Hide Checkmark to the Revocable Living Trust and eSign it in minutes

Aug 6th, 2022
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How to Hide Checkmark to the Revocable 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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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.
Deposit the check into the trusts bank account. Endorse the check by signing your name and indicating that you are the trustee of the trust.
One way to protect your privacy is to name your Revocable Living Trust something generic instead of your actual name. Most Californians use their own name when naming their Revocable Trust.
For trust accounts, the check can be payable to the custodian, the trustee, or the name of the trust account but it must appear exactly as its registered on the account. Any deviation will cause the check to be returned.
Using only a Will, it is possible to give the gift to the executor of your estate then make a separate arrangement for the executor to transfer the property to your anonymous beneficiary.
You can hide assets in a trust because they offer a great level of privacy. People wont know what is inside the trust. They wont know if theres a relationship between you and the asset protection trust trust.
The main disadvantage of a revocable living trust is that it does not protect you from creditors or lawsuits. Because you have control of everything in your trust and have access to the assets, you can still be sued for liability.
Regarding real estate, you can record a deed in the name of the trust, omitting the trustees names. Generally, investment account records are confidential, so hiding the trustees names is not nearly as important as with real estate.

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