Revocable Living Trust Hide Value Choice For Free

A living trust can be revocable or irrevocable, depending on the preference of the settlor. A revocable living trust can be terminated by the settlor at any time, although there may be corresponding tax implications for doing so.

One way that spouses without businesses may attempt to hide assets is through setting up trusts or gifting money to someone who will return it after the divorce is finalized. Spouses that hide assets will often involve family members or friends in the process.

How to hide your assets is as simple as the repositioning your assets through an irrevocable trust with a true independent trustee. The key to the transfer is the exchange of equal value in return for the asset, or the receipt of a fair market value for the asset transferred.

Protects privacy better Because a will is a public document, anyone can get a copy of it after your death from the county records. But a living trust is totally private. With a trust, no one can know the details without the trustee sharing that information.

A trust can be contested for many of the same reasons as a will, including lack of testamentary capacity, undue influence, or lack of requisite formalities. The beneficiaries may also challenge the trustee's actions as violating the terms and purpose of the trust.

Bottom line is a living trust is much more of an estate planning tool than an asset protection tool. It is not a place to hide money, or to protect it.

A Revocable Living Trust Defined Assets can include real estate, valuable possessions, bank accounts and investments. As with all living trusts, you create it during your lifetime.