Should I Move Property into Irrevocable Trust for Asset Protection?
We we’re talking about asset protection in a different style. The first video we talked about anonymity through an LLC. This video we’re going to be talking about is an irrevocable trust or irrevocable, however you want to say it is a trust that you cannot change, the people that created the trust cannot change it. So it’s set solid, and you’re giving rights away in some sort of way.
Whether it’s to a third party trustee or your family trustee. And the point of the matter is that this trust is irrevocable and you are now foregoing ownership rights in a way that’s suitable to your family and situation. Once that happens, when the whole point of one of these trusts is, when you get sued personally that you say this irrevocable trust it’s not mine, I can’t do anything with it, I’m not in control of it and therefore they cannot touch that amount.
Now does this work if you are already in a lawsuit and you transfer to an irrevocable trust? Probably not. There are ways to get around it if you do it while you’re in a lawsuit or if the lawsuit is about to happen, there are problems there. But if you do this at a time where everything is kind of hush, it could be a very effective tool to protecting your assets.
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