Mark Kohler explains why revocable living trusts don't protect assets from lawsuits, despite what some advisors claim. They're designed for estate management and legacy planning. If you need actual asset protection, you need different legal structures.
Another thing the trust doesn't do, and this is a big shocker for a lot of people, it does not provide asset protection. That's not its purpose. I mean, we got all sorts of asset protection plans and ideas, and we can set up entities and other types of trusts if necessary. But a revocable living trust is there for your legacy, your wealth, your estate. It is not to protect you from a lawsuit. And anybody that tries to sell you that and tell you otherwise, they're ripping you off and they're a bad advisor. A revocable living trust is about your estate and wealth and going in the right direction, not a barrier or a bulletproof vest.
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