Revocable Trust For Asset Protection
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FAQ
How to set up an asset protection trust Choose a trustee and name the trust beneficiaries. Decide how you want the trustee to manage the assets. Transfer assets into the trust (note that you may need to establish a limited liability company (LLC) before moving over any assets)
The most popular type of trust for asset protection is a self-settled spendthrift trust. This type of trust allows settlors to protect his or her own assets. They may also protect assets which someone will gift to beneficiaries.
A living trust can help you manage and pass on a variety of assets. However, there are a few asset types that generally shouldn't go in a living trust, including retirement accounts, health savings accounts, life insurance policies, UTMA or UGMA accounts and vehicles.
Irrevocable trusts The assets move out of your estate, and the trust pays its own income tax and files a separate return. This can give you greater protection from creditors and estate taxes.
However, there are other types of trusts that can provide this protection. Put more simply, a revocable living trust is a document that allows individuals to continue to own and control their property while they are alive, then transfer it to whoever they want after they die, all while avoiding probate.