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How to Hide Alternative Choice from the Living Trust

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Hi. Lee Phillips here. I want to talk to you about why you wouldnt use a or an irrevocable trust for asset protection. Now, you understand that a revocable trust will not give you asset protection because its revocable and I get a judgement against you and I walk into court I say this is a revocable trust, make him revoke it and give it to me. So, revocable trust, if it has that word, revocable, in it, no asset protection. Ah. But, how about an irrevocable trust? Well, an irrevocable trust actually, Im going to say, does give you asset protection. But what you dont understand is if you have an irrevocable trust, you have moved the assets into it irrevocably and you cant get them back. Theyre not yours. Theyre gone. The law says that you cant set up an irrevocable trust with your assets and have that trust give you benefit. That would be cheating. If you could set up a trust, move the assets into it, and make it so your creditors couldnt get them, but you have all the benefit

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Got questions?

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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Can you transfer money from a trust account to a personal account?

The trustee of an irrevocable trust can only withdraw money to use for the benefit of the trust ing to terms set by the grantor, like disbursing income to beneficiaries or paying maintenance costs, and never for personal use.

Can a beneficiary remove themself from a trust?

Can Beneficiaries Waive Their Inheritance? While a trustee cannot usually remove a beneficiary, a beneficiary who does not wish to get an inheritance can remove themselves from the trust distribution.

How do you hide assets in a trust?

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.

Can you remove an asset from a trust?

As long as youre mentally competent, you can remove property from your revocable trust at any time. If youre not competent, your successor trustee or power of attorney can do so. Its simply a matter of reversing the process by which you funded the trust with the property in the first place.

What trust Cannot hide assets?

While revocable trusts offer no asset protection, irrevocable trusts are outstanding for this purpose. Once one establishes an irrevocable trust, they forever abandon the ability to undo the trust and reclaim property transferred to the trust.

Can you withdraw assets from an irrevocable trust?

With an irrevocable trust, the transfer of assets is permanent. So once the trust is created and assets are transferred, they generally cant be taken out again. You can still act as the trustee but youd be limited to withdrawing money only on an as-needed basis to cover necessary expenses.

What is the downside of a living trust?

One of the primary disadvantages to using a trust is the cost necessary to establish it. Its generally more expensive to prepare a living trust than a will. You must create new deeds and other documents to transfer ownership of your assets into the trust after you form it.

How do I remove assets from a family trust?

As long as youre mentally competent, you can remove property from your revocable trust at any time. If youre not competent, your successor trustee or power of attorney can do so. Its simply a matter of reversing the process by which you funded the trust with the property in the first place.

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