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On the other hand, creditors might be able to reach assets that are placed into an arrangement known as a revocable living trust. This type of trust, which centers around the grantor having complete ownership over their assets until they pass away, is generally not protected from creditors.

If you want to protect assets with a trust, some irrevocable trusts will do the trick. When you put money in an irrevocable trust?one you don't control and can't revoke?then the money probably won't be considered yours anymore, and it won't be available to creditors.

A revocable trust does not protect your assets from courts, creditors or other third parties. Since you maintain control over the assets in this trust they are still considered yours and it can be freely seized to pay your debts.

A living trust does not protect your assets from a lawsuit. Living trusts are revocable, meaning you remain in control of the assets and you are the legal owner until your death. Because you legally still own these assets, someone who wins a verdict against you can likely gain access to these assets.

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An asset protection trust is irrevocable, meaning that any transfer of assets into the trust is permanent. In other words, the trust would own the assets in question and they would be managed by the trustee. By removing those assets from your ownership, you can protect them against creditor lawsuits.

Creditors can reach the property in a revocable trust to satisfy your debts because you have access to that property. In contrast, you give up all control over property you place in an ?irrevocable? trust. Creditors cannot reach that property to satisfy your debts because you no longer own the property.