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When properly drafted by a trust expert a trust protects any property transferred to the trust.
When properly drafted by a trust expert a trust protects any property transferred to the trust.
When properly drafted by a trust expert a trust protects any property transferred to the trust.
When properly drafted by a trust expert a trust protects any property transferred to the trust.
Wiki User
∙ 11y ago
Wiki User
∙ 11y agoWhen properly drafted by a trust expert a trust protects any property transferred to the trust.
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How is asset protection trust properly defined?
An asset protection trust is a trust which holds assets to protect them from creditors. It is used when one wishes to settle with creditors and protect his assets from seizure.
Does a trust protect personal assets?
Yes. However, the assets must be transferred to the trust and will no longer be "personal" assets. They will be under the control of the trustee of the trust. You should discuss your situation with an attorney who specializes in trust law in your state.
Is property held in an irrevocable trust protected in bankruptcy?
Can you protect your assets from bankruptcy by placing them in an irrevocable trust?
How do you protect your assets from a lawsuit?
Liability insurance. An irrevocable trust made with the help of an attorney.
In a non revocable trust can your spouse be the trustee without negating the protection of assets?
You should direct all trust questions to an attorney who specializes in trust law in your state. Any trust must be drafted by an expert. The only foolproof way to protect assets from taxes and creditors is an irrevocable trust. An irrevocable trust only works if it is drafted properly. You should shop around for an expert is estate planning with a good reputation.
Can you sell assets out of a irrevocable trust?
You must look to the trust for your answer. A trust document contains all the provisions necessary for the management of the trust by the trustee. There should be provisions for the sale of assets by the trustee. Those provisions must be followed.
How can you protect financial assets from attachment by nursing homes?
One way to protect financial assets from attachment by nursing homes is by creating a trust fund and transferring assets into it. This can help shield the assets from being considered for payment towards nursing home expenses. Consulting with a financial planner or an attorney who specializes in elder law can provide more personalized advice on how to protect assets.
Is it a good idea to place your assets into a trust in favor of your daughters and naming your sister as trustee to protect their interests after your death?
dont care
Can filing bankruptcy affect a living trust?
Yes. If the trust is not a true trust (i.e., the settlor, trustee and beneficiary are all the same person) or if the trust is revocable, the trustee can pursue the trust assets. If the debtor is the beneficiary of a living trust and can or has gotten a distribution of some of the trust assets, the trustee may be able go after the assets to the same extent the debtor is eligible to receive a distribution. It may be possible to negotiate a settlement of less than the full amount of the assets with the trustee.
TrusteeTrustor of irrevocable trust died Successor Trustee you has distributed all trust assets How do you close out the Irrev Trust?
poopy head i think
What does it mean that you cannot get the assets back in a revocable trust?
You CAN get the assets back in a revocable trust. You CANNOT get the assets back in an irrevocable trust. An irrevocable trust cannot be terminated by the settler once it has been created. The settler transfers their assets into the trust and no longer has any rights of ownership in that property or the trust. The main reasons for setting up an irrevocable trust are estate planning and tax purposes. Generally, assets in an irrevocable trust are shielded from creditors.
If you inherit money can the executor pay it as an annuity?
It may be worked out that way in the will. Or if a trust were set up that way, it is often done to protect assets.
