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Aug 6th, 2022
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Below are some common questions from our customers that may provide you with the answer you're looking for. If you can't find an answer to your question, please don't hesitate to reach out to us.
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A living trust can help you manage and pass on a variety of assets. However, there are a few asset types that generally shouldnt go in a living trust, including retirement accounts, health savings accounts, life insurance policies, UTMA or UGMA accounts and vehicles.
The biggest downsides of a revocable trust include the following: Your trust assets arent protected from creditors. You may not qualify for needs-based Medicaid coverage for a nursing home because the assets held in trust are still counted as resources when determining benefits eligibility.
Revocable trusts are not free from creditors, but the process does change when the grantor is deceased because a revocable trust then becomes irrevocable. However, there are exceptions to this norm.
Unlike a will, which becomes a public document when its probated, a living trust offers a higher level of privacy. The terms and details of the trust remain confidential, allowing for a transfer of assets without public knowledge.
Revocable living trusts have a few key benefits, like avoiding probate, privacy protection and protection in the case of incapacitation. However, revocable living trusts can be expensive, dont have direct tax benefits, and dont protect against creditors.
Often people think that if they settle property on trust, it is still their property. They think that they can still control the property. However, once the settlor has transferred the property, they will no longer have control unless they have reserved the right to control the property.
Revocable living trusts offer great flexibility but do not offer protection from creditors on their own. A grantor can also invest in asset protection insurance to help shield their revocable trust assets, but the trust itself does not offer these protections specifically.
What are the benefits of a revocable trust? Transferring out-of-state assets to a trust to avoid probate in other states. Managing assets if youre incapacitated. Privacy of your assets.

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