To Use a Domestic Asset Protection Trust or NOT! Revocable Trusts Aren’t Asset Protection Trusts Lots of people establish a living revocable trust thinking they are creating some sort of a domestic asset protection trust. A revocable trust is not an asset protection trust. Living trust asset
The definition of a spendthrift trust is kind of ambiguous. There aren’t really spendthrift trusts, like there is an insurance trust, children’s trust, living revocable trust, or charitable remainder trust. Let’s start with the definition of a spendthrift. Spendthrift Definition A spendthrift is someone who can’t manage
When you set up a living revocable trust, you’ll almost always be the original trustee. When you die, you’ll name a successor trustee. When your parents die, you may be named as their successor trustee. Nobody ever sits you down and explains the trustee liability you are
WRITING WILLS Writing wills is probably the easiest thing a lawyer can do. Shortly after I graduated from law school I was diagnosed with final stage terminal cancer. I was hospitalized for five months straight and then couldn’t work for several years. It was a major battle.
