Will a Revocable Living Trust Provide Asset Protection?

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WILL A REVOCABLE LIVING TRUST PROVIDE
ASSET PROTECTION?
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Protecting Assets
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When you are financially successful, you should
protect your assets for your own purposes
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It is also important to protect the resources
that you intend to leave behind to your loved
ones after you pass away
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Why Would You Need to Protect Assets?
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You may wonder why you would need to protect
assets
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Anyone can be the target of a lawsuit, divorce
proceedings could come into play as well
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In a real sense, everyone with assets should
protect them
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However, it is a pressing concern for some people
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Successful People Targeted
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People who have been especially successful are
more attractive targets for litigious types
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• Those who are in certain lucrative lines of work
  are inherently vulnerable to lawsuits

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These would include real estate investors,
physicians, and other professional practitioners
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Will a Revocable Living Trust Protect My Assets?
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REVOCABLE LIVING TRUSTS are very popular in the
field of estate planning
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The primary purpose of a revocable living trust
is to facilitate asset transfers outside of
probate
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• While they are useful for probate avoidance,
  revocable living trusts
• do not provide asset protection

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Will Any Trust Provide Asset Protection?
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Revocable living trusts are just that, REVOCABLE
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You can dissolve the trust and use the money as
you see fit
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The grantor of the trust RETAINS CONTROL
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On the other hand, you surrender this control
when you create an IRREVOCABLE TRUST
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As a result, generally speaking assets that have
been conveyed into an irrevocable trust are
protected
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Other Asset Protection Possibilities
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Certain types of irrevocable trusts are used to
protect assets
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However, there are other possibilities
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• Limited liability companies and family limited
  partnerships are also used for asset protection
  purposes

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Reno Asset Protection Lawyers
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This presentation should have answered basic
questions about revocable living trusts and
asset protection
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If you want to discuss asset protection with a
licensed professional, contact our firm to
schedule a free consultation
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If you live in northern Nevada give us a call at
775-823-WILL to make an appointment
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Or visit our website www.wealth-counselors.com
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