protection trust
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They are only legally recognized in a handful of
states
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However, you can create a trust in one of the
states even if you aren't a resident
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Family limited partnerships are popular, and
limited liability companies are frequently
utilized as well
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We can help you if you want to protect your
assets
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If you are a resident of northern Kentucky or
Charlotte, North Carolina contact our firm to
schedule a free consultation
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Click to visit www.potterestateplanning.com
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