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Everybody has creditors. Your credit card company and mortgage lender are two of the most common examples. While you cannot transfer assets to another entity to shield them from current creditors, you can protect your assets from future creditors by transferring them into a specialized trust or business entity.

With all of the uncertainty currently facing financial markets, it may be especially prudent to protect your assets now. Situations tend to change in a hurry and the unfortunate truth is that unemployment, lawsuits, and catastrophic injuries can happen at any time.
Trusts are one of the most common tools in estate planning to shield assets from creditors. Broadly speaking, there are two types of trusts: “revocable” and “irrevocable."
Revocable trusts, like their name suggests, can be revoked or amended at any time during the “trustmaker’s” life. These trusts can create some practical difficulties for creditors by holding ownership of your property outside of your name, but they do not provide any legal asset protection. This is because the trustmaker essentially maintains the ability to control the trust assets at any time by simply revoking the trust.
An irrevocable trust , on the other hand, has terms that cannot be changed absent court approval. This permanently removes ownership of the assets in the trust from the trustmaker. This more permanent transfer of ownership is what protects the assets from creditors in all but a few, limited circumstances.
Despite the permanent loss of ownership, a trustmaker can enjoy both asset protection and continued use of certain assets through an artfully constructed irrevocable trust.
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Disclaimer: The information on this website is for general information purposes only. Nothing on this site should be taken as legal advice for any individual case or situation. This information is not intended to create, and receipt or viewing does not constitute an attorney-client relationship.
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